Ethereum Founder Says Too Much Mental Gymnastics in Defending Things; Even 12-Year Old Can Figure out 20% APR As Ponzi


Vitalik Buterin Discusses Cryptocurrency Intellectuals.

Ethereum creator Vitalik Buterin Shares His Thoughts On Intellectuals In the Crypto Space.

Vitalik Buterin, one of the people responsible for the creation of Ethereum, has turned to Twitter in order to discuss the intellectuals and deep thinkers in the cryptocurrency space. 

According to him, the job of an intellectual does not always consist of attempting to outwit everyone else or coming up with the synthesis of the world’s thesis and antithesis or whatever else could be the case.

Rather, it is a matter of understanding when to just restate basic and stupid norms such as “invading people bad.” The cryptographer said this is an essential lesson for anyone working in crypto. 

“Sometimes the task of an intellectual isn’t about trying to outsmart everyone or come up with the synthesis to the world’s thesis and antithesis or whatever. Rather, it’s about knowing when to just reaffirm simple dumb rules like “invading people bad”.

There is much too many mental acrobatics involved in justifying something that a child of 12 years old adopting the simple criterion “if it offers 20% APR it’s a Ponzi” would accurately reject every time.

“Also an important lesson for the crypto space. Way too much mental gymnastics goes into defending things that a 12 year old applying a simple unnuanced “if it offers 20% APR it’s a Ponzi” rule would correctly reject every time.”

Also an important lesson for the crypto space. Way too much mental gymnastics goes into defending things that a 12 year old applying a simple unnuanced “if it offers 20% APR it's a Ponzi” rule would correctly reject every time.

— vitalik.eth (@VitalikButerin) July 27, 2022

He was referring to Terra when he mentioned an APY of 20 percent. In a recent interview with Bloomberg, the cryptographer critiqued Terra again, stating that there is no true investment that can produce returns anywhere close to 20 percent annually.

Intellectuals And Crypto

Most traditional economic definitions of money fail digital assets such as bitcoin and other crypto tokens. A world where Elon Musk can tweet two emojis and your asset depreciate 80% in value is a hellish dystopia for intellectuals. Most of them believe that crypto assets are the result of a speculative frenzy and a financial swindle centered on an opaque technology with a tolerance for intellectual incoherence at its foundation. 

On the other hand, due to Blockchain’s inherent accountability, security, transparency, and immutability, it has the potential to make a substantial contribution to the global economy. 

As time goes on, blockchain has a chance of being adopted as an underlying technology by the majority of the world’s governments. It also has a chance of bringing the whole intellectual property system under one umbrella.

In related developments, as reported by The Crypto Basic the Merge, the name given to Ethereum’s conversion from proof-of-work (PoW) to proof-of-stake (PoS), is now under active development. In Buterin’s estimation, the network will be 55% complete by either the end of Merge or when PoS is implemented.

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