V God accepted an interview with CNN: Ethereum may eventually catch up and surpass Bitcoin in market value

The co-founder of Ethereum, Vitalik Buterin, is honored by the currency circle as V God. In a recent interview with CNN Business, the 27-year-old Ethereum co-founder believes the crypto market is in a bubble. However, he stressed that it is "notoriously difficult to predict" when the bubble will burst. "Crypto mania may or may not be over in a few months. ... Elon (Elon Musk) won't have that kind of influence forever".

Ethereum fell below $1,900 on Wednesday morning, a staggering drop of more than 40 percent from Tuesday night, according to data from Coinbase. Ethereum rallied to around $2,700 on Thursday morning, but remains a considerable gap from its May 11 record high of $4,384.

Buterin was born in Russia, and started programming at the age of 4; at the age of 6, his family immigrated to Canada, and has dual citizenship of Russia and Canada; at the age of 7, he created the complex documents of "Rabbit Encyclopedia"; Mental arithmetic of digits; at the age of 12, he could use C++ language to write simple games; at the age of 19, he dropped out of college; at the age of 20, he became the co-founder of Ethereum.

Vitalik Buterin, who is only 27 years old, has long been accustomed to the alternating cycles of these cryptocurrency bulls and bears. In his eyes, the encryption market is not just a money game.

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Cryptocurrency is no longer just a toy

“So far, we’ve had at least three periods of these big crypto bubbles, and a lot of times the bubbles eventually stop because something happens and then it suddenly becomes clear that the technology isn’t where it was supposed to be,” Buterin said.

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Buterin laid out his vision for ethereum in a white paper in 2013, two years before ethereum officially launched. Today, it is the second largest cryptocurrency after Bitcoin. Unlike Bitcoin, which is considered "digital gold," Ethereum is a blockchain-based platform for developers to build and operate applications. It's like the Android or iOS of cryptocurrencies.

In late 2017, Buterin unleashed a tweetstorm questioning whether the cryptocurrency space was truly worthy of its market valuation, which at the time was just over $5 trillion. He pointed out that little was actually achieved, and the price of the cryptocurrency fell shortly thereafter.

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Unlike then, Buterin was encouraged by the "tremendous" advances in technology and applications in recent years. For example, activity on Ethereum has skyrocketed in recent months due to the rise of NFTs on social media, as NFTs are based on the Ethereum network.

Buterin said: "It feels like cryptocurrency is ready to go into the mainstream, and it was the complete opposite four years ago, when it was not ready at all. Cryptocurrency is no longer just a toy. Although I am not sure." , but it is still possible that Ethereum will eventually catch up and surpass Bitcoin in market value.”

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News | V God’s public fiat currency holdings on Twitter are 200 million yuan: Recently, some users in the currency circle exposed their records of tracking V God’s Ethereum wallet on Twitter, pointing out that V God has ranked 24th on the Ethereum Rich List, worth 5 It is suspected that between June 2017 and February 2018, it sold Ethereum to cash out 40 million US dollars. In this regard, V God generously disclosed in his comments that his current legal currency holdings are less than 30 million U.S. dollars (equivalent to about 200 million yuan), pointing out that the tracker overcalculated the number of his holdings, and listed two reasons: the cash-out price Counting high, V God said that it is impossible to sell at a high point of around US$915; no charitable donations (worth about US$8 million) have been deducted. (MEET.ONE)[2019/9/11]

However, Ethereum, and cryptocurrencies in general, still have problems. First, they are still very volatile, especially for retail investors who are used to more modest moves in the stock market.

Also, some billionaires seem to be using cryptocurrencies as a plaything. Elon Musk's on-and-off love affair with various coins has sent shockwaves through the field.

Musk tweeted on May 12 that Tesla would stop accepting bitcoin payments because of concerns about the negative impact of cryptocurrencies on the environment. (Because Bitcoin's complex mining process requires a lot of computer power and electricity) The sentiment in the crypto market shifted immediately. Nearly $365 billion in cryptocurrency market value evaporated that day, according to CNBC.

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Buterin acknowledged that the cryptocurrency market tends to appear "vulnerable" to disruptive events until it "builds up its immune system over time."

Musk's tweets to influence the market are the first time in the cryptocurrency space in recent times. Buterin thinks it's reasonable to be a little crazy right now. But the market always improves eventually. Elon won't have that kind of clout forever.

The Tesla billionaire has also repeatedly touted dogecoin, which was created to satirize the crypto market. Musk also mentioned Dogecoin again during his Saturday Night Live show.

Buterin believes that Musk's fascination with Dogecoin is only out of interest and not malicious.

He said, "He (Musk) is a 100-plus billionaire, and he runs Tesla and SpaceX and all these things, but it doesn't change the fact that he's ultimately a human being, and humans treat dogs. Coins. It's just a human instinct. I don't think Elon has any malice in these things."

V God Fury SHIB

Another recent animal coin that has humans excited is Shiba Inu, a self-proclaimed “Dogecoin” killer meme coin.

After Buterin donated SHIB, then worth $1 billion, to India's Covid-19 relief fund, Shiba collapsed by about a third in an instant. The sell-off highlighted some of the altcoin’s illiquidity issues. “The problem with these dogecoins is that they have such a small market that you can actually end up not getting even a few million dollars by selling Shiba Inu that would have been worth a billion dollars,” he said.

Buterin also recently announced plans to burn, or remove from circulation, 90% of his SHIB holdings, which are derived from on-chain donations. Buterin said he didn't want to be a "power center." In the interview, he emphasized that he does not want people who create altcoins to send him coins for "marketing" purposes.

Buterin said, "First of all, I don't really know or understand these projects. So, I can't endorse them, and I see what seems to be thousands of altcoins in my wallet called Freecoin. I don't even know that." What is the thing?"

Buterin exhorted those who want to use crypto tokens to do good, donate it directly to charity.

Hidden dangers of government supervision always exist

Part of the reason for the recent collapse of cryptocurrencies is concerns about domestic regulation. Financial institutions and payment companies should not engage in any cryptocurrency-related transactions or provide cryptocurrency-related services to customers, three regulators in China's financial and banking industries said on Tuesday.

In an interview with China News, Buterin acknowledged that regulation "has always been an issue," although concerns about an outright ban have receded. "It seems harder and less realistic to do something like this. At the same time, the government does have a lot of power and can make it harder to participate in the cryptocurrency space." Even if the blockchain is decentralized, the government cannot fully take download them, but governments can block or restrict access.

"It is important to listen to the opinions of regulators so that we can try our best to solve possible problems, and the risk of "regulation" makes the relationship between cryptocurrency and regulators "more confrontational".

The PoS revolution will drastically reduce gas costs

Billionaire Mark Cuban complained to The Defiant in February that ethereum’s growth was being constrained by “ridiculous” transaction fees. Buterin said, "Transaction fees are indeed "very high" now, and despite the high transaction demand, the Ethereum blockchain can only process 20 to 50 transactions per second."

But V God is still confident. He firmly believes that transaction costs will drop, because the Ethereum team is undergoing a large-scale technical transformation, the purpose of which is to allow Ethereum to scale up rapidly. Ethereum is moving away from blockchain technology's original algorithm, "Proof of Work," to a newer concept called "Proof of Stack." In a nutshell, this upgrade means that participants in the Ethereum network will be properly rewarded for staying online and keeping the network up and running. This would eliminate the energy consumption race that Proof of Work entails.

Environmental problems

Moving to proof-of-stake would reduce ethereum’s energy usage by a factor of 1,000 to 10,000, Buterin said.

He said: "This will also effectively control the energy consumption of the Ethereum network from the energy consumption equivalent to a medium-sized country to the energy consumption level of a village.

In stark contrast to the improvement direction of Ethereum is Bitcoin, Buterin said that future concerns about the impact of Bitcoin on the environment may become a reality. "I absolutely think the concerns are real," he said. "It's a real drain on resources. It's not a world-destroying problem, but it's definitely a huge downside." In addition to the electricity consumed by Bitcoin miners, there is also the hardware required to perform mining.

This is why V God has always emphasized that as Bitcoin develops and adapts to technological advancements, there will be more voices in the Bitcoin community, either to switch to proof of stake or to a hybrid model.

"If Bitcoin sticks to its original technology and doesn't make any changes, it will most likely be left behind forever," he said.

Source: CNN Business

By Matt Egan

Translation: Chen Zou

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