His charge is based on Ethereum’s scalability plans which will need to store around 85 terabytes per year. This is not Todd’s first attack; in 2019, he had already called Ethereum an illegal seizure of Vitalik Buterin.
Although Ethereum’s blockchain is already about three times larger than Bitcoin’s, ETH is only half the age of Bitcoin.
The story between Peter Todd and Ethereum goes back a long way; in 2019, he claimed that the project was a scam and that its founders lied about its capabilities, probably referring to scalability. Another point addressed by Todd was the pre-mining of Ethereum, where a large part of the coins was destined for the founders.
Todd said back in 2019: “Sad to see the @internetarchive advertising such a scammy project. ETH is essentially a massive stock offering by a set of founders who lied about its capabilities. Better to stay out of advertising cryptocurrencies entirely if you can’t keep away from scammy behavior.”
Sad to see the @internetarchive advertising such a scammy project. ETH is essentially a massive stock offering by a set of founders who lied about it's capabilities.
Better to stay out of advertising crypto currencies entirely if you can't keep away from scammy behavior. https://t.co/PN354pS2kl
— Peter Todd (@peterktodd) October 9, 2019
In 2022, Todd has again called the Ethereum developers scammers, this time referring specifically to Vitalik Buterin, the leader of Ethereum.
He responded to a video cut where Vitalik claims that some users may make investments in hard drives (HD) to support the network when Ethereum moves to Proof-of-Stake (PoS) with ETH 2.0. According to him, the ETH blockchain is not big for dedicated users to store.
Vitalik said: “If a user keeps buying a $100 hard drive per month, they can store it. On dedicated user who cares, they can afford to store the chain, so 85 Terabytes per year is fine, it is not a big deal, but if you take that number higher, there will come the point when it starts causing problems.”
Todd says these plans are unrealistic. “Not to mention, a $100 HD every month isn’t even the start. I need backups; I want to be able to work on it on my laptop; in the event of downtime, I want to easily and quickly test fixes, etc. Vitalik is either delusional or a lying scammer.”
Not to mention, a $100 HD every month isn't even the start of it. I need backups, I want to be able to work on it on my laptop, in the event of downtime I want to be able to easily and quickly test fixes, etc.
Vitalik is either delusional or a lying scammer.
— Peter Todd (@peterktodd) January 5, 2022
One of the main reasons Bitcoin has not increased the size of its blocks to support more transactions per second is the decentralization factor. The larger a blockchain, the fewer people will be able to store it completely. By comparison, Bitcoin’s blockchain size today is about 383 GB and while the size of the Ethereum blockchain is 1.1 TB. Bitcoin is 13 years old, and Ethereum is only 7.
ETH blockchain size is already a high number, and it will increase much faster with the arrival of ETH 2.0. Also, remember that all these ETH transactions need to be maintained for a lifetime.