Ethereum Founders Worried Crypto Will Have Bad Impact if Implemented Wrong

Ethereum Founders Worried Crypto Will Have Bad Impact if Implemented Wrong

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One of the most influential voices in the cryptocurrency industry, Vitalik Buterin gives his views on the future of the crypto industry.

Vitalik Buterin, who co-founded Ethereum in 2013, said in an interview with Time Magazine that he was concerned about the trend that had been observed so far.

“Cryptops themselves have a lot of dystopian potential if applied incorrectly,” Buterin said, as quoted by CNBC, Friday (1/4/2022).

One example of this trend is the explosion of NFT values ​​such as the Bored Ape Yacht Club. “The danger is that you have this $3 million monkey and it becomes a different kind of gambling,” Buterin said.

Lately, Buterin has made a concerted effort to talk and try to ensure that Ethereum is still being used for projects ranging from voting systems to urban planning.

“If we don’t train our voices, the only things that build are things that are immediately profitable, and that’s often a long way from what’s actually best for the world,” says Buterin.

Buterin came up with Ethereum, the blockchain that powers the cryptocurrency Ether, in 2013 when he was just 19 years old.

Ethereum Position

Ethereum Founders Worried Crypto Will Have Bad Impact if Implemented Wrong

Now Ethereum has managed to become the second largest cryptocurrency, with a market capitalization of USD 360.7 billion or around IDR 5.1 quadrillion, second only to bitcoin’s USD 808.8 billion.

Unlike bitcoin, which is often seen as a peer-to-peer payment system, Ethereum is able to power and build decentralized applications, such as financial tools and social media platforms, along with NFT.

While Buterin is influential in the crypto space, he doesn’t have the power to ensure his vision for Ethereum comes to fruition.

This is not the first time Buterin has gone public with concerns about cryptocurrencies. Back in 2018, Buterin warned investors about the volatility of the space, telling people that “traditional assets” were still a better place to keep their life savings.

“Given that cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near zero at any time. Don’t put in more money than you can bear,” Buterin said at the time.

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