Ripple CEO Brad Garlinghouse says Bitcoin’s tribalism is holding the entire cryptocurrency industry back. Speaking at the Paris Blockchain Week Summit last week, Garlinghouse said he has invested in multiple cryptocurrencies and sees room for more than just Bitcoin.
“I own bitcoin, I own ether, I own some others.
I firmly believe this industry will continue to thrive.”
Bitcoin maximalism refers to the firm belief that Bitcoin is the only cryptocurrency worth buying, barring none. Maximalists have been accused of aggressive and even “toxic” attitudes in defense of BTC.
But is it so black and white?
Ripple boss says Bitcoin maximalism is limiting
Earlier this month, Ethereum co-founder Vitalik Buterin published an article defending Bitcoin maximalism, which came as a bit of a surprise given the alleged rivalry between the two.
Nonetheless, Buterin digs deep into the subject and lays out a case that Maxis deeply understand and wish to adhere to the principles of simplicity, safety and honesty. Which is a blessing in a world of complexity and dishonesty.
“Better to make your protocol too simple and not serve ten low value, short attention span gambling applications than to make it too complex and not serve the core solid money use case that underpins everything else.”
Buterin spins the toxicity maxis often blamed as a byproduct of intolerance to anything that threatens “honest cryptocurrencies.”
Nevertheless, Garlinghouse does not share this opinion. Instead he says that “polarization is not healthy”. Furthermore, citing Yahoo and eBay as examples, the Ripple chief said there is room for “different use cases and different audiences and different markets.”
“There are different use cases and different target groups and different markets. I think many of those parallels exist today.”
In the meantime, Dorsey is giving Ethereum a try
Jack Dorseythe CEO of Block Inc and well-known Bitcoin maximalist, took a swipe at Ethereum and said he doesn’t care.
The comment came in a Twitter exchange with Buterin about Elon Musk’s attempt to take over Twitter. But in answer to a question from @desoprotokoll In building a decentralized social media platform, Dorsey said the problem with building such a platform on Ethereum is the protocol’s many flaws.
“Anyone who builds on ETH has at least one, if not many, single points of failure and is therefore of no interest to me.”
A recent study conducted by Ryerson University, Ontario found that Ethereum smart contracts are prone to simple coding errors due to the architecture of the Solidity programming language. Overall, the researchers identified eight different vulnerabilities.