Vitalik The Straight Shooter
ETH to zero?
So earlier this week the Ethereum founder Vitalik Buterin responded to a criticism of 'Ether' the native token ('gas') of Ethereum.
To butcher a multi-layered argument for the sake of simplicity, Jeremy Rubin argues that even if Ethereum is successful as a platform, Ether (ETH) could end up being worthless. This is because ETH could be 'economically extracted' out of Ethereum eco-system and their are valid reasons why miners might chose to do this, by accepting tokens for payments rather than Ether.
Maybe but only for now..
In his response Vitalik concedes that the criticism are valid, if Ethereum remained in it's current state. However Vitalik then went on to say that Ethereum will not be economic abstracting Ether out of the equation and are working to further embed the necessity of Ether on the platform.
So ETH investors can breathe easy.
Telling it as it is
I have to say this is typical Vitalik.
Whatever my views are on Ethereum and some of the decisions made, I've always found Vitalik to be a straight shooter.
This despite the obvious pressure for him to act like a CEO or constantly shill his platform or cryptocurrency in general. Vitalik has always remained transparent and realistic on where Ethereum and cryptocurrency are in the moment.
For example, I remember during the bubble and euphoria, it was Vitalik asking the question; what had cryptocurrencies achieved?
And who can forget him calling out Craig Wright for claiming to be Satoshi then calling him a fraud to his face!
I have to confess, I don't understand half the things that Vitalik says off the bat (a lot of it is very technical and not easy to digest without research) however what I do get is that Vitalik shoots 'straight from the hip' whether it's in his own self-interest or not.
You cannot ask more than that.
It's not often that you hear a CEO say that the product they sell could be worthless if nothing changes. That could scare some people to say, but what I'm getting from that is that he's aware enough of the situation to identify weaknesses and vulnerabilities of the current system. It also tells me that they're being proactive enough to look outside the current situation and see how they can change things to improve.
Both of those are good signs for a company that is likely to adapt to current climates before the change needs to happen. To me that says they're likely to continue to provide value to their customers (coin holders).
Indeed the man speaks with conviction and complete transparency, he really advocates the ideas in his creation and that’s how I know his not Bs’ing! That’s just how he is!
I do think ETH has become bastardized by the use of the ERC-20 token but I don’t think it will ever go to zero! It’s kinda responsible for most of the shitcoin projects we have today lol eventually that money needs to consolidate somewhere and not everyone is going to opt for their own mainnet as these things scale it won’t always be practical to run your own network and rather remain on one that has support so you cut out that overheads and focus on your product offering!
There’s still plenty to figure out on how to use this tech effectively and I trust VB over the majority of crypto CEOs out there
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he is realist it's good thing....
I like that Vitalik always responds when needed and he isn't completely bias either. When he responded to the techcrunch article he admitted that the article had some points which is really good to see.
He is also isn't afraid to call out actors in the cryptospace that have dubious intentions.
Thanks for sharing this summary. I like to hear other’s sentiments about certain coins, espically a big one like ETH. I have only paid attention to crypto since Jan 2018 and have watched ETH dropped from $1380 to just below $200 now. And sadly, I feel we haven’t bottomed out yet.
I currently invest by buying into the red and dumping it when I see gains of 7-10%, then rinse and repeat. I find it too volatile and dangerous to hodlr as some folks recommend. There I’ll be a time when I will buy in and holdr, but that time is not yet.
the eth provides so many solution but its not completely decentralised
Thank you for the information and your thoughts.
I don't understand much of what he's saying. ))
I completely agree with you, @nanzo-scoop
It can’t happen honestly I think we all are panicking and we saw bitcoin fall more than 10K , crypto is gonna be rising we just have to wait on it
why suddenly Vitalik will said ETH could be worthless?? is that something happen?