Vitalik has had it with the crypto shenanigans
The co-founder of the cryptocurrency and platform Ethereum is fed up with cryptoland. He thinks that there are too many acts of negligence, hubris, and chicanery in the world of crypto and he wants it to stop. He believes that if these actions don’t end, he’ll have to leave the crypto-ecosystem for other greener pastures.
The young founder recently went on Twitter and expressed his various concerns about issues that are taking place and believes that it is necessary for a fundamental change to take place in that subculture. He wants to make sure that more crypto projects are coming out focused on the betterment of society and not for the aspect of opportunism.
Vitalik on Twitter
Buterin, who helps to run the widely used Ethereum network, which is utilized for various matters such as initial coin offerings and the development of tokens and other issues, has gone on the popular social media platform, Twitter, to talk about the state of the crypto community as a whole. He has seen some defects which he would like to see corrected in within the short term. He believes that the removal of these errors will lead to a stronger and vibrant ecosystem.
An issue that is causing him great concern is that of the increasing prices in coins. As of this current writing the market capitalization of the of the digital currency market fluctuating at an excess of 500 billion dollars. A staggering increasing from where it was sitting at the beginning of the year, at a small 20 billion dollars.
This rapid increase is not sitting well with him, making him think that the market is heavily overvalued.
He’s stated this via tweets:
“All crypto communities, ethereum included, should heed these words of warning. Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society.”
He wants to make sure that money that is moving around in the ecosystem is being put to good use to provide something that has value for society. He states that at the current moment, it seems that nothing is being shown for all the investment that the community has received. The most prominent deliverables from the ecosystem look like it is in the form of “lambo memes and immature puns about sharting.”
The threat of leaving
If the community still seems to be continuing in that direction, he states that “I WILL LEAVE,” but he believes that there is much hope for the community as it continues to grow.
He may have been responding to the lack of maturity by the community on a recent blog post on the critical topic of sharding, a matter currently being heavily discussed in the serious Ethereum community.
The aspect of sharding would allow for scalability. According, to SearchCloudComputing, sharding is a type of database partitioning that separates extensive databases the into smaller, faster, more efficiently managed parts called data shards. The word shard means a small part of a whole.
As Vitalik has stated, there is great immaturity in a significant space, and he wants to see more overall growth.
Price Growth but lack of value
There is an increase in the growth of the price of Ethereum and many of the companies that have its tokens on the platform but there has to be growth regarding value and deliverables, or the whole ecosystem, may quite well be, in a bubble.