Tuur Demeester's Bearish Case for Ethereum

Mr Obnoxious - Un pódcast de Peter McCormack

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Interview location: Skype
Interview date: Sunday 30th Dec, 2018
Company: Adamant Capital
Role: Founder/CEO

What is Ethereum? Is it money? Is it a platform for building decentralised applications? Is it a world computer? Is it all of this?

The bull run of 2017 was kind to Ethereum, ICO mania led to the issuance of countless tokens, and the price rose from $9 to nearly $1,500 in January of ‘18. But there are dark shadows over Ethereum: scammers have exploited the platform, unregistered securities have been issued, and the promise of a new wave of decentralised applications has not materialised, either project have not shipped or proven to have little to no demand.

Further, the DAO hack placed many questions over the immutability of the Ethereum blockchain, hundreds of millions of dollars in value was frozen with the Parity multi-sig hack and there are serious questions over whether it is decentralised, whether it can scale and the implementation of proof of stake.

Bitcoin itself has faced many challenges and criticisms, so is it right to directly challenge the direction Ethereum is taking and the community or does it deserve patience and time to deliver an alternative to Bitcoin?

In this interview, I talk to Tuur Demeester about his recent Tweetstorm breaking down why he is so against Ethereum. We discuss the culture of the developer community, reckless approaches to security, risks for investors and the challenges Ethereum faces with scaling and moving to proof of stake..

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Timestamps:
00.04.15: Intro and welcome
00.05.04: Background to Tuur’s Tweetstorm
00.14.16: Bitcoin has also been challenges, does Ethereum deserve patience?
00.19.01: Is being an unregistered security a fair criticism?
00.21.40: What value does Tuur see in Ethereum
00.24.02: The main difference between Bitcoin and Ethereum
00.26.27: The architecture and culture of Ethereum
00.31.24: Security and reckless practices
00.41.06: Why early investors face less risk
00.42.36: Does Ethereum deserve more patience?
00.46.35: Risks and challenges with scaling Ethereum
00.48.48: Risk and problems with proof of stake
00.59.35: The problem with hard forks
01.04.29: Sympathising with Bitcoin Maximalism
01.08.25: How can so many smart people be wrong?
01.16.04: How to stay in touch with Tuur

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Helpful Links:

Connect with Tuur:
- On Twitter @TuurDemeester
- On Medium
- On LinkedIn
- On AngelList

Adamant Capital:
- Website: http://adamantcapitalfund.com/
- On AngelList

Tuur’s Tweetstorm and responses:
- Original Tweetstorm | Thread Reader Version
- Response from Preethi from TruStory | Response on TruStory
- Vitalik’s response on r/ethereum
- ETH developer Bryant Eisenbach’s response
- Scott Lewis response

Ethereum’s dark shadows:
- DAO Hack
- Parity Wall Freeze
- A breakdown of the most destructive scams in Ethereum

Tuur's Medium Posts:
- Critique of Buterin’s “A Proof of Stake Design Philosophy”
- Why I’m short Ethereum (and long Bitcoin)

Mentoned in the interview:
- Tuur’s marxism Tweet + Vitalik’s response
- Marxism
- Utopianism
- The Howie test
- Luke Jnr on block size
- Ethereum 2.0 (Serenity)
- Mastercoin
- Sharding
- Ethereum proof of stake
- Primecoin

Other relevant WBD podcasts:
- WBD033: Will Bitcoin or Ethereum Become a Global Digital Reserve Asset with Multicoin's Kyle Samani
- WBD032: Tuur Demeester on the Looming Debt Crisis and Central Banks for Bitcoin
- WBD029: Token Economies and The Fat Protocol Thesis with Jamie Burke from Outlier Ventures
- WBD008: Why Bitcoin is Failing with Kyle Samani from Multicoin Capital

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