Vitalik Buterin Issues Major Warning on ‘Official’ Crypto Scams

In a recent Farcaster post, Ethereum founder Vitalik Buterin highlighted the importance of cultural awareness within the crypto industry, warning users about the deceptive use of common terms. Buterin emphasized that the term “official” in the crypto space often implies a scam, contrasting ironically with its conventional meaning. He argued that understanding these nuances is crucial for navigating the crypto landscape.

Buterin’s insights stem from his latest essay on the cultural dynamics of the crypto industry. He discussed how blockchains, beyond their technical aspects, develop unique cultural identities that significantly influence their ecosystems. 

Buterin highlighted several areas where a blockchain’s culture significantly impacts its success, including the types and quality of protocol changes, the ecosystem’s openness and decentralization, and its ability to attract high-quality developers and users. He cautioned that a blockchain’s culture can either support or hinder its goals, using the adoption of new technologies like ZK-SNARKs as an example. 

This extends to cultural aspects, affecting who participates in the ecosystem, what actions they are motivated to take and what is considered legitimate within the community.

Meanwhile in Solana land

Interestingly, Buterin’s words were stated while, in the neighboring ecosystem, Solana, the cryptocurrency meme hype from celebrities is heating up. As one can see almost immediately, such initiatives rarely end well. Iggy Azalea, Caitlyn Jenner and Davido are among those who have launched their own cryptos.

All launches turned out to be controversial, when the teams of these stars were accused of scamming, exploiting their subscribers as an outlet for liquidity and inappropriate behavior.

About the author

Gamza Khanzadaev