It wasn’t too long ago when Vitalik Buterin, the creator of Ethereum, had said at a podcast that higher price of ETH is good for the security and development of network. Now today some more details of that podcast have been revealed by its host Laura Shin herself in a piece published at Forbes magazine. And again, there are some important insights in the information shared by Buterin at this podcast. But most importantly Buterin has (perhaps for the first time) admitted that Ethereum is losing some of its lead. But at the same time, he’s not too worried about it.
Yep. Vitalik is known for having an honest and unbiased opinion about many things, and his honesty was at full display in this podcast. When he was asked about Ethereum’s losing lead, his first response was that losing some of it is ‘inevitable’, and therefore he’s not too concerned about it. He said:
“First of all, if Bitcoin was run like a business, would it have succeeded? And I feel like we kind of intuitively know the answer. It’s definitely a structure that works for some things, but blockchains and cryptocurrencies and all those things that come with that package are fundamentally so different from a traditional company or software product, so I’m not really at all sure that that kind of model is close to the right model. There’s definitely been people from time to time who have said. We need to go in with guns blazing and fire those bastards and get 40 people into a NIMBY utopia in Silicon Valley, get them to pay $10,000 a month rent, get them to work 16 hours a day, rah rah rah, six months, and we’ve got Ethereum 3.0, man.’ And, like, no.”
He also revealed with total honesty that Ethereum founders have historically not worried much about the price of Ethereum in order to avoid regulatory scrutiny. Laura Shin also asked him about how concerned he is about SEC viewing Ethereum crowdsale as an unregistered securities offering. Because although SEC has not decided to consider Ethereum as a security, reading between the lines reveals that there is a possibility that SEC may consider Ethereum crowdsale as an unregistered securities offering. He said that he has taken legal opinion on that, and Ethereum founders need not to worry about it.
Last, but certainly not the least, Buterin also dismissed the notion that transition to Ethereum 2.0 took too long. He said:
“All of these things are harder than they seem, and even after launch, things are harder than they seem.”
It will be interesting to see whether Ethereum crowdsale is branded as a securities offering by SEC or not. But for now Vitalik is looking pretty unconcerned about most things.