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Ethereum at the Forefront of Crypto Adoption
Roger Ver, an early Bitcoin investor and a prominent Bitcoin Cash proponent, has made a bold claim. He believes that Ethereum, not Bitcoin, will be the catalyst bringing the majority of new users into the crypto sphere.
During a May 31 episode of the "Show Me The Crypto" podcast, Ver, who earned the nickname "Bitcoin Jesus" for his early evangelism of Bitcoin, asserted that Ethereum's vibrant ecosystem is where the action truly lies, despite its scaling challenges and the emergence of other layer-one contenders. He said:
“Despite Bitcoin holding the largest market cap, I view Ethereum as the true pioneer in terms of fostering global adoption.”
Ethereum's Scaling Solutions Garner Praise
Ver applauded the emergence of Ethereum Virtual Machine-compatible (EVM) blockchains and layer-2 scaling solutions like Polygon that can help distribute the workload away from the main Ethereum chain.
He recounted the "civil war" that unfolded during Bitcoin's formative years, featuring conflicts between Ethereum's co-founder, Vitalik Buterin, and Bitcoin core developers. The debate over the implementation of smart contracts and the departure from the notion of blockchains being exclusively used as currency or stores of value eventually compelled Buterin to establish Ethereum, Ver observed:
“Had it not been for the scaling civil war, all of this could have been built on top of Bitcoin. Bitcoin's core developers had a fall out with Vitalik, essentially pushing him to create Ethereum, and he deserves credit for that.”
A Different Take on the Ledger Controversy
Speaking about the recent controversy surrounding the Ledger recovery service, Ver expressed disappointment. This service allows users to store their encrypted seed phase with external custodians to protect against loss. Ver acknowledged that while it's acceptable for individuals to have custodial accounts and opt to recover their keys if desired, the essence of cryptocurrency revolves around maintaining total control of your assets at all times.
Legal Issues Surrounding Ver
In January, Ver found himself in legal hot water when a trading branch of the crypto lending firm Genesis sued him for allegedly failing to settle crypto options worth approximately $20.8 million.
Ver maintained in a Reddit post the same month that he had the necessary funds to pay the outstanding amount. However, he contended that since Genesis had become insolvent, he was not legally obliged to fulfill his part of the agreement.
Earlier, Ver had made news over accusations of defaulting on a debt. CoinFLEX CEO Mark Lamb claimed that Ver owed the company $47 million in USD Coin as per a written agreement. Ver dismissed these allegations on June 28 without explicitly mentioning the company.
