The co-founder of Ethereum, Vitalik Buterin, is honored by the currency circle as V God. In a recent interview with CNN Business, the 27-year-old Ethereum co-founder believes the crypto market is in a bubble. However, he emphasized that"Notoriously hard to predict"When will the bubble burst."The crypto mania may or may not be over for a few more months. … Elon (Elon Musk) won’t have that kind of influence forever"。
Buterin was born in Russia, and started programming at the age of 4; at the age of 6, his family immigrated to Canada, and has dual citizenship of Russia and Canada; at the age of 7, he created the complex documents of "Rabbit Encyclopedia"; Mental arithmetic of digits; at the age of 12, he could use C++ language to write simple games; at the age of 19, he dropped out of college; at the age of 20, he became the co-founder of Ethereum.
Vitalik Buterin, who is only 27 years old, has long been accustomed to the alternating cycles of these cryptocurrency bulls and bears. In his eyes, the encryption market is not just a money game.
Cryptocurrency is no longer just a toy
Buterin says:"We’ve had at least three of these big crypto bubble periods so far, and a lot of times, the reason the bubble eventually stops is that something happens and it suddenly becomes clear that the technology isn’t quite there yet. "
Buterin laid out his vision for ethereum in a white paper in 2013, two years before ethereum officially launched. Today, it is the second largest cryptocurrency after Bitcoin. with being regarded as"digital gold"Unlike Bitcoin, Ethereum is a blockchain-based platform for developers to build and operate applications. It's like the Android or iOS of cryptocurrency.
In late 2017, Buterin unleashed a tweetstorm questioning whether the cryptocurrency space was truly worthy of its market valuation, which at the time was just over $5 trillion. He pointed out that little was actually achieved, and the price of the cryptocurrency fell shortly thereafter.
Unlike then, Buterin's appreciation of recent technology and application gains"huge"Progress is encouraged. For example, activity on Ethereum has skyrocketed in recent months due to the rise of NFTs on social media, as NFTs are based on the Ethereum network.
Buterin says:"secondary title
Dog-loving Big Mouth BOSS Musk
However, Ethereum, and cryptocurrencies in general, still have problems. First, they are still very volatile, especially for retail investors who are used to more modest moves in the stock market.
Also, some billionaires seem to be using cryptocurrencies as a plaything. Elon Musk's on-and-off love affair with various coins has sent shockwaves through the field.
Musk tweeted on May 12 that Tesla would stop accepting bitcoin payments because of concerns about the negative impact of cryptocurrencies on the environment. (Because Bitcoin's complex mining process requires a lot of computer power and electricity) The sentiment in the crypto market shifted immediately. Nearly $365 billion in cryptocurrency market value evaporated that day, according to CNBC.
Buterin admitted that the cryptocurrency market is"Build up your immune system over time"Before, often appear in the face of disruptive events"It's fragile"。
Musk's tweets to influence the market are the first time in the cryptocurrency space in recent times. Buterin thinks it's reasonable to be a little crazy right now. But the market always improves eventually. Elon won't have that kind of clout forever.
The Tesla billionaire has also repeatedly touted dogecoin, which was created to satirize the crypto market. Musk also mentioned Dogecoin again during his Saturday Night Live show.
He said,
He said,"secondary title"
V God Fury Slash SHIB
Another recent animal coin that has humans excited is Shiba Inu, a self-proclaimed “Dogecoin” killer meme coin.
Shiba collapsed by about a third in an instant after Buterin donated SHIB, then worth $1 billion, to India's Covid-19 relief fund. The sell-off highlighted some of the altcoin’s illiquidity issues. He said,"The problem with these Dogecoins is that they have such a small market that by actually selling Shiba Inu worth a billion dollars, you may end up not getting even a few million dollars."
Buterin also recently announced plans to burn, or remove from circulation, 90% of his SHIB holdings, which are derived from on-chain donations. Buterin says he doesn't want to be a"center of power". In the interview, he emphasized that he does not want people creating altcoins out of"marketing"The purpose is to send him coins.
Buterin said,"First, I don't really know or understand the projects. So, I can't endorse them, I see like I have thousands of altcoins called Freecoin in my wallet. I don't even know what this thing is."
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Hidden dangers of government supervision always exist
Part of the reason for the recent collapse of cryptocurrencies is concerns about domestic regulation. Financial institutions and payment companies should not engage in any cryptocurrency-related transactions or provide cryptocurrency-related services to customers, three regulators in China's financial and banking industries said on Tuesday.
In an interview with China News, Buterin acknowledged that regulation"always a problem", although fears of an outright ban have receded."It seems harder and less realistic to do something like this. At the same time, governments do have a lot of power and can make it harder to get involved in the cryptocurrency space."Even though blockchains are decentralized, governments cannot completely take them down, but governments can block or limit access.
"It is important to listen to the opinions of regulators so that we can try our best to solve possible problems. The risk of "regulation" makes the relationship between cryptocurrency and regulators difficult."secondary title"。
The POS revolution will significantly reduce gas costs
Billionaire Mark Cuban complained to The Defiant in February that ethereum’s growth was being constrained by “ridiculous” transaction fees. V God said, "Transaction fees are now really"very high", despite the high transaction demand, the Ethereum blockchain can only handle 20 to 50 transactions per second. "
Proof of employment"Proof of employment"(Proof of Work) turned to a program called"proof of stake"secondary title
environmental problems
He said:
He said:"This will also effectively control the energy consumption of the Ethereum network, from the energy consumption equivalent to a medium-sized country to the energy consumption level of a village.
In stark contrast to the improvement direction of Ethereum is Bitcoin, Buterin said that future concerns about the impact of Bitcoin on the environment may become a reality. He said,"I definitely think those concerns are real, and resources are indeed being drained a lot. It's not the kind of problem that can destroy the world, but it's definitely a huge disadvantage."Buterin added that it’s not just the electricity consumed by bitcoin miners, but also the hardware needed to do the mining.
He said:
He said:"If Bitcoin sticks to its original technology and makes no changes, it will most likely be left behind forever."
