Ethereum (ETH) criticized by Tuur Demeester: "not money, not safe, not scalable"

29 Dec, 2018 | Updated: 29 Dec, 2018
by David Robb
Ethereum (ETH) criticized by Tuur Demeester: not money, not safe, not scalable

A leading crypto figure has recently expressed his concerns about the Ethereum network. According to Tuur Demeester, Ethereum (ETH) is "not money, not safe, and not scalable".

Demeester is the founder of Adamant Capital, and is often looked to as a source of expert advice and opinions in the crypto space.

Read more: Big players jump back into Bitcoin: Demeester, Milne

Responding to queries as to why he "goes out of his way" to criticize Ethereum, he posted a long Twitter thread with a detailed breakdown of everything he sees as wrong with the third-largest crypto network, and why he feels a responsibility to point out its flaws.

According to Demeester, Ethereum has a fundamentally different culture and architecture to that of Bitcoin, and shouldn't claim to offer solutions to the same problems. Its status as a "crypto blue chip" should be called into question, as it is nothing more than a "science experiment".

Scalability is one of the main issues he sees affecting Ethereum, and he believes that most of the solutions proposed by Vitalik and other devs so far are not fit for purpose. He gives links to articles highlighting the ineffectiveness of sharding and Plasma solutions, and also points out that these are not new ideas. He is also sceptical of the network's proposed shift to a proof-of-stake (PoS) system.

Demeester claims that much of Ethereum's success is down to "marketing and sophistry". In the thread he includes Vitalik's responses to his previous criticism of the utopian ideology of "Ethereum-ism", and claims that they are "riddled with errors", despite receiving thousands of retweets and upvotes.

Read more: Vitalik calls Bitcoin Cash SV "a pure dumpster fire"

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