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Ethereum

Arthur Hayes Says Ethereum (ETH) Can’t Compete With Bitcoin (BTC) as a Digital Gold – Here’s Why

BitMEX co-founder Arthur Hayes says that Ethereum (ETH) can’t compete with Bitcoin (BTC) as digital gold as the highest good contract platform was by no means designed to be a naked type of cash.

In a new interview with Laura Shin on the Unchained podcast, Hayes says that Ethereum is fixing a completely different drawback than Bitcoin.

“I think Ethereum is trying to solve a different problem. It’s not trying to be money. And I think the core developers, or whatever the political will of Ethereum [is], displayed this very clearly to us in 2016 when they bailed out everybody after The DAO by doing a hard fork.”

Hayes says that Ethereum’s arduous fork of 2017 that resulted within the creation of Ethereum Classic (ETC) lends to his level about ETH’s function.

The crypto veteran says that Ethereum Classic’s comparatively low variety of customers in comparison with common Ethereum is proof that almost all of the ecosystem is excited by one thing else apart from the sound cash that ETC shoots for.

“ETC, if you wish to say, is the true Ethereum cash, [but] nobody makes use of it. That ought to let you know all it’s essential to find out about whether or not or not Ethereum desires to be cash, and it may not be the inflation charge that’s the factor that exhibits everybody that Ethereum just isn’t cash.

There could also be another compromise that they need to make as a result of the objective of ‘we want to be this decentralized computer for everybody in the world’ conflicts with immutable cash. I don’t know what that’s, however I feel we now have a one-on-one pattern set of what they did after they had been confronted with that type of alternative.

They made the selection on the facet of ‘let’s be the ability of the decentralized pc.’ I consider they proceed to have that imaginative and prescient, and in order that’s why I don’t consider Ethereum is digital gold or the cash of the cryptoverse.”

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Featured Image: Shutterstock/NextMarsMedia

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