Vitalik Buterin, the Russian-Canadian programmer and co-founder of Ethereum, has slammed the Bored Ape Yacht Club (BAYC) NFT collection. He expressed concern that new cryptocurrency investors could be following the wrong signals from the flashy displays of wealth. Over the course of a fairly lengthy interview, Buterin also talks about the dangers of cryptocurrency. His main concerns include impulsive investors, rising transaction costs and the insensitive display of wealth that seems to dominate the public perception of crypto.
Buterin graced the cover of Time magazine this month, where he was dubbed the “Prince of Crypto.” During an 80-minute interview with the publication, the 28-year-old programmer revealed that he is not a fan of the famed Bored Ape Yacht Club (BAYC) NFT collection and its offshoot projects.
“The danger is that you have these $3 million (about Rs. 23 crore) monkeys and it becomes a different kind of gambling,” Buterin said. The publication noted that the Ethereum co-founder referred to the BAYC.
With a collection of 10,000 unique NFTs, BAYC has quickly become a status symbol for those with deep pockets in the digital age. Among them are Justin Bieber, Paris Hilton, Jimmy Fallon, Eminem, Stephen Curry, Post Malone, Mark Cuban and even Tesla CEO Elon Musk.
Meanwhile, Buterin has more sound plans in mind for the future of the Ethereum network and its use cases, including becoming “the starting point for all kinds of socio-political experiments: fairer voting systems, urban planning, universal basic income, public works projects,” the report said. Time.
Instead, “There are definitely a lot of people who just buy yachts and Lambos,” he said.
During the interview, Buterin also mentions the millions of dollars of cryptocurrency donated to help Ukraine when Russian President Vladimir Putin launched an invasion, seemingly comparing it to money spent on Bored Apes.
“A silver lining of the situation over the past three weeks is that it has reminded many people in the crypto space that the ultimate goal of crypto is not to play games with million dollar monkey images, but to do things. do that achieve something. meaningful effects in the real world,” Buterin said.
By 2022, Buterin hopes to “take more risks and be less neutral,” he told the publication. “I’d rather Ethereum offend some people than turn it into something that stands for nothing.”
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