Why Altcoins are No Different than Fiat. Bitcoin Tech Talk #261

Vitalik Buterin made the news again, criticizing Bitcoin Maximalists about their support of El Salvador.

The post is obviously a way to rationalize his anger at the El Salvador government for not including Ethereum in their Bitcoin campaign. He specifically uses words like “cryptocurrency” and “crypto space” to make it seem like Ethereum should be considered as similar to Bitcoin. Never mind the fact that Ethereum is insanely centralized, that they change the monetary policy every 6 months and are constantly picking winners and losers on their platform whereas Bitcoin is decentralized.

This post is amazingly self-serving. This is a guy who believes in Keynesian economics, normalized premines and purposefully created a platform that encourages scamming. Now he suddenly cares about legal tender laws? This is about as objective an analysis as taxi drivers complaining about Uber and pretending it’s about public safety and not about their jobs. He doesn’t care at all about El Salvador’s policies and he’s only criticizing them because Ethereum doesn’t have the status that Bitcoin does. But enough about Vitalik’s hypocrisy, that’s not what I’m writing about today.