{"id":172748,"date":"2024-10-08T12:42:10","date_gmt":"2024-10-08T12:42:10","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172748"},"modified":"2024-10-08T12:42:21","modified_gmt":"2024-10-08T12:42:21","slug":"bloomberg-etf-analyst-faces-criticism-over-ethereum-shutdown-remarks","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bloomberg-etf-analyst-faces-criticism-over-ethereum-shutdown-remarks\/","title":{"rendered":"Bloomberg ETF Analyst Faces Criticism Over \u2018Ethereum Shutdown\u2019 Remarks"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Eric Balchunas, Bloomberg\u2019s top ETF analyst, faced backlash <\/span><\/strong><span data-preserver-spaces=\"true\">for suggesting the U.S. government could shut down Ethereum by instructing AWS to turn off its cloud services, implying Ethereum is less secure than Bitcoin.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">The crypto community, <\/span><\/strong><span data-preserver-spaces=\"true\">including Ethereum educator Anthony Sassano and Consensys product manager Jimmy Ragosa<\/span><strong><span data-preserver-spaces=\"true\">, <\/span><\/strong><span data-preserver-spaces=\"true\">criticized Balchunas for spreading misinformation and propaganda.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Critics debunked the claims, <\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">noting AWS hosts only 28.4% of Ethereum nodes, and Ethereum developers continue to enhance decentralization efforts to make the network more resilient.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Bloomberg\u2019s top <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/bitcoin-etf\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ETF <\/span><\/a><span data-preserver-spaces=\"true\">analyst, <\/span><strong><span data-preserver-spaces=\"true\">Eric Balchunas, recently found himself at the center of a heated debate<\/span><\/strong><span data-preserver-spaces=\"true\"> following his comments about Ethereum\u2019s security and decentralization. <\/span><!--more--><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In a response to a request for a crypto book recommendation, <\/span><strong><span data-preserver-spaces=\"true\">Balchunas shared an excerpt from Benjamin Hart\u2019s book, \u201cBitcoin: Beginner\u2019s Guide,\u201d<\/span><\/strong><span data-preserver-spaces=\"true\"> which suggested that the U.S. government could potentially shut down Ethereum by instructing Amazon Web Services (AWS) to turn off its cloud services. <\/span><strong><span data-preserver-spaces=\"true\">He also implied that Ethereum is less secure compared to Bitcoin<\/span><\/strong><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FWIW a little thread on a good bitcoin beginners book. I read a few when I was trying to get up to speed ahead of ETF launches and I thought this one was the best, connected w me the most. <a href=\"https:\/\/t.co\/LJfN5JxvSE\" target=\"_blank\">https:\/\/t.co\/LJfN5JxvSE<\/a><\/p>\n<p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1843355222598713562?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 7, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Backlash from the Crypto Community<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The crypto community quickly reacted to Balchunas\u2019 remarks<\/span><\/strong><span data-preserver-spaces=\"true\">, with many accusing him of spreading misinformation. Anthony Sassano, an Ethereum educator, labeled the post as <\/span><strong><em><span data-preserver-spaces=\"true\">\u201cabsolute blatant misinformation and pretty much complete propaganda.\u201d<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">He criticized Balchunas for sharing such views and suggested that the analyst only deleted the post to avoid backlash. <\/span><strong><span data-preserver-spaces=\"true\">Jimmy Ragosa<\/span><\/strong><span data-preserver-spaces=\"true\">, a product manager at Consensys, <\/span><strong><span data-preserver-spaces=\"true\">echoed these sentiments,<\/span><\/strong><span data-preserver-spaces=\"true\"> describing the excerpt as grand propaganda.<\/span><\/p>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-172749\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/EthereumEthernodes.jpg\" alt=\"Bloomberg ETF Analyst Faces Criticism Over \u2018Ethereum Shutdown\u2019 Remarks\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/EthereumEthernodes.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/EthereumEthernodes-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/EthereumEthernodes-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Debunking Bloomberg ETF Analyst Claims<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Critics were quick to debunk the theories presented in the book excerpt<\/span><\/strong><span data-preserver-spaces=\"true\">. According to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/ethernodes.org\/networkType\/Hosting\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ethernodes<\/span><\/a><span data-preserver-spaces=\"true\">, AWS hosts only about 28.4% of Ethereum nodes, meaning that even if AWS were to shut down its services, it would not be enough to cripple the entire network. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The idea of kidnapping Ethereum co-founder Vitalik Buterin to manipulate the network was also dismissed as unrealistic and sensationalist. Despite the controversy, <\/span><strong><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/what-is-ethereum\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Ethereum <\/span><\/a><span data-preserver-spaces=\"true\">developers continue to focus on enhancing the network\u2019s decentralization<\/span><\/strong><span data-preserver-spaces=\"true\">. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Efforts include <\/span><strong><span data-preserver-spaces=\"true\">promoting solo staking<\/span><\/strong><span data-preserver-spaces=\"true\"> and <\/span><strong><span data-preserver-spaces=\"true\">reducing hardware requirements<\/span><\/strong><span data-preserver-spaces=\"true\"> to make it easier for individuals to participate in securing the network. <\/span><strong><span data-preserver-spaces=\"true\">These measures aim to further decentralize Ethereum<\/span><\/strong><span data-preserver-spaces=\"true\"> and make it more resilient to potential threats.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">While Balchunas has since deleted his controversial post, <\/span><strong><span data-preserver-spaces=\"true\">the incident highlights the ongoing debates within the crypto community<\/span><\/strong><span data-preserver-spaces=\"true\"> about the security and decentralization of major blockchain networks. <\/span><span data-preserver-spaces=\"true\">As Ethereum developers work towards greater decentralization, the community remains vigilant against misinformation that could undermine confidence in the network.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Eric Balchunas, Bloomberg\u2019s top ETF analyst, faced backlash for suggesting the U.S. government could shut down Ethereum by instructing AWS to turn off its cloud services, implying Ethereum is less secure than Bitcoin. The crypto community, including Ethereum educator Anthony Sassano and Consensys product manager Jimmy Ragosa, criticized Balchunas for spreading misinformation and propaganda. &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Bloomberg ETF Analyst Faces Criticism Over \u2018Ethereum Shutdown\u2019 Remarks\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/bloomberg-etf-analyst-faces-criticism-over-ethereum-shutdown-remarks\/#more-172748\" aria-label=\"More on Bloomberg ETF Analyst Faces Criticism Over \u2018Ethereum Shutdown\u2019 Remarks\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":172750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4602,4620,4924,4679],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172748"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172748"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172748\/revisions"}],"predecessor-version":[{"id":172753,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172748\/revisions\/172753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172750"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}