Vitalik Buterin Looked Back at His Older Crypto Predictions

by in Cryptocurrency News

Vitalik Buterin older crypto predictions

Crypto billionaire, Ethereum co-founder Vitalik Buterin shared his previous articles written over a decade, where he expressed his views on various aspects of the blockchain industry and cryptocurrencies. On Twitter, Buterin wrote which predictions were correct, which ones were not, and what he missed.

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Before creating Ethereum in 2015, Vitalik Buterin actively wrote papers about BTC and co-founded Bitcoin Magazine in 2011.

Back in 2013, the crypto influencer wrote a piece about how BTC can help residents of Iran and Argentina to fight inflation and censorship. Last week, Buterin went to the capital of Argentina, Buenos Aires. He writes the visit proved his prediction to be right, as there’s a high crypto adoption in the country. Buterin mentioned stablecoins are also popular, with a lot of businesses using USDT. He says if the US dollar starts causing more issues, that might change.

Talking about regulations, Buterin pointed out that in 2013 he wrote that BTC is technically censorship-proof. Now, Vitalik finds Bitcoin's decentralization would enable it to exist under extremely hostile regulatory conditions, but it couldn't prosper.

Building an efficient strategy to face censorship will require being technologically robust and legitimate in public. Buterin admits that in 2015, he pictured the change to Proof-of-Stake and sharding way wrong, and he underrated how complex the software development process was.

The Ethereum co-creator says now the team values simplicity more. Buterin writes he continues to stand by the idea that the internet’s currency shouldn’t exceed 5 cents for a transaction, which he stated in 2017. The goal stays the same and the efforts to increase Ethereum's scalability are meant to realize it.

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Vitalik Buterin changed his opinion about Bitcoin Cash. In 2017, he believed the project was a contender for the bitcoin name. Now, Buterin says the project was mainly "a failure" The reason for not achieving success he finds was that the BCH community was created around a rebellion. In 2013, the Ether whitepaper anticipated DeFi, algorithmic stablecoins, DAOs, and other developments. Buterin says he entirely missed NFTs.

Summing up all, Buterin concluded he was more right on abstract ideas than on building software dev issues. He says now he appreciates simplicity more.