Patrick Shue, a former Google and Facebook tech executive and a popular youtuber with more than 1 million subscribers, recently announced that he is selling all of his Ethereum.
What’s wrong about Ethereum?
Why did the decision of the ex-head of Google and Facebook, Patrick Shue, become the sale of all ETH? He says that this is because Ethereum is an over-engineered project that doesn’t scale, and that Vitalik Buterin recently made some marketing mistakes that could damage the project in the long run.
“There’s so much hype around Ethereum, but I think few people really understand how ridiculous it really is”, Shu said. “So I wanted to make a short video showing that Ethereum is an over-engineered project. I, as a former tech executive at Google and Facebook, can only really understand some of these things.”
Admittedly, the Ethereum project has a respectable mission, but the way it tried to accomplish that mission doesom it to disaster. What could have been a system with infinite scaling from the day of launch is now a system that requires complex development and updates, and that no one understands.
Shu says this is the main problem he faces with Ethereum, and in his recent video, “Selling All My Ether: My Problem with Ethereum,” Shu takes a deep dive into Vitalik Buterin’s recent blog post titled “ The Limits of Blockchain Scalability.”
“Vitalik is rampaging through this blog post with the elegant title” The Limits of Blockchain Scalability.” In fact, it’s just a wall of text, techno-chatter, techno-jargon, from which you can’t understand anything.
For example, it talks about the internal database storage having a tree-like structure, and that it is in RAM, and you need to make multiple requests to disk. And then he starts talking about how Ethereum uses quadratic segmentation, and he might even be able to study the cubic or exponential segment. He talks about chains of shards, layers of beacons, layers of coordination, and all of this is designed to blind and confuse you,” Shu said. “This is the main problem I’ve encountered with Vitalik Buterin, not to mention, by the way, that this whole essay is pretty much an admission of defeat that Ethereum doesn’t scale.”
Yes, Vitalik is a great talker
What Shu says about Buterin’s techno-chatter and techno-jargon that the masses can’t understand is nothing new. This is reminiscent of the presentation of Ethereum 2.0 in 2019. At that time, ETH 2.0 was supposedly in development for several months, if not a year, but, nevertheless, all the speakers could do was talk about scalability theories. They did not even have a demonstration with which the masses could have an idea of whether such a solution works at all.
This is a problem that has long plagued Ethereum’s scalability — it’s so complex that only a select few engineers can really understand what Vitalik is trying to build. Well, what’s left for the rest of the world? And the rest of the world has to believe that his idea will eventually be created, which is highly doubtful, and that it will work.
Ethereum 2.0 has been in development for several years, but we still haven’t seen any tangible evidence of this.
Many people share Patrick Shue’s views on Ethereum. Only when you actually try to use the protocol will you realize that the functionality of the Ethereum blockchain is lackluster, and that fixing it will require updates that are difficult to create and implement. As the expert says in his video, the way forward for Ethereum is full of obstacles, and the chance that it will be able to overcome these obstacles does not look optimistically large.