Vitalik Buterin, one of the founders of Ethereum (ETH), touched on some contradictions in his ideas and values that he has not yet resolved.
In the first place, the Ethereum mastermind admitted that he wants more Bitcoin (BTC) – like Ethereum with an emphasis on long-term stability. However, he said, achieving this requires a lot of change in the short term.
“The contrast between my desire to see Ethereum become a more Bitcoin-like system that emphasizes stability and long-term stability, including culture, and my realization that getting there requires a lot of active and coordinated change in the short term,” She said.
Meanwhile, a popular Ethereum analyst, known on Twitter as Polynia, responded that “short-term change is necessary for long-term stability.”
“Unlike bitcoin, whose early ossification means that there will always be fundamental flaws, and they will be more difficult to solve later,” Paulinha said.
Nearly seven years ago, Buterin created Ethereum as a way to take advantage of blockchain technology for all kinds of use cases, unlike Bitcoin which was supposed to use the technology to serve as a “pure copy of peer-to-peer electronic cash.”
However, over the years, he has apparently developed an appreciation for Bitcoin’s simplicity and its quest to be just that, a decentralized and reliable currency.
And now, after this latest Twitter thread about the inconsistencies, some crypto-industry watchers wondered if Buterin was really joking when he published a blog post titled “Defending Bitcoin Maximalism” on April 1. A commitment to caution and their willingness to defend the major cryptocurrency even fiercely.
On the other hand, in the same article, Buterin noted that Ethereum’s richness of features makes it vulnerable. Ultimately, a single complex feature could threaten or undermine the decentralization of Ethereum and leave it vulnerable to hostile attack, he said.
Buterin wrote: “The systemic effects are real, and it is not possible for a currency to ‘enable’ an ecosystem of highly complex and dangerous decentralized applications without complexity somehow bringing it back. Bitcoin is the safe choice.”
Meanwhile, Buterin continued, in his Twitter thread today, that there are also discrepancies between his “preference for less reliance on individuals” and his appreciation for “immediate players”.
He also admitted that he is fond of decentralization and democracy, but also recognizes that, in practice, he agrees more with the intellectuals than with “the people” on many specific policy issues.
“The contrast between my desire to see more countries embrace radical political experiments (eg. crypto countries!) and my realization that governments that are most likely to go ahead with such things are more likely to be centralized and not internally friendly to diversity,” Buterin said.
Perhaps this is an indirect reference to what is happening in El Salvador, where some residents have expressed concerns about the Bukele system making BTC legal tender.
Buterin also mentioned that he is not interested in some of the modern financial “applications” of the blockchain such as NFTs for the multimillion-dollar monkeys. However, he notes that these innovations have grown into an important part of the Ethereum ecosystem.
“The contrast between my dislike of the many modern financial ‘blockchain’ apps (3 million monkeys etc), and my grudging appreciation for the fact that these things are a big part of what keeps the crypto economy running and pays for all my favorite DAO/judgment trials.”
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