Blockchain News
craze was similar to paying an outrageous
$450 million for Leonardo Da Vinci’s
“Salvator Mundi” painting. Previously,
the Ethereum co-founder also remarked
that cryptocurrencies and their underlying
technology has been overhyped, and implied
that it has been given more credit than it
deserves.
Twitter Users Think Vitalik
Is Spreading “Unnecessary
Panic”
He then went on to add that crypto-
related platforms must be drastically
improved. Furthermore, he urged the
crypto-community to focus on actually
learning about how cryptocurrencies work,
instead of always obsessing over their prices,
and thinking of them as a way to get rich. In
response to his latest statements regarding
cryptocurrencies, a number of Twitter users
felt that he was spreading “unnecessary
panic”.
A user by the name of FAB-IT
Solutions
tweeted that “Vitalik every
one knows that by now. By sending such
messages all you do is create unnecessary
panic”. Another user asked Buterin who
was responsible for creating such fear in
his mind. The same user, ssfaser, then
sarcastically remarked, “sure global equity
and bond markets are the way to go...NOT”.
Meanwhile, Crypto Capilla even questioned
whether Buterin was “okay”.
Crypto Enthusiasts Disagree
With Ethereum Co-Founder
It seems that some people have more faith
in cryptocurrencies, particularly Ethereum’s
ETH, than Vitalik Buterin himself. In fact,
Chin Khac Le tweeted, “No...ETH is my
safest storage”. His comments were obviously
in reference to Vitalik recommending that
it’s safer to keep your savings in traditional
assets. Additionally, there was one crypto
enthusiast who felt it would actually be
better to lose money in the crypto-market
than to live with the “regret” that you never
invested in it.
Even though this last statement by Dario
osorio might not make much sense, one
could argue that many crypto investors are a
lot more bullish about cryptocurrencies than
the Ethereum co-founder. However, Vitalik
does appear to have some legitimate concerns
regarding the current state of the crypto
industry, For instance, digital currencies are
widely being used to aid in carrying out a
number of illegal activities such as money
laundering. Furthermore, criminals have also
hacked into many crypto-exchanges and
stolen hundreds of millions of dollars.
There are other concerns about crypto-
related technology such as the large
amounts of electricity being consumed due
to cryptocurrency mining and relatively
slow transaction processing times, especially
when using Bitcoin. These problems are
significant; and, it might be why Vitalik
recently cut down his involvement with
Fenbushi Capital, a Chinese venture capital
firm that invests in Blockchain startups, to
focus on further developing and improving
the Ethereum network.
Omar Faridi
[email protected]
Core Magazine
19