- Nouriel Roubini Pens an Anti-Crypto Letter, Calls Financial Regulators to Wake Up
- Married Singaporean Man Confessed to Hiring a Bitcoin Hitman to Kill his Ex's Boyfriend
- Japan Sets to Build a SWIFT-Like Network for Global Cryptocurrency Transactions
- France to Regulate Crypto Companies in Exchange for Regulatory Approval
- Tether Further Expands into Algorand POS Blockchain Network
For many years, an Australian by the name Craig Wright has paraded himself as Satoshi Nakamoto – the founder of the largest cryptocurrency by market capitalization, Bitcoin (BTC). He has claimed repeatedly to be the brain behind the Bitcoin technology and blockchain. Although he has offered no proof to back up his claim, Wright does not let an opportunity of attacking the Ethereum blockchain go by without shooting one of his many tantrums.
As with his normal character, Wright grabbed the opportunity of throwing shades at Ethereum in his recent public comment submitted to the U.S. Commodity Futures Trading Commission (CFTC). You will recall that the CFTC called out to the public for any relevant information on Ethereum in December 2018. According to the CFTC, this was an attempt to deepen their knowledge of the technology that Ethereum is based on, the markets, and related mechanics.
In response to the call, Wright took the time to write a lengthy document which was uploaded on the last day of the submission as designed by the CTFC. It is no surprise that Wright’s lengthy document was geared towards professing his creation of Bitcoin and, of course, some more tantrums on the Ethereum blockchain.
According to Wright, he created Bitcoin to help revolutionize the back-end trading process which by extension could help to eliminate the need for a formal clearing house. Wright added that although Bitcoin is structured to fulfill such goals, it was never made to be without regulations. He stressed that ‘people’ who operate ‘bucket shop scams’ in the name of democratizing finance are responsible for preaching crypto inherent anti-regulation characteristic.
Away from that, he focused his writing on Ethereum calling it one of many Bitcoin’s rip-offs. He went further to state that the Ethereum blockchain encloses several systematic flaws, and thus, lacking the requisite to scale any further than it already has. Wright claims that the Ethereum network has already hit its climax; consequently, it can only be used to raise capital through ‘illegal bucket shops.’
This came just after he took to his Twitter account to state that ETH lacks any innovative application. He reinforced this point by alleging that the technologies released within the Ethereum blockchain are already in existence. He argued that they were even in a better fashion before the Ethereum network was launched.
In response to his many claims, Ethereum’s founder Vitalik Buterin, speaking at a conference in Southe Korea, said that Wright makes many “nonsensical claims” and that he wonders why a “fraud” is allowed to share his views on a platform.