Tuur Demeester Predicts Demise of Ethereum, Comparing It to Theranos

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Alex Dovb­nya

Ethereum per­mabear Tuur Demeester sticks to his grim pre­dic­tion for sec­ond-largest blockchain

Long-time Bit­coin investor Tuur Demeester recent­ly took anoth­er swipe at Ethereum in his tweet, draw­ing par­al­lels between the sec­ond-largest blockchain and the Ther­a­nos disaster.

The com­par­i­son comes amid the high-pro­file tri­al of Eliz­a­beth Holmes, the dis­graced founder of the biotech start­up that went bel­ly up after its blood-test­ing tech­nol­o­gy was exposed as a sham. The 37-year-old entre­pre­neur, who was once crowned as the female Steve Jobs by the press, is now fac­ing up to 20 years of prison time.

Demeester is among Bit­coin max­i­mal­ists who accuse Ethereum of run­ning a Ther­a­nos-style fraud. Detrac­tors assert that it is nei­ther decen­tral­ized nor scal­able besides being rife with secu­ri­ty vul­ner­a­bil­i­ties (sim­i­lar to how Ther­a­nos’ blood-test­ing machine, Edi­son, was nev­er able to per­form the tests it was designed to run).

While Ethereum has already grown into a $500 bil­lion jug­ger­naut, this is not stop­ping Demeester from pre­dict­ing its impend­ing doom. After all, it took Ther­a­nos 14 years to get caught. Ethereum, on the oth­er hand, has been around for only six.

Demeester believes that “sophistry” and “mar­ket­ing hype” are sole­ly respon­si­ble for Ethereum’s success.

Ethereum achieves adapt­abil­i­ty by means of insti­tu­tion­al­ly endorsed hard-forks, which crit­ics claim cre­ates a sys­tem that is unsta­ble and unfair.

The Bit­coin researcher says that Ethereum will face “death by a thou­sand hard-forks.”

Yet, despite hav­ing tons of crit­ics, Ether has man­aged to sig­nif­i­cant­ly out­per­form Bit­coin in 2021, appear­ing at the fore­front of the non-fun­gi­ble token craze ear­li­er this year.



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