Ethereum co-founder Vitalik Buterin The Ethereum community sees the FTX demise as “a validation of what they have believed all along: anything centralized is suspect by default.” But he warned that it would be a “mistake” to automatically downgrade everything former FTX CEO Sam Bankman-Fried believed.
Vitalik on FTX Meltdown Buterin
Ethereum co-founder Vitalik Buterin shared his thoughts on the failure of crypto exchange FTX in an interview with former CEO Sam Bankman-Fried (SBF). Bloomberg published on Sunday. FTX filed for Chapter 11 bankruptcy on November 11th. Buterin told the media:
What happened with FTX was, of course, a great tragedy. That said, many in the Ethereum community also see this situation as a validation of what they have believed all along.
Ethereum co-founder stressed that blockchain-based decentralized finance (defi) protocol works “perfectly”. He stressed the importance of putting trust in “a code that is more open and transparent than individual humans.”
Buterin warned in a tweet last week: code. It is important to prevent it.
In another tweet, the Ethereum co-founder warned:
SBF automatically downgrades everything it believes You are wrong. It’s important to really think and understand what contributed to the fraud and what didn’t.
Buterin also commented on the collapse of stablecoin terrausd and cryptocurrency LUNA (now called luna classic (LUNC)). Did. He points out that “such crashes are necessary for the ecosystem on the one hand”, while emphasizing that on the other hand “I wish terra/luna happened when he was ten times smaller”. .
In an interview with The Straits Times published on Sunday, the Ethereum co-founder cautioned against Singapore’s approach to crypto regulation. He notes that the city-state’s “willingness to distinguish between blockchain use and cryptocurrency is like one of those oddities… the reality is that if you don’t have cryptocurrency, you have Blockchains are just fakes and nobody owns them, we’re going to care about them.
Image Credits: Shutterstock, Pixabay, Wiki Commons