The Ethereum co-founder reviewed the issue of Bitcoin regulation and Ethereum’s transition to the proof-of-stake consensus mechanism.
Buterin also spoke about altcoins, decentralized finance (DeFi), and non-fungible tokens (NPIE).
Ethereum co-founder Vitalik Buterin has shared some of his biggest predictions in the crypto space over the past decade, admitting on Twitter hilo that he was completely wrong in some.
He also reflected on the lessons learned, explaining his position today on topics such as Bitcoin regulation, stablecoins, Ethereum’s proof-of-stake roadmap, and Bitcoin Cash.
On Bitcoin and the regulatory climate
One of Buterin’s first comments on crypto regulation is from July 2013, when the Ethereum co-creator spoke about increased regulatory attention on Bitcoin and the consequences this should on pioneering crypto.
But while he felt that Bitcoin was resistant to government interference, he felt that the increasing regulation of Bitcoin services, such as exchanges, was shocking.
«Bitcoin is resisting the government not by being smart about what ‘legal category’ it falls into, but by being technologically censorship-proof.He summed up his belief in those early days.
Based on his thoughts today, Buterin shared that he believes decentralization suits Bitcoin well and would be the reason why it survives even the harshest regulatory environments. However, he still thinks that being resistant to censorship is not enough if the flagship cryptocurrency were to flourish.
«Sure, Bitcoin’s decentralization would allow it to ‘survive’ under a super hostile regulatory climate, but it couldn’t ‘thrive,“He noticed.
According to him, for a strategy of resistance to censorship to be successful, the network must have both “technological solidity and public legitimacy”. Without these, he believes, the chances of success are limited.
Ethereum PoS and Fragmentation Roadmap
In this case, the Ethereum co-founder said it was almost ridiculous what he presented as the timeline for the change from proof of work to proof of stake.
3. My 2015 projections of when we will get PoS and fragmentation. Honestly, these were very bad and worth laughing at; I’ll share a screenshot from one of my 2015 submissions so everyone can laugh more easily. pic.twitter.com/6tbsmajJyu
– vitalik.eth (@VitalikButerin) January 1, 2022
Among the mistakes, he said, was that he “profoundly underestimated the complexity of software development.
In proof-of-work versus proof-of-stake, Buterin feels his earlier perspective on PoW’s energy waste was “apologist.” But now that you’ve had an “intellectual evolution” on the subject, what’s so great about PoW and PoS?
About Bitcoin Cash, DeFi and NFT
While he was very positive about altcoins from the beginning, his panorama in some projects it has completely changed.
He points to Bitcoin Cash as one of the projects that he believes have failed, and the central reasoning is that its advocates largely rallied around rebellion and not competition and coherence.
Other predictions in the Ethereum whitepaper included ERC20-style tokens, DAOs, Oracles, algorithmic stablecoins, and domain name systems (such as ENS).
Buterin’s opinion is that he got more right, including his idea about Uniswap and basically predicting DeFi. However, NFTs are not admitted to have been predicted.
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Ethereum co-founder in his previous predictions of BTC, DeFi and Bitcoin Cash