TIME Interview: Ethereum’s Vitalik Buterin Is Concerned About the Future of Cryptos.
.@VitalikButerin co-founded Ethereum. Now he's fighting for crypto's future https://t.co/b90AaKXM51 pic.twitter.com/gUz2Vnm35F
— TIME (@TIME) March 18, 2022
The growth of the cryptocurrency industry over the years has come with its own opportunities and challenges.
On the one hand, many people across borders have gained economic freedom while on the other, the industry has had its fair share of malefactors’ activities, as the nascent asset keeps getting used for illicit gains.
With a lack of regulatory clarity, many believe the future of cryptocurrency is in jeopardy as things may continue to go wrong in several ways.
Vitalik Buterin, the co-founder of Ethereum, is among the cryptocurrency experts who have expressed concerns about the future of the industry.
In an 80-minute interview today with news outlet TIME, Buterin suggested that the crypto sphere would have to let go of some of the potentials of cryptocurrencies before the asset class can be considered a “right-leaning thing.”
“There are definitely signs that are making it seem like crypto is on the verge of becoming a right-leaning thing. If it does happen, we’ll sacrifice a lot of the potential it has to offer,” Buterin told TIME.
However, Buterin believes that if cryptocurrency does not end up becoming a “right-leaning” thing, the worst-case scenario for the asset class could see it become prey in the hands of dictatorial governments.
Buterin, who co-founded one of the most decentralized networks, does not think cryptocurrencies should remain decentralized. He thinks there is a possibility that governments could use the nascent technology to crackdown on dissent.
“If Mark Zuckerberg shouldn’t have the power to make epoch-changing decisions or control users’ data for profit, Buterin believes, then neither should he send some people to other blockchains, or allow others to use his platform [Ethereum] in unsavory ways,” excerpts of the interview read.
Times Writes:
“To Buterin, the worst-case scenario for the future of crypto is that blockchain technology ends up concentrated in the hands of dictatorial governments. He is unhappy with El Salvador’s rollout of Bitcoin as legal tender, which has been riddled with identity theft and volatility. The prospect of governments using the technology to crack down on dissent is why Buterin is adamant about remaining decentralized crypto. He sees the technology as the most powerful equalizer to surveillance technology deployed by governments (like China’s) and powerful companies (like Meta) alike.”
At this point, there is little to nothing Buterin can do about how people intend to use Ethereum because the network is designed to be decentralized. By being decentralized, the Ethereum network is not only responsive to Buterin’s vision but also that of developers and investors.
Criticizing the team behind the Bored Ape Yacht Club (BAYC), Buterin said the non-fungible token (NFT), which launched on Ethereum is a different form of gambling.
According to Buterin, “these $3 million monkeys” have made a handful of people rich, who continue to flaunt lavish lifestyles and give a bad name to the cryptocurrency industry.
“I would rather Ethereum offend some people than turn into something that stands for nothing,” he added.
Meanwhile, Buterin, a Russian-born Canadian, recently criticized President Vladimir Putin of Russia for his ongoing invasion of Ukraine.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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