Yesterday marked Ethereum’s four year anniversary. Ever since its conception, the blockchain technology which features a range of uses beyond ‘mere’ financial transactions has been extremely popular. Conceptualised in a whitepaper published by then-nineteen-year-old Vitalik Buterin in 2013, Ethereum has been the talk of the town among the crypto community. It tops the crypto charts in terms of market capitalisation, second only to the infamous Bitcoin.
Nick Tomaino, founder of 1confirmation, a crypto fund focused on the decentralisation of the web and society, and former business developer at Coinbase, recently shared his opinion on why members of the Bitcoin community often come to loggerheads with Ethereum users.
Bitcoin, being the first and most well-known cryptocurrency, has paved the way for other blockchain-based technologies which are fueled by virtual currencies. Tomaino argues that Ethereum was able to thrive off of Bitcoin’s legacy, expanding its applications while addressing Bitcoin’s many flaws. This can be seen in the numbers:
- Bitcoin in 2013 (4 years since launch): $149 million market capitalisation, with 34K tokens traded in a day.
- Ethereum today (4 years since launch): $22.9 billion market capitalisation, with 677K tokens traded in a day.
Tomaino thus claims that Bitcoiners who sneer at Ethereum have negative sentiments because Ethereum (ETH) has been outperforming Bitcoin (BTC), and they’re bitter because they didn’t own any Ether.
Now that Bitcoin is dominating the market quite significantly, dominating Ethereum, Bitcoiners have reduced this bitter rhetoric. Nevertheless, Tomaino thinks that if Ethereum continues to perform as well as it has over the past four years, Bitcoin-fanatics may turn their coats and start investing in Ether.
Several people on Twitter disagreed with Nick Tomaino, arguing that a large portion of Bitcoiners invested in Ether, and profited off it, while still heavily criticising it. Nothing can prevent people online from trolling another community, another Twitter user claimed.
I’d rework this theory.
The assumption that bitcoiners were salty over price is incorrect. Trust me, *many* bitcoiners profited greatly from the ETH rally while maintaining that it’s a dumpster fire
— Udi Wertheimer (@udiWertheimer) July 30, 2019