Bloomberg ETF Guru Eric Balchunas Slammed For ”Blatant Misinformation” In Controversial Ethereum Post

Bloomberg
Intelligence
ETF
analyst
Eric
Balchunas
faced
a
backlash
on
social
media
after
sharing
a
now-deleted
post
criticizing
Ethereum
security,
with
one
prominent
voice
accusing
him
of
spreading
misinformation.

The
controversy
stemmed
from
an
excerpt
from
the
book,
”Bitcoin:
Beginner’s
Guide,”
that
Balchunas
shared.
It
claims
that
Ethereum
is
less
secure
than
Bitcoin
and
says
the
network
could
be
shut
down
by
the
US
government
by
telling
Amazon
Web
Services
(AWS),

which
currently


hosts

28.4%
of
the
network’s
nodes,
to
turn
off
its
cloud
services.

Ethereum
supporters
were
quick
to
condemn
the
post,
and
Balchunas’s
tweet
was
deleted.

“For
those
wondering,
this
is
the
tweet
Eric
deleted
–
absolute
blatant
misinformation
and
pretty
much
complete
propaganda,”
said
independent
Etherum

Ethereum
educator
Anthony
Sassano
in
a

post
on
X.
“You
should
be
utterly
ashamed
of
yourself
for
even
sharing
this
(and
you
only
deleted
it
because
you
didn’t
want
to
deal
with
people
calling
you
out.”

Crypto
Community
Lambasts
Eric
Balchunas
For
“Propaganda”

Bloomberg
colleague
James
Seyffart


commented

under
Balchunas’
post,
and
jokingly
warned
him
of
the
comments
that
it
will
attract.

“These
replies
are
about
to
be
amazing
hahaha,”
Seyffart
said.
Balchunas
replied,
“Lol
I
don’t
have
time
today,
will
just
leave
up
Bitcoin
sections.” 

Boomers
will
read “Don’t
Trust,
Verify”
in
a
book,
nod
in
agreement,
then
turn
to
the
next
page
and
share
the
most
propaganda-ridden
paragraph
ever
without
asking
themselves
any
question
about
the
veracity
of
claims
made
towards
competition.@EricBalchunas.

https://t.co/MXQDiSoZb0

—
Jrag.eth
(@JimmyRagosa)

October
7,
2024

Consensys
product
manager
Jimmy
Ragosa
also
criticized
Balchunas
for
the
tweet,
and
said
it
is
“the
most
propaganda-ridden
paragraph”
ever
shared
online.

The
book
also
says
that
a
rogue
government
or
terrrorist
organization
could
kidnap
Ethereum
co-founder
Vitalik
Buterin
and
force
him
into
handing
over
”all
the
Ether
they
want.”

Ethereum’s
Push
To
Become
More
Decentralized 

Ethereum
developers
responded
to
Balchunas’
tweet
by
highlighting
upcoming
updates
that
are
in
the
works
to
make
the


Ethereum

blockchain
more
decentralized. 

Among
these
updates
is
the
potential
reduction
in
the
amount
of
ETH
required
to
become
a
validator
on
the
network.
Developers
are
also
pushing
to
lower
the
hardware
requirements
for
validators.
This
makes
it
easier
to
solo
stake
and
subsequently
allow
more
people
to
become
validators
on
the
network.

In
addition
to
the
network
upgrades,
Ethereum’s
layer-2


ecosystem

has
been
booming.
Many
of
these
side
chains
have
taken
over
the
bulk
of
the
computational
workload
that
had
slowed
down
the
legacy
layer-1
mainframe.
This
has
essentially
reduced
the
reliance
on
the
Ethereum
blockchain
for
transaction
processing.

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