The founder and CEO of business-intelligence software MicroStrategy, Michael Saylor, criticized Ethereum heavily, complaining that the protocol lacks time-tested information. He emphasized that the lack of such factors leads to concerns about the technical reliability and security of the network.
Bitcoin maximalist Michael Saylor questioned the soundness of the Ethereum network. He pointed out the issue at Blockchain Economy Istanbul and elaborated on what he thought of Ethereum.
He was speaking as an institutional investor, considering that one would “have to wait until the protocol is complete.” Michael Saylor also pointed out that the Ethereum co-founder, Vitalik Buterin, said in a speech last week that Ethereum was 40% done and had laid out a roadmap of three to four years.
As per Saylor, this clearly indicates that the protocol doesn’t look like it’s going to be completed or stable for another 36 months.
In addition, he also cast doubt on the ethics of protocol, saying, “I need to know that nobody can change the protocol, including Vitalik. I need to know that no person at the Ethereum Foundation, no individual, can change the protocol because if they could change the protocol, it makes it a security. And if it makes it a security, then it’s not going to become global money.”
Saylor, whose MicroStrategy holds a stash of 129,218 bitcoin (BTC) at present, is worth about $2.8 billion at current market prices. Due to a drastic crypto slump in June, MicroStrategy suffered a roughly $1 billion loss when its holding was worth slightly more than $3 billion.