Ethereum creator, Vitalik Buterin, has been uncharacteristically chatty this week on a number of topics including growth, the bull market and the death of Ether. At least some of his new found loquacity was prompted by an incendiary piece by Jeremy Rubin for Tech Crunch entitled, The Collapse of ETH is Inevitable.
The Rubin article has sparked minor outrage in the Ethereum community, especially amongst holders of its token, Ether. This is no great surprise given that Rubin’s central argument is that, due to what he considers to be its innate redundancy, “ETH — the asset, not the Ethereum Network itself — will go to zero.”
Rubin reaches his conclusion by pointing out that the job of Ether, which is to fuel transactions on the Ethereum network (its nickname is “gas” for this reason), can be theoretically done by any other Ethereum-standardised token (ERC20). He calls this process economic abstraction and insists that it renders Ether practically useless.
In his retort, Vitalik Buterin was surprisingly open to Rubin’s theory. He went as far as to say that;
“In Ethereum as it presently exists, this is absolutely true, and in fact, if Ethereum were not to change, all parts of the author’s argument would be correct.”
However, he was quick to point out that the Ethereum network is a state of constant evolution and that upcoming forks and updates will likely contain, “the property that they enshrine the need to pay ETH at protocol level.”
The calm and humble response of Vitalik Buterin to Rubin’s sensationalist rhetoric drew praise from the forums, with one post asking, “Isn’t it better to recognise what’s wrong than living in the illusion that everything is going great?”
Buterin was similarly pragmatic when asked about the possible return of a 2017-style bull run on the crypto market in an interview for Bloomberg yesterday. He predicted that, “The blockchain space is getting to the point where there’s a ceiling in sight” and that, “There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
At a time when the price of Ether is faltering and the crypto carrion can be seen circling above, Vitalik Buterin has shown once again that he has one of the coolest heads, or should I say minds, in the business.