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Cryptocurrency News Articles
Eric Balchunas Faces Huge Backlash for Latest Claims about Ethereum’s Vulnerability to Government Control
Oct 08, 2024 at 05:46 pm
Bloomberg’s top analyst Eric Balchunas recently struck the wrong nerves when he made some posts that appeared to be condemning Ether (ETH) and the Ethereum network
Bloomberg’s top exchange-traded fund (ETF) analyst Eric Balchunas appeared to be throwing shade at Ether and the Ethereum network at large in his recent posts.
On Monday, Balchunas responded to ETF Store president Nate Geraci’s request for a crypto book recommendation.
After sharing an excerpt from Benjamin Hart’s book, ‘Bitcoin: Beginner’s Guide,’ Balchunas also made a subtle comparison of the top two cryptocurrencies.
"Ether (just isn't the same or as secure),” Balchunas wrote in his post.
The book excerpt shared by Balchunas highlighted two interesting theories regarding Ether and Ethereum.
According to the book, it is possible for the U.S. government to “shut down Ethereum” by simply instructing Amazon Web Services (AWS) to turn off its cloud services.
The book also theorized that a group of terrorists could kidnap Ethereum co-founder Vitalik Buterin and force him to release any amount of Ether they want.
Interestingly, both theories have been quickly debunked, prompting Balchunas to delete his post.
Ethernodes data suggests that AWS only hosts about 28.4% of Ethereum nodes. Therefore, even if AWS were to shut down its cloud services, it would not be sufficient to bring down the entire network.
Regarding the kidnapping scenario, Ethereum educator Anthony Sassano expressed strong disapproval.
"This is absolute blatant misinformation and pretty much complete propaganda,” Sassano wrote about Balchunas’ post.
Sassano went on to accuse Balchunas of being irresponsible, adding:
"You should be utterly ashamed of yourself for even sharing this (and you only deleted it because you didn’t want to deal with people calling you out).”
Balchunas' post drew criticism from several quarters, including Consensys product manager Jimmy Ragosa.
"The excerpt you shared is grand propaganda at its finest,” Ragosa wrote in response to Balchunas’ post.
As mentioned earlier, Balchunas has since deleted the post. However, his views on Ethereum may not have changed yet.
Meanwhile, Ethereum developers are working to further decentralize the blockchain with solo staking and low hardware requirements.
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