Bitcoin and Ethereum, the number one and two crypto assets, are always at loggerheads, and the narrative war between the two platforms is not new. However, Dennis Porter, the CEO of Satoshi Act Fund, has a scary warning for the Ethereum community. He believes the present cycle will be the last when Ethereum is adorning the second position on the crypto sector ladder.
Porter is a Bitcoin motivator and an advocate for the Bitcoin ecosystem and the Proof-of-work consensus mechanism. Porter feels that Vitalik Buterin had everything to himself to make Ethereum usable. However, the founder wasted the effort and failed to make Ethereum functional. Porter felt that multiple blockchains could contribute similarly to Ethereum. Porter also believes that Bitcoin has no competitor as a value store.
Bitcoin vs. Ethereum
Bitcoin and Ethereum have long locked horns with one another, and the war of words has intensified post the Merge Software upgrade. The Merge protocol change has changed the validation pattern from Proof-of-work to Proof-of-stake. Ethereum proponents claim that the PoW’s energy consumption makes it unsustainable. Many detractors even say that the Proof-of-work consensus mechanism should be banned because of its energy consumption.
The Bitcoin community, however, vouch for the Proof of Work protocol and indict the Proof of stake as full of issues with centralization. Incidentally, Lido and Coinbase, the two biggest validators, performed most block validation. The bitcoin community feels that Ethereum has a negative reward structure which will create issues in the long term.
The founder and ex-CEO of Twitter, Jack Dorsey, has already cautioned the Bitcoin community to be prepared for another war on narratives with Ethereum. Solidity developer and Ethereum influencer @shegen contended that Ethereum is secured by $20 billion while Bitcoin is secured by $700k.
Will Bitcoin Number One Reign End?
There is no lack of experts who feel that Bitcoin will lose much of its clout after completing the Merge software upgrade. However, Bitcoin continues to go strong against its many competitors. Bitcoin currently holds 38.8% of the globally crypto market cap.