As an analyst with years of experience in the cryptocurrency market and a keen interest in Ethereum, I find Eric Balchunas’ recent statements about Ether and Ethereum to be both misguided and potentially damaging. While it is always beneficial to discuss the strengths and weaknesses of different digital assets, making unsubstantiated claims that could lead to panic among investors or undermine the integrity of a project like Ethereum is not only irresponsible but also counterproductive.
Bloomberg’s leading analyst, Eric Balchunas, has sparked controversy by making remarks that seemed critical of Ether (ETH) and the broader Ethereum network. Here are the relevant details:
On Monday, the expert on exchange-traded funds (ETF) was addressing a request from the president of ETF Store, Nate Geraci, for suggestions on a book about cryptocurrencies.
In my exploration, I referred to a passage from Benjamin Hart’s book, ‘Bitcoin: Beginner’s Guide’. Furthermore, I subtly hinted at the differences between the leading cryptocurrencies by expressing that Ether, in comparison to Bitcoin, seems not as identical or secure.
Eric Balchunas Faces Huge Backlash for Latest Claims about Ethereum’s Vulnerability to Government Control
As suggested in the text passage, the U.S. government theoretically holds the power to halt operations on Ethereum by instructing Amazon Web Services (AWS) to deactivate their cloud services that support it.
The book proposed an equally plausible scenario where a terrorist group might abduct Ethereum co-founder, Vitalik Buterin, compelling him to distribute an excessive amount of Ether at their discretion.
It’s worth noting that the two theories presented in the book were swiftly discredited, leading Balchunas to remove the related post from the internet.
Initially, Ethernodes indicates that Amazon Web Services (AWS) supports approximately 28.4% of Ethereum nodes. This implies that if AWS were to halt its cloud services, it wouldn’t be sufficient to bring down the entire network on its own.
Regarding the topic of kidnapping, Ethereum educator Anthony Sassano voiced his disapproval. He labeled Balchunas’ post as “outright false information and essentially a full-blown propaganda piece.
Sassano hinted that the move by Balchunas was grossly irresponsible, saying:
It’s quite disappointing that you felt the need to share something like that, knowing full well the backlash you’d receive. The fact that you deleted it later suggests regret.
Criticisms followed Balchunas’ post from every direction, with Consensys product manager Jimmy Ragosa also having something to say. In Ragosa’s opinion, the excerpt that Balchunas shared reeks of propaganda in its grandest state.
Previously discussed, Balchunas’ original post was removed. Nevertheless, it’s possible that his opinions regarding Ethereum might still be the same at this point.
For now, Ethereum developers plan to carry on with independent staking and minimal hardware needs, aiming to make the blockchain even more decentralized.
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2024-10-08 12:51