Vitalik Buterin, the co-founder of Ethereum, has recently gone out and explained that the current financial crisis the world is facing is a far different breed than the 2008 Global Financial Crash. While this crash had spawned Bitcoin, to begin with, Buterin is convinced that the crypto community at large needs to start adjusting its mindset to fit this new breed of crisis.
Buterin Demands Perceptions To Shift
Through a twitter thread he wrote on the 2nd of June, Buterin explained that the core narratives that Bitcoin holds so dearly, had not been created this time around.
The co-founder of Ethereum explained that 2020 isn’t a repeat of the financial crisis that occurred during the years of 2008 and 2009. Instead, he explained that this crisis is a “virus crisis.” Buterin explained that this crisis is that of “epistemology,” as well as one of “overbearing policing.”
Buterin: This Is A Virus, Not A Financial Crash Alone
He challenged one of the critical narratives the Bitcoin world currently holds in regards to inflation and how vital an aspect it is in this situation. This is mainly so due to the fact that deflation is looming right above that, as well. He stated that there was a massive amount of new money printed by the world’s governments, but that it only stands as a small portion of what’s going on. He explained that the inflation rate is lowering, not increasing, despite the entire money-printing fiasco.
Buterin underlined this with yet another narrative: One that claims that Bitcoin as well as other coins are entirely separated from the traditional financial assets of the world. He challenged this narrative, showing a chart of how the S&P 500 crashed in March this year. During this time, the value of the crypto industry managed to more than halve itself in value, showing a direct correlation with each other.
A Demand For Completely Decentralized Communities
Buterin explained that the community needed to move past the mindset that Changpeng “CZ” Zhao embodies in a recent tweet. The CEO of Binance claimed that Bitcoin stands as a form of “peaceful protest.”
#Bitcoin is the peaceful protest.
— CZ Binance 🔶🔶🔶 (@cz_binance) June 1, 2020
To this, Buterin explicitly stated that the crypto community needs to expand beyond this right now. In all-caps, he exclaimed that “REFORMING MONEY IS NOT SUFFICIENT.”
Buterin explained that crypto isn’t about purely financial reformations. He explained that there are many blockchain networks out there that go beyond that, including his own, of course. Things such as censorship-resistant decentralized communication and publishing, decentralized governance, and communities, as well as DAOs for various aspects to the network, are all among these other aspects. He stated that all of this is essential work at large.