The crypto-currencies have been given many names. Bitcoin [BTC], in particular, it has been compared to things like tobacco. Ethereum [ETH]meanwhile, he got a backlash before his transition from Proof-of-Work [PoW] to Proof-of-Stake [PoS]. In a recent interview, Nicholas Weaver, a computer scientist, explained why he considers Ethereum a “self-assembled Ponzi scheme”.
There is a fairly large gap between the two worlds. Some have embraced cryptocurrencies because they believe their emergence is inevitable. Few others, however, continue to criticize the industry and believe that cryptocurrencies are not real currencies. Weaver fell into the latter category, as he was quite popular for his criticism of the cryptocurrency industry.
In his latest interview, Weaver addressed the highly anticipated Ethereum network update, “The Merge”. You started by noticing how PoS really solved many of Ethereum’s problems.
The Ethereum network has long been reported for its high fees and scalability issues. Union, however, solves none of this. That’s why he said, “but proof-of-stake doesn’t solve Ethereum’s problems.”
The switch to PoS has been ETH’s book for a long time. The developers have been working on it for years. But the community was approached with constant delays. Although the merger is expected to take place in September, several members of the community continue to remain skeptical. Weaver was one of them, he said
“So, first of all, Ethereum has promised proof-of-stake since its inception. And it’s always been six months since now. So wake me up when the transition happens. “
Is Ethereum Ethics a Lie?
Each crypto-verse network adheres to certain principles of its own. On the same topic: 2 good reasons to buy Ethereum now and 1 reason to wait. Likewise, the Ethereum network lives by the mantra “the code is law”.
Ethereum issuance is extremely unstable. It certainly doesn’t seem programmatic to me. I thought the Ethereum community lived by “the code is law” not “the code is law except when we have to change it”.
This thing is not decentralized. Central planning at its worst. pic.twitter.com/C909lf01Dq
While several people blamed the channel for not complying, Weaver also lashed out.
“The Ethereum community has already proven that its mantra ‘the code makes the law’ is a lie. If you steal their money, like the original DAO hack, they will change the code to steal it again. And the passage to the betting test literally says that whoever has the most money makes the rules. “
13:00 When the DAO incident was solved by a hard fork, it was an example of human governance over an IT system.
The whole “code is law” is not a belief shared by any serious Ethereum person.
Layer 0 is always the law: people.
Be vigilant and consult your financial advisor before making any investment decisions. Mirror-Mag cannot be held responsible in case of bad investments. Before using any third party service, you should do your research.