- Vitalik Buterin spoke about his failed and accurate assumptions regarding the crypto-sphere
- The expert called the strict regulation of BTC an error
- He also considers Bitcoin Cash to be a complete failure
- Buterin called the first assumptions about the timing of sharding and the introduction of PoS into the ETH network “ridiculous”
Ethereum co-founder Vitalik Buterin summed up the decade on his Twitter page. He spoke about failed and accurate predictions, and also shared his opinion on the future of BTC and other cryptocurrencies.
About Bitcoin and its advantages
“V 2000 I published an article about how BTC can help the people of Iran and Argentina. Her key thesis is: “The main advantages of bitcoin lie in the internationality and stability of this asset in relation to the settlement” – said Buterin .
The expert predicted not only the rapid growth of the cryptocurrency, but also that it will serve as a consumer protection tool in Asia and Africa. His idea of the appearance of stablecoins also came true.
As for the government regulation of BTC, Buterin believes that this will have negative consequences:
“Decentralization will allow bitcoin to“ survive ”under constant control, but not“ develop ”. A successful anti-censorship strategy presupposes an effective combination of technological reliability and public legitimacy. ”
ETH sharding and PoS implementation
Buterin admitted that his initial forecast of PoS integration time (Proof -of-Stake) and ETH sharding was “ridiculous”. According to the billionaire, he underestimated the complexity of the development process, which was his biggest mistake.
Read more about this topic in our article on how Buterin proposes to reduce gas fees on the Ethereum network.
In the same twitter thread, Vitalik noted that ETH developers are constantly working on further network scalability. At the same time, he still believes that transactions on the network should not cost more than 5 cents.
Bitcoin Cash Failure
“I liked altcoins before they became popular” – noted Buterin.
Buterin noted the different nature of the development of individual altcoins. So, for example, in he was optimistic about Bitcoin Cash, but now he considers it a failure.
The main reason for this assessment is the rebellious nature of the community. Allegedly, its members primarily think about resistance to trends, and not about consistent development.
According to Buterin, he successfully predicted the emergence of decentralized financial exchanges, but NFT tokens completely dropped out of his field of vision.