- Ethereum's founder is fed up with the immaturity of the cryptocurrency community.
- He threatened on Twitter Wednesday that he would leave if folks in the space don't get their act together.
Vitalik Buterin, the founder of Ethereum, thinks crypto is heading in the wrong direction.
The 23-year-old took to Twitter on Wednesday to lament the immaturity of communities across the cryptocurrency market. He said folks in the space should understand the difference between enacting positive change for society, and just moving a bunch of money around. Here's Buterin:
Energies are being squandered on memeing about luxury cars and inappropriate jokes, according to Buterin. And if things don't change he warned he would leave the space altogether.
The market for digital coins has exploded this year, with bitcoin and ethereum leading the way. Ethereum is up more than 8,500% since the beginning of the year. Also, ethereum paved the way for hundreds of initial coin offerings, a cryptocurrency twist on the initial public offering process. Autonomous NEXT, a fintech analytics firms, estimates over $4 billion has been raised via ICOs, which help startups raise capital outside traditional financial services. In total, the market for digital coins has exploded from just under $18 billion at the start of the year to a whopping $560 billion at last check, according to data from CoinMarketCap.com.
Still, Buterin has questioned whether such gains are grounded in reality. Here's Buterin in a tweet soon after the crypto market surpassed $500 billion for the first time:
He went on:
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