Vitalik Buterin: Crypto community needs to adjust its thinking accordingly about Bitcoin and Financial Crisis
In a Twitter topic on June 2, Ethereum co-founder Vitalik Buterin confirmed that 2020 was not the year of the economic crisis like 2008-2009. Therefore, according to Buterin, it was high time for the community to move beyond the mindset demonstrated in CZ Binance CEO tweet that: “Bitcoin is the peaceful protest”.
I will come out and say this directly: this mentality below is *exactly* what we should be expanding beyond right now. REFORMING MONEY IS NOT SUFFICIENT.https://t.co/2MakOIFSdB
— vitalik.eth (@VitalikButerin) June 2, 2020
2020 is not the year of the 2008 economic crisis that requires Bitcoin
Buterin said that the current financial crisis is very different from the 2008 global financial crisis – the time Bitcoin appeared. Therefore, the cryptocurrency community needs to adjust its thinking accordingly.
Buterin argued that it was a viral crisis, an epistemological crisis of the community, and one of overbearing policing. Therefore, the idea of making Bitcoin a solution around inflation is an essential aspect of the current situation.
2020 is first and foremost *not* a financial crisis. It’s a virus crisis, it’s a crisis of epistemology (how we learn what’s true and what’s false in the face of competing groups misleading us), it’s a crisis of overbearing policing in many places, and much more.
— vitalik.eth (@VitalikButerin) June 2, 2020
Ethereum co-founder Vitalik Buterin: Crypto community needs to adjust its thinking accordingly about Bitcoin and Financial CrisisEthereum co-founder Vitalik Buterin: Crypto community needs to adjust its thinking accordingly about Bitcoin and Financial Crisis
He stated:
“Yes, the money printer did go brrrrr. But that’s a relatively small portion of what is going on, and even there inflation is still going * down * not up.”
Moreover, Bitcoin and cryptocurrencies are not compatible with traditional assets – so far, they have not been released. The evidence is based on a chart of the S&P 500 decline in March, and the value of Bitcoin and other digital currencies has dropped by more than 50%.
Buterin said that it was time for the community to go beyond Binance Changpeng Zhao’s thinking that Bitcoin is the peaceful protest.
He added:
“I will come out and say this directly: this mentality below is *exactly* what we should be expanding beyond right now. REFORMING MONEY IS NOT SUFFICIENT.”
Are you criticizing BTC just for bullish ETH?
But if cryptocurrencies aren’t just about financial reform, what are some other appropriate use cases? Buterin said there are many types of applications on Ethereum and other blockchains that are beyond financial:
“Decentralized censorship-resistant publishing and communication, decentralized communities/governance / DAOs, DAOs for content curation, etc. etc. All important work.”
The Ethereum co-founder reiterated that old ideas are being swept away and the community needs to grasp this new reality:
“2016-20 is a period of ideological realignment,” said Buterin. “Many old ideologies and coalitions are dying, and many new ones are being born. The hills and valleys on the battlefields are shifting. The crypto space needs to be observing and adjust to new realities.”
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