Vitalik Buterin discussed the Ethereum Meltdown, Tornado Cash, and the collapse of Terra.
The ETHLatam 2022 event was dressed up with the online presentation of the co-founder of Ethereum, Vitalik Buterin, who addressed interesting topics about Ethereum and the crypto ecosystem in general.
On Saturday, August 13, the crypto community of the City of Buenos Aires dressed up to interact with the Ethereum co-founder, Vitalik Buterin, during his online participation in ETHLatam 2022.
Vitalik Buterin Greets ETHLatam 2022
Amid the hype surrounding the Ethereum Fusion, Vitalik Buterin said he was present online at the event held in the South American country. During his presentation, he addressed issues related to the Fusion (The Merge, in English), and the controversial saga of Tornado Cash.
To shorten the physical distance, Vitalik greeted the public present at ETHLatam 2022 in Spanish, highlighting with charisma that explaining his ideas in Spanish “is very difficult.”
However, the young developer, who is followed by hundreds of thousands of people around the world, took the opportunity to share his thoughts on the current situation in the world of cryptocurrencies.
Ethereum Merger
The great hype in the crypto ecosystem in recent weeks has been the Ethereum Merger, thanks to which the second cryptocurrency by market capitalization will move from a Proof-of-Work consensus mechanism to a Proof-of-Stake one.
Buterin emphasized the transition from Ethereum to PoS, a statement that was highly receptive by those attending the event and highlighted: “No more Proof-of-Work”. On the other hand, Vitalik Buterin highlighted that “The Merger will serve to make Ethereum much more efficient in energy terms”
As reviewed by BeInCrypto, Vitalik Buterin predicted that the arrival of the Fusion to Ethereum could be on September 15, coinciding with the forecasts of the developer Tim Beiko.
Tornado Cash Current Saga
Another element addressed by Vitalik Buterin was the current saga revolving around the cryptocurrency mixer Tornado Cash.
On August 8, the United States Department of the Treasury sanctioned Tornado Cash, alleging that the platform had laundered more than 7 billion dollars since 2019.
Since then, the popular cryptocurrency mixer has been under heavy siege from regulators and some players in the crypto ecosystem, as reported by BeInCrypto.
In this sense, Vitalik Buterin and the presenter of the event, Van Ness, discussed the matter. The co-founder of Ethereum noted that, “Without a doubt, going after a person for code writing is a pretty big escalation by governments. [Noting that it is] a smart contract on a Blockchain and a couple of java Scripts on a server.”
Collapse of Terra (LUNA)
An event that shook the crypto ecosystem in the last two months was the collapse of the Terra (LUNA) ecosystem and its stablecoin TerraUSD (UST). In this particular, Vitalik Buterin expressed:
“You have to stop following those who promoted you to buy Luna and UST. [You have to] be careful when using highly centralized Blockchains.”
Finally, he warned that, “[You have to be] cautious when accessing investments that promise exaggeratedly high returns and that are not sustainable over time. [And that there are] very negative feelings for the millionaires and the funds that sold these things on the Internet and destroyed everything.”
An important point was about the importance of education in the crypto ecosystem, especially those actors who, according to Buterin, “explain with arguments why it is a good industry that is aligned with the values that matter to the community.”
By Audy Castaneda
