The creator of Ethereum envisions on twitter how cryptocurrencies should go beyond finance
The creator of Ethereum se expressed on the social network, Twitter, on how cryptocurrencies should have a greater purpose. This in the middle of what seems like a relief from the quarantine where the institutional sectors return to the ring in financial operations. The stock indices have apparently caught the cold.
As the stock market seems to put aside the deadly global pandemic, mass unemployment, peaceful protests, violent clashes, and bankrupt businesses, Ethereum co-creator Vitalik Buterin shares his thoughts on why the crisis of Today, despite quantitative easing, emergency stimulus controls, and volatile markets, it is not a financial crisis and why cryptocurrency represents a new way for people to control their money rather than a US dollar replacement.
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Vitalik Buterin: Crypto Beyond Finance
Vitalik Buterin used the Twitter arena to express some of his ideas in the face of new challenges as a society. Starting off as, as expected, mentioning the purpose of Bitcoin, where its birth coincides with a world economic crisis. Followed by this, he states that Ethereum "is explicitly less financial (than Bitcoin) by nature". In the same thread continues that “2020 is not primarily a financial crisis. It is a virus crisis, it is an epistemology crisis, it is a police control crisis in many places and much more"
Cryptocurrencies ended up being highly correlated with broader economic trends. It doesn't mean that they don't protect from other things (e.g. political barriers / interference), but it does mean that the narratives need to be adjusted.
In closing, he emphasized that cryptocurrencies must adapt to the times, and thereby change the focus of their development to focus on other needs. " Finance is relatively less important in this decade than it was in the last decade, and the crypto space needs to adapt to this reality. Even within finance, some change of emphasis is required. "
However, it highlights the importance of a financial system resistant to censorship. "Financial censorship (especially the insidious second-order variety where intermediaries are pressured to extrajudicially block use cases that are perfectly legal) remains a problem for many marginalized groups and crypto can help."
«Fortunately, there are many categories of ethereum applications (and other chains) that go beyond finance. Decentralized and censorship-resistant publishing and communication, decentralized communities / governance ”. And he ended with the reflection where the last 5 years have been to set objectives and dismiss old ideologies that have proven to be obsolete in these times.
