Ethereum co-founder Vitalik Buterin recently surprised the cryptocurrency community. He shared an encrypted tweet. But after a short time, the situation turned out to be a joke. Here are the details…
Vitalik Buterin mocks FUD on the market
Without going into detail, Buterin tweeted that “something important” is about to happen. He explained that he had heard this from “rumors”. The Canadian programmer said, “Please accept the fact that my outstanding social connections with early learners make me look cool. Please help me validate my cool image,” he added. Surprised by the bizarre tweet, the cryptocurrency community tried to figure out if Buterin was a troll.
I'm hearing through the grapevine that something important is about to happen. Please recognize the fact that my elite social connections to people who are early to know things make me cool, and please help me validate my self-image of coolness.
— vitalik.eth (@VitalikButerin) November 21, 2022
Buterin’s veiled warning came after an apocalyptic tweet from leading venture capitalist Paul Graham in which he said the cryptocurrency economy was about to experience “systemic risk,” based on information he heard from a trusted person. “I don’t know anything concrete, but if I had an investment, I would be worried,” he said. Buterin seems to be mocking Graham’s warning of doom.
A person I have known for more than ten years, who I consider trustworthy, is convinced the cryptocurrency economy will shortly experience a systemic risk. I don’t know anything concrete, but if I were exposed, I would be concerned.
— Paul Graham (@paulg) November 20, 2022
One Twitter user wrote, “Predicting an impending systemic risk for crypto is like predicting it will rain in the UK. Yes, you called it news. Not news,” he wrote. The cryptocurrency community is ignoring Graham’s tweet as meaningless fear, uncertainty, doubt (FUD). However, there are still concerns as to whether other major companies will be affected by the FTX crisis, as we have also reported on Cryptokoin.com.
Buterin mentioned the FTX problem
Meanwhile, Vitalik Buterin spoke after the collapse of FTX. He offered his thoughts and some positive aspects of one of the biggest black swan events in cryptocurrency. In a November 20 Bloomberg interview, Buterin said that the collapse of FTX contains lessons for the entire crypto ecosystem. He acknowledged that the underlying stability of the distributed ledger and the technology that powers the crypto-asset economy are not questioned. The problem in this example (and a few before that) was people, not technology.
Buterin also described the FTX collapse as a “major tragedy”. However, he added that this reaffirms the position of many in the Ethereum community on centralization. He added that this includes relying on open and transparent code on people. Over the weekend, Buterin published a guide to having a “secure CEX” with proof of bankruptcy.
He said that rather than relying solely on “fiat methods” such as government licensing, auditors, corporate governance and background research from people who operate exchanges, exchanges can generate “cryptographic evidence that the funds they hold on the chain are sufficient to close their own accounts.”
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