Ethereum co-founder Vitalik Buterin made statements about Blockstream CEO Adam Back likening Ethereum and leading altcoins to the pyramid chain. Buterin warns that “tides of history” will not be kind to Back and other Bitcoin maximalists:
“The tides of history will not be conducive to maximalism.”
A Tired Propaganda
The programming genius claims that the “tired old propaganda” propagated by maximalists is “less and less effective”.
Buterin pointed to Ethereum’s progress, claiming that proof of stake and sharding has increased. Medalla, the last Ethereum 2.0 testnet, was launched earlier this week with 20,000 validators.
What is Bitcoin Maximalism?
Bitcoin maximalism stems from the notion that it is damaging for the cryptocurrency to launch an alternative cryptocurrency to compete with the leader. Buterin explained the negative effects of this in his 2014 blog post.
For example, the famous server Max Keizer believes that altcoins should only enable buying Bitcoins. Bitcoin supporters believe Buterin coined the derogatory term to marginalize their communities. On the other hand, Hoskinson, who is also one of the founders of Ethereum, has been called his maximalism as “mental illness”.