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Vitalik Buterin Terms Bitcoin SV As ‘Dumpster Fire’, Says He Doesn’t Believe in PoW

January 02, 2019 09:46

Vitalik Buterin recently expressed his distaste regarding Bitcoin SV and Proof of Work algorithms in a tweeted conversation. And again, he was sharp in his criticism.

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There’s little doubt in the fact that Vitalik Buterin expresses his thoughts in the most straightforward manner. And because of that quality sometimes his thoughts also tend to be borderline controversial. But that hasn’t changed him, and he continues to talk in his normal way. His most recent statements have come regarding his dislike for proof of work concept and Bitcoin SV. The statements came on Twitter while he was debating the advantages and disadvantages of both Proof-of-Work and Proof-of-Stake algorithms. And given below are some interesting things that he had to say:

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As you can see, Buterin doesn’t hold back when it comes to criticizing Bitcoin SV, the BCH fork coin headed by Craig Steven Wright’s camp. However, he feels that Lightning Network is some “genuinely cool tech”. In another tweet during the conversation Buterin also stated explicitly that he doesn’t believe in Proof-of-Work algorithms.

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Buterin has also been working on algorithm changes for Ethereum (collectively called Ethereum 2.0) that will shift its consensus mechanism from PoW to PoS. However, due to the scale and size of ETH network those changes are taking time to be implemented. PoW is a resource intensive (and therefore non-scalable) consensus mechanism that relies on massive amounts of computing power, and it can still be manipulated if someone gets control over more than 51% of network hashrate even for a small amount of time. PoS, on the other hand, requires the manipulator to acquire more than half of the coins circulating in the network. And even after that it requires a number of conditions to be satisfied before one can start validating blocks.

Anyways, Ethereum 2.0 has already been announced last month and now developers are working on adding its various features to the network layer by layer. It’s being expected that by half of 2019 or the end of Q3 2019 Ethereum 2.0 may go live with complete functionality. Let’s see!

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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