According to recent reports, controversial crypto-celebrity and the self proclaimed founder of Bitcoin; Craig Wright has spoken out about scalability problems within Ethereum, stating that he believes Ethereum is already flat out and has no room or capacity to scale any further. If this is correct, then Wright is suggesting that Ethereum will never be able to handle any more transactions that it currently handles and that generally speaking, the entire Ethereum network is in a state of gridlock.
According to Finance Magnates, the comments come from Wright confirming that he has submitted a new document to the Commodity Futures Trading Commission (CFTC), within which the document passes a number of comments against Ethereum and the Ethereum network.
Why the hate?
There’s often friction between the Bitcoin and Ethereum camps, people like Wright can usually be found in the middle of it, but why is there always so much hate between the two? Generally speaking, this seems to be set up to cause a media storm, a sort of ‘my Dad is bigger than your Dad’ type of battle that is usually futile and without reason. Either way, it’s important to keep up to date with this stuff because as we know, this sort of news can have an impact on the markets.
“The general thrust of the piece is that Wright, who starts out by saying that he created bitcoin, launched the first cryptocurrency as a means of trading without such an extensive array of traditional, back-end trading processes.”
“On top of these points, the alleged founder of bitcoin laid into ethereum. Calling the blockchain system a rip-off of bitcoin, he attacked the system on almost every single level. Wright said that ethereum can never scale upwards because of several systematic flaws within the blockchain system. Thus, Wright says, the ethereum blockchain cannot expand anymore that it has.”
Is Wright, right?
Of course not. The beauty of blockchain technology is that it can always grow and that it can always expand. The blockchain always has the ability to develop, Ethereum is no exception to this. We can only guess that what Wright means is that, if Ethereum stays the same as it is now then yes, it will struggle to scale further, but isn’t that obvious?