Why Vitalik Buterin Says Crypto is Going Dystopian

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1 year ago

Is Ethereum winning the blockchain race? Many analysts think so. Founder Vitalik Buterin, however, is critical of the way cryptocurrencies are being used—specifically with regard to NFTs. He sees a dystopian future. The sad reality is Ethereum itself is the leading NFT platform and Buterin says that’s not what the blockchain was built for. One little tweak, says Fortune, is all it will take to fix Ethereum’s pollution problem and end NFT minting on the platform for good. Meanwhile, Bored Ape Yacht Club creator Yuga Labs has raised $450 million for its NFT metaverse project. Here’s the thing: when it comes to building things, it doesn’t matter what creators envision. When users show up, they have their own ideas. And there’s nothing wrong with that. Of course, I’m not defending pollution.

New York is considering legislation that will ban proof-of-work mining for two years. They wouldn’t seriously kill bitcoin, would they?

Is XRP the future of central banking(A must-read)Multichain has added XRP to connect with EVM blockchains. In the past week, XRP was the big winner in inflowsWhether XRP emerges as the standard in central banking depends on the adoption of central bank digital currencies (CBDCs)—and the ongoing SEC vs. Ripple lawsuit, of course.

If you thought NFTs were crazy, take a look at how they’re taxed. Anti-NFT legislation could threaten financial rights, says The Heritage Foundation. (BOTH OF THESE ARE MUST-READS)

Are CBDCs about surveillance, or something else?

Will DAOs, the Metaverse, and NFTs merge for an incredible Web3(Disclosure: I wrote this and Gokhshstein Media was gracious enough to publish it. It’s been trending for two days). Someone else asks is Web3 a decentralized utopia or dystopia?

Ukrainian crypto exchange founder accuses Binance of supporting Putin. In Columbia, citizens take legal action against Binance for blocking their accounts.

The Edmonton Public Library has lent the first book NFT in history.

One architectural firm is laying plans for a libertarian city inside a metaverse. Architecture and engineering is one of the 5 industries Forbes says will be transformed by the metaverse. And if you’re still wondering what the metaverse is, here’s everything you need to know (watch the video below).

Brookings tells mayors that cryptocurrencies won’t solve all their cities’ problems.

10 questions about crypto in 2022. Why are half of them about regulations?

El Salvador has postponed its bitcoin bonds until September.

Are lobbyists peddling lies about cryptocurrencies? Do birds have feathers?

Coinbase is launching Coinbase Pay to make it easy to buy NFTs. Coinbase Ventures is throwing seed money at Block Tackle, a metaverse gaming platform. Meanwhile, Coinbase Cloud allows Avalanche developers a way to build.

KuCoin has seen a 2,500 percent increase in crypto transactions in Africa.

What are the most-polluting cryptocurrencies? Forex Suggest has ranked them.

The Bank for International Settlements has developed a prototype for cross-border digital currency settlements.

The National Football League is going to let teams pursue blockchain sponsorships while continuing to ban cryptocurrency sponsorships.

4 things you can do right now to prepare for crypto regulations.

An Australian senator says DAOs are an existential threat to the tax base. He wants to regulate DAOs.

As usual, snark and commentary in italics.

Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.

First published at Cryptocracy. Not to be construed as financial advice.

Image credit: Crypto pollution, Forex Suggest

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