Vitalik Buterin likens Bitcoin Maximalists to dictators

bitcoins in front of a chart

Ethereum co-founder Vitalik Buterin has taken issue with the arguments and language used by single coin maximalists, saying they are the same as those “dictators use against political opposition.”

Single-coin maximalists believe that the greatest gains will be made if one cryptocurrency takes hold and establishes a monopoly position in the market. That currency would then attract all of the technological development, and economies of scale would lead to lower fees and a better experience for users.

As the most prominent figure behind Ethereum, it is perhaps unsurprising that Buterin favours a marketplace where many different cryptocurrencies compete to attract users, solving problems in different ways and each focusing on different market niches.

Buterin noted that he was not saying that the maximalists’ arguments were “always 100% false,” but the use of terms like “thrones” and “mantles” worried him.

Bitcoin proponents took issue with Buterin’s statement, which many saw as a misleading version of their beliefs.

Francis Pouliot, CEO of Satoshi Portal and self-described “Cypherpunk Maximalist” complained that according to Buterin, “my economic research on currency value theory, decentralized digital scarcity and network effect” is “*exactly* the same arguments used by dictators.”

Bitcoin coder Udi Wertheimer also felt that Buterin was mischaracterising the argument. “We aren’t ‘singlecoiners’,” he said, “we are ‘sound money’ proponents.” If another suitable currency existed then “we’d happily use” it.

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