Ethereum Inventor Starts 2022 Revisiting Ideas, Where Was He Wrong?

Vitalik Buterin, the inventor of Ethereum, has resigned from a Twitter hibernation period he had set himself. He called his personal account to report this. Buterin made his debut post in 2022. reviewedHere are some ideas, thoughts, and proposals from the last decade. See if they remain the same as the first time he talked about them.

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Over 10 ideas were listed by the inventor of Ethereum. Many of these have caused controversy within the crypto community. Buterin begun his “mini-tweetstorm” with Bitcoin, a project in which he was very active during its early stage.

In 2013, Buterin published an article talking about Bitcoin’s capacity to help people suffering from inflation and central bank money policy in places like Iran and Argentina. At the time, the inventor of Ethereum said that the cryptocurrency was capable of offering respite, but due to its “internationality” and not its limited supply.

He predicted that stablecoins would rise and other assets will be less volatile than Bitcoin. He said, “Now, this is what he said.”

It was Argentina that I visited! Overall, my conclusion is that I am correct. The adoption of cryptocurrencies is very high, but stabilitycoin adoption is also high; many businesses are able to transact in USDT. This could all change if the USD starts having more issues.

Buterin also reaffirmed his views on regulation. Around the same time as when he published his article on Bitcoin’s supply, he wrote about this cryptocurrency’s potential to “resist governments” and circumvent regulations.

Now, Buterin believes the crypto industry must use a combination of technological robustness, public legitimacy, and decentralization in other to “thrive”. A hostile environment could cause Bitcoin to stagnate, as well as any other cryptocurrency.

The inventor of Ethereum, however, admitted that his 2015 predictions about when Ethereum would be able move to Proof-of-Stake in Proof-of-Stake (PoS), were inaccurate. Buterin believed that Ethereum would transition within 6 months to 1 year.

With the Beacon Chain being deployed in 2020, which is the PoS Blockchain that will support Eth 2.0 and taking longer to migrate, it was more difficult. Buterin stated:

These are my projections starting in 2015 about when PoS will be available and when sharding will occur. Honestly, these were very wrong and worth laughing at (…)

What Ethereum and its Developers have Learned in the Last Decade

In that sense, Buterin admitted that he underestimated the “complexity of software development” as he classified his 2014 ideas as “too complex”. He said:

Today the Ethereum research team values simplicity much more – both simplicity of the final design *and* simplicity of the path to getting there. Practical compromises are more appreciated.

Buterin addressed issues such as congestion and excessive transaction fees in the same way as his tweet thread. In 2017, Buterin famously said that “the internet of money” needs to be able to process cheap transactions.

Buterin asserts that scaling is the goal for this blockchain. Therefore, why “we’re spending so much time working on scalability”.

Buterin acknowledged that Bitcoin Cash was incorrect and called the cryptocurrency an error. He also admitted feeling “proud” about its proposals to build Uniswap, or more specifically a decentralize exchanges on this network, and many other use cases for Ethereum which “basically predicted DeFi”.

In that sense, he summarized his experience across a decade by calling out his early “naiveness” and lack of appreciation for the challenges that come out of running large organization with complex politics and cultures.

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ETH is trading at $3775 as of press time. There has been sideways movement over the last day.

4-hour chart: ETHUSD tradingview. ETHUSD moving in the opposite direction. Source: ETHUSD tradingview

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