Vitalik Buterin expressed emotional frustration over claims that “degen casino” gambling is crypto’s best market fit, calling such views “condescending and elitist”
Buterin admitted these criticisms make him feel like quitting at times, but remains committed to Ethereum’s vision
The Ethereum Foundation faced scrutiny over recent ETH sales, including a 100 ETH conversion to stablecoins
Criticism emerged after a community member defended the foundation’s ETH sales
Buterin rejected calls for foundation leadership changes and reaffirmed commitment to decentralization
In a recent post on X (formerly Twitter), Buterin shared his frustration with comments from venture capitalists and community members who argue that the “PvP KOL degen casino” model represents the best path forward for cryptocurrency adoption. This model, which typically benefits only a small percentage of users, has been gaining traction in certain corners of the crypto community.
“No, I do not feel good at all hearing these things. There are even times when they make me feel emotional desire to quit,” Buterin wrote, displaying rare public vulnerability from one of crypto’s most prominent figures.
I’m losing my mind. I made a big move to be closer to family and it’s not working out. I have no where to go, I’m completely lost and hopeless. I have to give up my dog. I’m just incredibly broken and have no energy left to keep fighting
The Ethereum co-founder described these suggestions as “condescending and elitist,” marking a clear stance against turning the platform into a primarily gambling-focused ecosystem. Despite his emotional response to the criticism, Buterin reaffirmed his commitment to Ethereum’s original vision and long-term objectives.
The timing of Buterin’s comments coincides with increased scrutiny of the Ethereum Foundation’s financial decisions, particularly regarding recent sales of ETH tokens. One transaction that drew attention involved the conversion of 100 ETH to stablecoins, a move that sparked debate within the community.
This sale became a point of contention after a prominent member of the Ethereum ecosystem attempted to defend it as an example of the foundation’s practical use of ETH. The defense failed to quell concerns about the foundation’s transparency regarding its token sales.
The foundation’s decision to sell ETH has raised questions about its financial management strategy and commitment to holding the native token of the platform it oversees. These sales occurred without detailed explanations, leading to speculation and uncertainty within the community.
In response to these concerns, Buterin maintained support for the current leadership structure at the Ethereum Foundation, pushing back against suggestions for organizational changes. He emphasized the foundation’s role in maintaining the platform’s development and innovation.
Buterin took the opportunity to address accusations about centralization within the Ethereum ecosystem. “The future of the world computer is decentralized,” he stated, reinforcing the platform’s commitment to maintaining a distributed network structure.
The debate over Ethereum’s direction comes at a time when the platform continues to evolve technically. The network is preparing for its “Pectra” upgrade on the Holesky and Sepolia testnets, showing ongoing development despite the current controversies.
Community reactions to Buterin’s statements have been mixed, with some supporting his stance against gambling-focused development while others question the foundation’s recent decisions regarding ETH sales.
The foundation’s token sales have occurred against the backdrop of broader market movements in the cryptocurrency space, though the exact timing and reasoning behind these transactions remain unclear.
Buterin’s comments highlight the tension between different visions for Ethereum’s future, with some advocating for more profitable gambling applications while others support the platform’s original goals of becoming a decentralized world computer.
The Ethereum co-founder’s emotional response to the situation reveals the personal toll of leading a major blockchain platform, especially when facing pressure to pivot toward more immediately profitable use cases.
Critics of the current direction have pointed to the success of gambling-focused platforms in attracting users and generating revenue, using these examples to argue for a shift in Ethereum’s focus.
The foundation continues to maintain its course despite these pressures, focusing on technical development and infrastructure improvements rather than shifting toward gambling-centric applications.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear (@Shillverstein) February 6, 2025