Vitalik Buterin: The Growing Price Of Ethereum Guarantees Security

To co-founder of Ethereum, Vitaik Buterin was spotted doing a live-stream from New York with Laura Shin for the Unchained podcast where he discussed ethereum, cryptocurrencies, and regulation. In today’s ethereum news we will talk some more about what he said on the podcast.

Buterin’s answers were incredibly diplomatic but he also used a lot of humor where it was appropriate. The blockchain developer was asked questions mainly about the price of Ethereum but also a few questions about Satoshi Nakamoto. When explaining his thoughts about the price of ETH he said:

 “In part, it was counter-signaling to distinguish [Ethereum] from other crypto projects that do pumping and lambo-ing way too much. But also it was about minimizing the legal risk by basically trying to make the project seem more distant from something that would be covered by financial regulation.”

He made a point that regulators are aware of how the technology works now and understand that the coins have a price attached to them that is not backed by fiat currency. Regulators learned about the blockchain system and decentralized apps on the networks so now it’s impossible to claim that the price doesn’t matter because regulators ‘’will totally see through that.’’

One of the most important things he said about the price of cryptocurrencies is that:

 “I can tell you what things are clearly important about why the price is higher rather than lower is good. One of them is obviously security. If the price is zero, then the network can’t be secure.
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That’s true in proof-of-work and proof-of-stake.’’

Buterin stated that there will always be someone who holds crypto just for the sake of holding it and waiting for its price to go up. There are hundreds of people in the ETH community who demand that ether should be more than just a cryptocurrency. He also agreed that Ethereum’s success is a result because the platform was a launchpad for ‘’the ICO craze.’’ He did, however, state ICOs would have reached the market even without Ethereum’s help:

 “To some extent, though, ICOs are something that was going to happen on some platform regardless of what platform it ultimately was.”