Ethereum permabear Tuur Demeester sticks to grim prediction for second-largest blockchain
Long-time Bitcoin investor Tuur demeester recently took another hit on Ethereum in his tweet, drawing parallels between the second largest blockchain and the Theranos disaster.
Theranos’ deception lasted fourteen years. #Ethereum running for six so far. Not decentralized. Not scalable. Vulnerable Turing. The #End of Game come. Expect death by a thousand hard-forks. https://t.co/HE6F7aj5Sp
– Tuur Demeester (@TuurDemeester) December 7, 2021
The comparison comes amid the high-profile trial of Elizabeth Holmes, the disgraced founder of the biotech startup that went bankrupt after its blood testing technology was exposed as a sham. The 37-year-old entrepreneur, who was once crowned as Steve Jobs’ wife by the press, now faces up to 20 years in prison.
Demeester is among Bitcoin maximalists who accuse Ethereum of carrying out a Theranos-style fraud. Critics say it is neither decentralized nor scalable, besides being riddled with security holes (similar to how Theranos’ blood testing machine Edison was never able to perform the tests for which it was designed).
While Ethereum has already become a $ 500 billion juggernaut, that doesn’t stop Demeester from predicting his impending doom. After all, it took Theranos 14 years old to get caught. Ethereum, on the other hand, has only been around for six years.
Demeester believes that “fallacy” and “hype” are the only ones responsible for the success of Ethereum.
Ethereum achieves adaptability through institution-approved hard-forks, which critics say create an unstable and unfair system.
Bitcoin researcher says Ethereum will face “death by a thousand hard-forks.”
Yet despite tons of criticism, Ether managed to significantly outperform Bitcoin in 2021, appearing at the forefront of the non-fungible token craze earlier this year.
