Ethereum co-founder Vitalik Buterin spoke at length about his views on Bitcoin and Ethereum for the first time in some time. In the recent podcast interview with The Stakeborg Talks, Buterin laid it all bare, sharing some in-depth thoughts regarding both the assets and the cryptocurrency community in general.
Ready for the new update
The 27-year-old has seen his idea, Ethereum, grow from a simple idea to an industry worth over $ 400 billion. This year also marked a significant milestone for the Ethereum blockchain which successfully launched the London update which ushered in the much anticipated EIP-1559 which introduced the possibility of the network becoming deflationary when married to migration. planned towards the proof of stake protocol of ETH 2.0.
A significant revelation Buterin made in the interview was that he was annoyed that the cryptocurrency space could fall into a "culture trap" if changes were not made to some schools of thought that had gained ground among supporters of Bitcoin and Ethereum.
It begins by addressing the generally widespread sentiment that advocates of cryptocurrencies should be crypto-only and not consider other possible problems.
Speaking specifically on Ethereum, Vitalik Buterin reveals the cultural mistake he fears the asset may commit, is that it could only prove useful to the wealthy. He shared that he was concerned this was probably already happening due to the high fees on the network.
Ethereum like Louis Vuitton?
For context, he cited that some supporters were comparing Ethereum to Louis Vuitton, the design brand while comparing Solana to Walmart, the general goods chain when talking about NFT projects on the two blockchains. However, worried Buterin is still confident in the future, as he noticed that the level 2 solutions were solving some of these problems. He adds that Ethereum's core value is centered on egalitarianism; be accessible to people of all classes.
Despite receiving a lot of warmth from community members for criticizing El Saldavor's decision to make Bitcoin legal, the 27-year-old doesn't hesitate to share his thoughts on the downsides of Bitcoin.
When asked what he would do differently if he were the creator of Bitcoin at his current age, with all the knowledge he currently has, Buterin first admits that Proof of work, despite being unsustainable, was important to Bitcoin within the first 5 years of the existence of the network, however, needed to switch to a trial-of-stake protocol. He goes on to say that proof of work is a cultural mistake that bitcoin is likely to make, as potential users concerned about the environment may find it difficult to accept the harms that come with being associated with Bitcoin. Investing in BTC and ETH? Do it through Bitcoin system and find out how simple it is!
