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Erik Vorhees, a successful businessman who has long been an advocate for Bitcoin and other cryptocurrencies, recently announced his decision to step down as the CEO of Shapeshift. He wrote in a blog post that he would be fully involved with the company but “would no longer speak or take part in public debate about topics related to my former life”
Erik Vorhees is a reformed maxi who joined the burning debate spurred by Jack Dorsey’s Web3 rant. He was also one of the first people to invest in Bitcoin and Ethereum.
On Twitter, Jack Dorsey’s recent statements on Web 3 sparked a raging debate within the crypto community, bringing out all shades of tribalism, maximalism, and cypherpunk righteousness.
ShapeShift CEO Erik Vorhees chimed in on the argument, claiming that Proof of Stake (PoS) has certain benefits over the Proof of Work (PoW) consensus process, but the former Twitter CEO didn’t seem to appreciate his words.
“Bitcoin or bust,” as the saying goes.
Let’s go back to Dorsey’s remark, which sparked all of the current Twitter issue.
“web3” is not your property.
The VCs and their LPs are the ones who do it. Their motivations will never let them down. It’s a centralized entity with a different label at the end of the day.
You should be aware of what you’re putting yourself into…
December 21, 2021 — jack (@jack)
“You do not own the term “web3.” The VCs and their LPs are the ones who do it. Their motivations will never let them down. It’s a centralized entity with a different label at the end of the day. “Know what you’re getting yourself into…” –wrote the adamant Bitcoin maximalist, offering his thoughts on the internet’s future version.
He couldn’t have been more forthright about his feelings regarding Web3, the next decentralized version of the Web, which he believes will be controlled by wealthy VCs rather than “the people.”
In the meanwhile, Dorsey responded to a claim that his Web3 comments stems from a “Bitcoin or bust” mentality and a disdain for Ethereum, after he was banned on Twitter by prominent venture investor Marc Andreessen.
I’m not opposed to ETH. I oppose centralized, VC-backed, single-point-of-failure systems, and corporate-controlled misinformation. If you want to be anti-establishment, ethereum isn’t the way to go. Don’t believe me or put your faith in me! Take a look at the basics.
December 23, 2021 — jack (@jack)
“I’m not opposed to ETH. I oppose centralized, VC-backed, single-point-of-failure systems, and corporate-controlled misinformation. If you want to be anti-establishment, ethereum isn’t the way to go. Don’t believe me or put your faith in me! “Just look at the basics,” Dorsey answered, prompting a flurry of reactions.
“It’s a legitimate stance to adopt.”
Many others responded to Dorsey’s tweets, with ShapeShift CEO Erik Vorhees claiming that “a legitimate stance to take is that Ethereum is less decentralized on X metric, less predictable, and more dangerous than Bitcoin.”
On the X metric, Ethereum is less decentralized, less predictable, and more hazardous than Bitcoin, which is a sensible stance to take.
What @jack is stating is an absurd attitude to assume. https://t.co/790glrPWb2
December 23, 2021 — Erik Voorhees (@ErikVoorhees)
Dorsey’s “unreasonable viewpoint” was called out by the reformed Bitcoin maximalist, who pointed to decreased energy use as a pro-PoS argument–a fact that might be crucial in the context of prospective regulatory blocks.
“This isn’t to say that PoS is better. It does imply that PoS has a distinct adversarial attack surface, which promotes decentralization and anti-fragility in cryptography as a whole,” he said.
This topic is deserving of additional attention.
This isn’t to say that PoS is better. It does imply that PoS has a distinct adversarial attack surface, which enhances crypto’s decentralization and anti-fragility. https://t.co/kMrGhrjOoE
December 23, 2021 — Erik Voorhees (@ErikVoorhees)
“A cypherpunk who adhered to his principles would recognize this right away. “A cypherpunk who has succumbed to tribalism and groupthink could reject it,” Vorhees said, but his “neither system is perfect” diplomacy didn’t sit well with Dorsey, who unfollowed him on Twitter shortly after.
@jack (CEO of @Blocks) has unfollowed you. @ErikVoorhees
— December 23, 2021, Big Tech Alert (@BigTechAlert)
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