Ethereum¡¯s Co-Founder Vitalik Buterin Says He Is Worried About The Future Of Crypto. Here's Why
Ethereum co founder Vitalik Buterin, who is considered as one of the most influential voices in the crypto space, is sounding an alarm about the future of cryptocurrency. Here's why.
Vitalik Buterin, who co-founded Ethereum in 2013, is sounding an alarm about the future of cryptocurrency. Considered to be one of the most influential voices in the crypto space, he said that he was worried about trends that he had observed.
He told Time Magazine, ¡°Crypto itself has a lot of dystopian potential if implemented wrong.¡±
Worrying trends
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The 28-year-old said one example of these trends is the explosion in the value of NFTs, like the Bored Ape Yacht Club, adding that ¡°The peril is you have these $3 million monkeys and it becomes a different kind of gambling.¡±
Lately, Buterin has made efforts to ensure that Ethereum is still used for projects ranging from voting systems to urban planning, Time reported.
He also said ¡°If we don¡¯t exercise our voice, the only things that get built are the things that are immediately profitable. And those are often far from what¡¯s actually the best for the world.¡±
For the uninitiated, Buterin came up with Ethereum, the blockchain that powers the cryptocurrency ether, in 2013, at the young age of just 19. It is now the second-largest cryptocurrency, with its $360.7 billion market cap second only to Bitcoin¡¯s $808.8 billion, according to CoinGecko.
Unlike Bitcoin, which is often seen as a peer-to-peer payment system, Ethereum is capable of powering and building decentralized applications, like financial tools and social media platforms, along with NFTs, as per CNBC.
Not his first warning
This is not the first time that Ethereum co-founder Buterin has gone public to voice his concerns about cryptocurrency. Back in 2018, Buterin had reportedly warned investors about the volatility of the crypto space, telling people that ¡°traditional assets¡± were still a better place to put their life savings.
He had also said, ¡°Don¡¯t put in more money than you can afford to lose.¡±
And even recently, amidst the ongoing Russia-Ukraine war, Buterin has condemned Russian President Vladimir Putin¡¯s invasion of Ukraine and voiced his concerns multiple times.
Here are some of his recent on Twitter where he has 3.5 million followers at present.
Reminder: Ethereum is neutral, but I am not.
¡ª vitalik.eth (@VitalikButerin) February 24, 2022
First priority is supporting Ukrainians. Second, and also really important, priority is supporting those Russians and Belarusians who refuse to let Putin's Z-ombie regime represent them and take action to oppose it. https://t.co/cxpf5oZUiw
¡ª vitalik.eth (@VitalikButerin) March 9, 2022
Ukrainians are far from the only ones suffering from war. Also people in Yemen, Ethiopia... just as human as Ukrainians and you are.
¡ª vitalik.eth (@VitalikButerin) March 9, 2022
This is NOT a valid excuse to not care about Ukrainians today. But it does mean we should self-reflect and extend our compassion to others too.
Also Read: World¡¯s First NFT Superyacht Sold For $12 Million, To Be Built In Canada Within 36 Months
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