Vitalik Buterin

When Vitalik Buterin speaks, almost the entire crypto sphere is listening. And he spoke with Bloomberg about the bankruptcy of FTX and the events that led to it.

The core of it all is that there is nothing wrong with the technology, to the contrary, it is revolutionary. The problem is that it attracts people with bad intentions or people that just don’t have the skills to handle the amounts of money that go around in the crypto sphere.

Lessons to be learned

Vitalik Buterin also stated that the Ethereum community sees confirmation of their belief that anything that is centralised is inherently bad. And this is a big lesson for the entire crypto world to take in, decentralisation is key! And exchanges that aren’t decentralised should work with a merkle tree proof-of-reserves to be trustworthy.

He is also working with Changpeng Zhao of Binance on a protocol for this proof-of-reserves system to make exchanges completely transparent and safe!

Putting all of this together, we can conclude what we already all know, crypto is controversial because of people not because of what it is. The future is still bright, and after all this we can move on with a safer environment.

Sincerely,

Pele23