MicroStrategy CEO Michael Saylor argued against Ethereum during his participation in Blockchain Economy Istanbul, which started yesterday.
For Saylor, Bitcoin is the only cryptocurrency that “offers an ethically, technically and economically sound foundation for the emerging digital asset economy.” He said this on his Twitter account after arguing against Ethereum, the second most capitalized cryptocurrency on the market, during Blockchain Economy Istanbul.
Saylor took the main stage at the blockchain conference on Wednesday and used his speech to explain why he is not interested in Ethereum.
Michael Saylor vs. Ethereum
During his speech, Michael Saylor expressed his negative feelings towards Ethereum, talking mainly about the slow development of the network and doubts about the professional ethics of the team.
According to CoinDesk, Saylor cited Vitalik Buterin, co-founder of Ethereum, when he stated that the development of this blockchain network is at 40% at present and, after migrating to consensus Proof of Stake, this would rise to 55%. Buterin made it clear that there is still a lot to be done to unlock the true potential of the Ethereum network, something that Saylor does not seem to like.
As an institutional investor, Saylor said he needs a solid foundation to invest on. However, he believes he would have to wait for the Ethereum network to be fully developed before considering it; but according to the roadmap revealed by Buterin, this could take up to 36 more months.
“The protocol does not seem likely to be completed or stabilized for another 36 months”, Saylor argued.
On the other hand, the president of MicroStrategy indicated that he needs certainty about the security status of the network and about the professional ethics of his development team.
Although Ethereum is one of the most secure blockchains in the industry, on which numerous protocols and applications have been built, the president of MicroStrategy indicated that with each major update that the developers of this network implement, they also introduce new attack vectors.
Regarding professional ethics, he said he needs to know that no one on the Ethereum development team could change the protocol.
“I need to know that no one at the Ethereum Foundation, no individual can change the protocol”.
Saylor noted that if the Ethereum protocol could be modified in the future, this would turn the Ether (ETH) cryptocurrency into a security, eliminating the possibility of it becoming a global form of money.
Bitcoin Maximalist
Michael Saylor is one of the biggest Bitcoin maximalists.
His company, MicroStrategy, has become the largest institutional investor in Bitcoin. Currently, this company owns a total of 129.218 bitcoins and Saylor has argued, on several occasions, that he will never sell his cryptocurrencies.
Jack Dorsey doesn't like Ethereum either
In April of this year, Jack Dorsey, co-founder of Twitter and CEO of Block, said that Ethereum had many points of failure and that is why I was not interested in this blockchain or the projects being developed on it.
Regarding Bitcoin, Dorsey has argued that this cryptocurrency will become the native currency of the Internet.
Continue reading: How much Bitcoin does Satoshi Nakamoto have?
