Vitalik Buterin, the co-founder of Ethereum, the second largest cryptocurrency by market cap, reacted to some of his earlier beliefs during the storm of New Year’s tweets. The developer touched on some topics including the rise of cryptocurrency in Argentina and the prosperity of stablecoins in the country, the fact that scaling Ethereum is still a pressing concern for him and others. bitcoin cash performance.
Vitalik Buterin reflects on previous takes
Vitalik Buterin, the co-founder of Ethereum, spoke about some of his previous views on certain topics and how these run counter to the current state of affairs of the crypto landscape in a new year. storm of tweets. Buterin began by recalling an article that spoke about how bitcoin could help Argentines and Iranians in 2019, where he concluded that this was due to its uncensored and international nature rather than its scarcity.
Buterin’s view on this matter was “generally correct,” in his views. On this he declared:
My verdict: overall correct. Adoption of cryptocurrency is high, but adoption of stable currency is also very high; many companies operate in USDT. Of course, if the USD itself starts showing more problems, that could change.
The stablecoins industry has grown significantly this year, with Tether, the largest stablecoins project, reaching a market cap of $ 78 billion. Decentralized alternatives like UST, the primary stable piece in the Terra environment, have also flourished, reaching a market cap of $ 10 billion.
Scaling and Bitcoin Cash
On the other hand, Buterin admits that he was wrong when he looked at the issue of Ethereum’s reduction in 2015. He shared a screenshot an Ethereum slideshow roadmap where the estimated time to implement Proof of Stake (PoS) consensus was 6 to 12 months. However, it wasn’t until last year that the Ethereum 2.0 tag chain, which will implement the change from proof of work to proof of stake consensus, was launched.
He attributes this to an underestimation of the complexity of software development and says that now the Ethereum team is focused on simplicity, in the design of these solutions and in the end product. Buterin also addressed his famous five hundred commentary, declaring:
I 100% stand by my comment that “the internet of money should cost no more than 5 cents per transaction”. That was the goal in 2017, and it is still the goal now. This is precisely why we spend so much time working on scalability.
He also commented on the current state of bitcoin cash (BCH), and while he was more inclined to support the big bloc in the war of the scale and was optimistic about the project, he now considers it “mostly a failure” . Extending this, he explained the reasoning behind his current opinion, to declare this:
Communities formed around a rebellion, even if they have a good cause, often struggle in the long run, as they value bravery over competence and are united around resistance rather than a cohesive path forward.
What do you think of Vitalin Buterin’s opinions on his early beliefs? Tell us in the comments section below.
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