Michael Saylor Triggers Crypto Firestorm After Comparing Bitcoin and Ethereum

Tuesday 22 September 2020, 7:28 AM AEST - 1 month ago

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MicroStrategy founder Michael Saylor has ignited a big debate just by mentioning Bitcoin and Ethereum in the same sentence.

In a viral tweet, the chief executive of the publicly traded business intelligence firm shares a chart that he says shows the real network dominance of Bitcoin.

When considering network dominance in the crypto industry, I find it clarifying to separate crypto-asset networks like Bitcoin from crypto-application networks like Ethereum & stablecoins. Bitcoin dominance has advanced from a low of 71.05% on December 20, 2017 to 93.57% today.

Source: Michael Saylor/Twitter

According to BitcoinDominance.com, the Real Bitcoin Dominance Index measures the market share of BTC among proof-of-work crypto assets that bill themselves as money. The coins included in the index shared by Saylor are:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Bitcoin Satoshi Vision (BSV)
  • Bitcoin Cash (BCH)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Bitcoin Gold (BTG)
  • Ethereum Classic (ETC)
  • Dogecoin (DOGE)
  • Decred (DCR)

Saylors tweet immediately sparked a wide array of reactions from figures of the crypto community. EthHub founder Anthony Sassano says Saylor is confusing his followers.

Your chart still includes all the other coins in this list including Ethereum Classic which, by your definition, is a crypto-application network. Stop spreading this misinformation and making up your own rules.

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Crypto investor Alex Saunders makes a case that MicroStrategy does not understand the fundamental nature of his investment as he is simply pulling a magical number out of thin air.

With all due respect this is the worst case I've ever seen of "value of investment" to "understanding that investment" ratio. How can you invest $475M but not understand dominance? $ETH has more Tx by number, value, fees ...

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