Ethereum Hampers Bitcoin Adoption: Ray Youssef

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Ethereum Hampers Bitcoin Adoption: Ray Youssef

On August 23, Built With Bitcoin Foundation’s founder Ray Youssef tweeted that Ethereum is the biggest challenge when it comes to Bitcoin adoption. According to Youssef, the negatives of ETH outweigh the similarities in utility.

ETH has been the biggest block against Bitcoin adoption. At first I saw utility we could copy but the negatives far out weigh any positives. #civkit will replicate what is needed on ultra sound honest money and leave the rest for the scammers.Nuf said

— Ray Youssef (@raycivkit) August 23, 2023

Youssef moves on to praise Civ Kit, which he believes will “replicate what is needed on ultra sound honest money,” while leaving fraudulent components for the scammers. Yesterday, he shared a list of the nations that might join BRICS (comprising of comprising Brazil, Russia, India, China, and South Africa), claiming they are the biggest markets for peer-to-peer ORC Bitcoin.

In April, Bitcoin enthusiasts, including Antoine Riard, Nicholas Gregory, and Ray Youssef, released a whitepaper introducing Civ Kit. It is designed to establish a censorship-resistant and permissionless peer-to-peer (P2P) electronic marketplace. Moreover, the Civ Kit integrates the Nostr architecture with the Lightning Network, prioritizing privacy and security through escrowed trades, decentralized identity, moderation, a P2P messaging protocol, and know-your-peer (KYP) oracles for dispute resolution.

Youssef’s initial tweet was a response to a conversation between researcher Timoleon Moraitis and Ethereum founder Vitalik Buterin, shared by Bitcoin enthusiast Pierre Rochard. The conversation highlights Buterin’s disinterest in Drivechain, which enables Bitcoin to generate, remove, transmit, and accept BTC within secondary chains known as “sidechains.” Rochard observes,

This conversation is interesting because Vitalik is the ideal ‘customer’ for Drivechains. If he doesn’t want it, that’s almost like a veto.

Additionally, Buterin argued that as of 2019, Bitcoin miners are no longer in power of PoW blockchains. “Miners cannot make invalid blocks become part of the canonical chain event even with 51%,” concluded the ETH head, noting that the “open group” now belongs to users.


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