Vitalik Buterin Reviews His Past Crypto Predictions and How He Views Them In 2022
Vitalik Reviews His Past Predictions and How They Age In 2022
Commonly, the start of a new year provides the chance to reflect on past events to find the best way forward. While other crypto influencers and stakeholders predict a bullish year, Ether’s founder Vitalik Buterin has revisited some of his previous predictions.
He shared this information on Twitter yesterday, including what he has learned so far and what he thinks about the market.
One of the most impressive attributes of Vitalik Buterin is his openness and speed of accepting when he is wrong. In his thread, he has highlighted many predictions that he made and pointed out that he admits that some were correct while others were wrong. He also accepted that he did not predict everything, and some developments surprised him.
Vitalik highlighted how he was an apologist for the overwhelming power consumption of PoW in 2012. However, he revealed that he was glad to learn about PoS as an alternative in 2013 and fully incorporated the idea in 2014. He tagged this transition as a broader intellectual evolution that makes ETH unique.
Regarding PoS and Sharding, he said that he accepts that he made a wrong timing of when these innovations could be live on ETH’s network.
3. My projections from 2015 of when we will get PoS and sharding. Honestly, these were very wrong and worth laughing at; I’ll share a screenshot of one of my presentations from 2015 so everyone can laugh more easily. pic.twitter.com/6tbsmajJyu
— vitalik.eth (@VitalikButerin) January 1, 2022
He revealed that the main reason he missed the timeline was underestimating the complexity of the underlying software development task. He also said that if developers want stablecoins to remain strong amid the collapse of the USD, they must have good governance.
Vitalik also talked about his vision of the Internet of Money. According to him, this innovation should have transaction fees not exceeding 5 cents for every transaction. ETH is experiencing scalability difficulties, but he explained that his DEV team works around the clock to make solutions.
4. Though I 100% stand by my comment that “the internet of money should not cost more than 5 cents per transaction”. That was the goal in 2017, and it’s still the goal now. It’s precisely why we’re spending so much time working on scalability.https://t.co/M326MtrlE0
— vitalik.eth (@VitalikButerin) January 1, 2022
Buterin also acknowledged that his whitepaper predicted DeFi but wholly missed seeing the development of NFTs. He also described himself as naive for not considering the social and political hindrances of BTC, but now he has learned a lot.
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