Vitalik Buterin: crypto must return to its origins

Now that the worst of crypto winter is upon us, we have to stop and wonder what we could do better the next time round. I mean the next time when crypto spring comes back to life and prices start shooting up again.

One of the ideas I mostly agree with is that crypto should stop idolizing founders or celebrities, but rather that the cryptosphere should return to its original state and just marvel at the technology.

Trusted not to debase the currency

Satoshi Nakamoto, the anonymous founder of Bticoin, is known to have said:

The root problem with conventional currency is all the trust that is required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.

Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.

Sure! Happy to critique and appreciate your openness to suggestions.

I think my biggest issue with the list is that it overvalues big showy characters whose stature greatly exceeds their contribution, and undervalues people building the tech and the most meaningful applications.

— vitalik.eth (@VitalikButerin) December 6, 2022

With that, it would be good for the cryptosphere to stop this idolation of celebrities like Sam Bankman-Fried, ‘Faketoshi’ Craig Wright or Michael Saylor and return to the origins of the industry.

This is not about celebrities or about who is more popular. In essence, it also comes down to Vitalik Buterin’s reaction to the Coindesk list of most influential figures in crypto 2022. Vitalik stated that his:

Biggest issue with the list is that it overvalues big showy characters whose stature greatly exceeds their contribution, and undervalues people building the tech and the most meaningful applications.

Let’s return to the tech.