Ethereum co-founder Vitalik Buterin admits he was wrong about Bitcoin Cash.
Ethereum co-founder Vitalik Buterin admitted that BCH has mostly failed in a thread of tweets commenting on Bitcoin Cash. In one of his tweets, Buterin said that the leading Bitcoin fork is focused on being a protest movement with a rebel mindset and therefore lacks a coherent way forward.
https://twitter. com/VitalikButerin/status/1477402793585655814
Bitcoin Cash was launched in August 2017 as an alternative to Bitcoin. After Bitcoin Cash had initial success and managed to surpass Ethereum by market cap in mid-November 2017, Buterin said the controversial fork had emerged as a “legitimate competitor” for Bitcoin.
Bitcoin Cash then experienced a huge decline, falling to 25th place by market cap. BCH has dropped 98% against Bitcoin since its peak in November 2017.
Buterin Revised Forecasts
Buterin also reconsidered his other predictions, some of which had been made almost a decade ago.
The 27-year-old Canadian-Russian programmer addressed his 2017 comment on Bitcoin fees and claimed that he still stands behind those ideas in light of Ethereum’s scaling issues.
Buterin also admitted that the initial Proof of staking and sharding roadmap was ridiculously inaccurate.
On top of that, Buterin also predicted the emergence of a decentralized exchange like Uniswap, of which he is particularly proud. However, the programmer failed to predict the NFTs that swept the industry in 2021.
