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Creator of Ethereum: Digital currencies are in a bubble phase; Bitcoin may lag behind


Ethereum creator Vitalik Butrin, in an interview with Cyanan on Tuesday, described the digital currency market as a bubble and said it was “likely” that Ethereum would replace Bitcoin at the top of the digital currency list.

to the the report “The digital currency needs to change its technology,” said Coin Telegraph, Butrin, referring to the debate over the high energy consumption of the Bitcoin network. “Digital currency bubbles,” he said in part.

So far, we have seen three of these big digital currency bubbles.

According to Butrin, there is a possibility that the bubble is over and we can say that we are months away from it.

He did not comment on whether the fall in the price of Bitcoin below $ 30,000 was a sign that the bubble was bursting, but said:

It is always the case that bubbles burst when some events clearly show that the technology we are waiting for has not yet achieved what it should.

Elon Musk’s comments about concerns about the high energy consumption of Bitcoin have been cited as one of the reasons for the decline in bitcoin prices in recent days. Philip Gradwell, chief economist at Chinalissis, says other large-scale investors may also have concerns about the impact of digital currencies on the environment, their uses, the use of these currencies in crime and legislation.

Butrin criticizes the Consensus Protocol for proving Bitcoin to work, saying:

Resource consumption [بیت کوین] Definitely too much. Of course, this is not something that will destroy the world alone, but it is definitely a big negative point.

The Ethereum development team is currently working on changing the network’s consensus protocol from proof-of-work to proof-of-stock. This protocol change is to be implemented in Ethereum 2.0. With the launch of Ethereum 2.0, the energy consumption of this digital currency network will be drastically reduced. Nimbus estimates that changing the consensus-to-stock protocol will double Ethereum’s energy efficiency. Emphasizing the importance of this change, Butrin said:

Our energy consumption comes from a country with an average population to the energy consumption of a village.

Butrin added that the energy consumption of the extraction and the hardware required increase the community’s demand for this digital currency to change to stock proofs or a hybrid model. He added:

If Bitcoin keeps up with its current technology, there is a great risk of falling behind [از دیگر ارزها] Threatens him.

Although Butrin’s remarks caused a great deal of controversy in the Bitcoin and Ethereum fan community, many of Musk’s recent remarks were welcomed. Butrin believes that this is a relatively new development in the field of digital currencies, and that the influence of masks on the market is generally diminishing. He said about this:

I think if we call it a little madness, it does not contradict much logic; But I think markets are learning. Influence of Ilan [ماسک] They do not last forever.

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