In a recent Twitter thread, Ethereum co-founder, Vitalik Buterin, offered up his opinion on why cryptocurrencies are a “better bet” than gold, slamming gold as “incredibly inconvenient.”
Ethereum co-founder, Vitalik Buterin, voiced his opinion about gold, criticizing it as a decentralised alternative to fiat, and calling it “incredibly inconvenient” and “difficult to use, particularly when transacting with untrusted parties.” He further argues that gold does not “support safe storage options like multisig” stating that “gold has less adoption than crypto, so crypto is the better bet.”
Crypto vs Gold
Buterin took to Twitter in response to American cartoonist and New York Times Bestselling author, Zach Weinersmith who stated that the only argument he has heard regarding crypto “that makes sense within the believer’s own framework is that they don’t want a centralised authority for money,” adding: “In that framework through, why not just go with gold?”
Gold is incredibly inconvenient. It’s difficult to use, particularly when transacting with untrusted parties. It doesn’t support safe storage options like multisig. At this point, gold has less adoption than crypto, so crypto is the better bet.
— vitalik.eth (@VitalikButerin) October 26, 2022
Weinersmith in other words argues that people should favour gold over crypto because it already has one of the core values of crypto, in that there is no centralised authority for money. Buterin’s response objects strongly to gold stating that it is distressing and cumbersome to use.
Founder of Uniswap, Hayden Adams, joined the debate supporting Buterin and says that “gold also has the risk of huge centrally controlled inflation due to asteroid mining.”
Gold also has the risk of huge centrally controlled inflation due to asteroid mining
— hayden.eth 🦄 (@haydenzadams) October 26, 2022
Buterin has been arguing that cryptocurrencies are the way to go since 2014 when he in a blog post said:
Bitcoin itself may well serve as a unique Schelling point for a universal fallback asset, similar to the current and historical functioning of gold.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.