Shoes off, popcorn out: Vitalik Buterin vs. Changpeng Zhao vs. Justin Sun

Vitalik Buterin has experienced a strong headwind from the crypto community for his supposedly pessimistic outlook for the growth figures of the crypto market. At the forefront: Binance CEO Changpeng Zhao and Tron founder Justin Sun. Even Buterin’s clarification did not stop the two cops from lowering their horns.

Ethereum inventor Vitalik Buterin no longer understands the Bitcoin loophole review

He gives a renowned business paper an honest assessment of the future of the Bitcoin loophole review scam at the crypto market, only to be taken to the horns by a few prominent crypto bulls a short time later. For them, Buterin’s supposedly bearish outlook for the growth figures of Bitcoin & Co. was apparently a red rag. In particular, Binance boss Changpeng Zhao and Tron mastermind Justin Sun made their dissent clear. The whole thing – Bitcoin loophole review – took place on Twitter.

Contradiction from within the news spy scam

On September 8th Ethereum founder Buterin gave an interview to the US news platform Bloomberg seen here https://www.forexaktuell.com/en/the-news-spy-scam/. In this interview he gave his best assessment that “for nothing in this [crypto] space there is the possibility of a 1000-fold growth”. Opposition initially came from an unfamiliar side: on 11 September Ethereum co-founder Joseph Lubin admitted to CNN that the news spy scam did not share Buterin’s assessment. Although Buterin is a brilliant mind, he apparently underestimates the (r)evolutionary potential of the technology:

“Vitalik is brilliant, but I have to contradict him on that point. This is a technology that will influence the development of economic, social and political systems in the coming decades. So we are only at the beginning. There will be so much development. The technology is still quite immature. But there will be so much development in this space and everything that is an asset at the moment is likely to have a crypto-asset representation sometime in the future. So there is so much growth ahead of us”,

Buterin, who is not exactly known as a pessimist of progress, did not want to let that happen. He therefore tried to clarify the situation on 12 September:

“To be clear, I have never said that there is ‘no room for growth’ in the crypto ecosystem. I said there is no room for *1000-fold price increases*. A 1000-fold price increase today would mean that […] about 70 percent of the world’s wealth would be in the crypto market.”

To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.

“What I have actually said is that due to the fact that large parts of the population have already heard of crypto, future growth in crypto must feed from depth (i.e. actual application [of technology]), not from growing awareness.

To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.

What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention

Changpeng Zhao: Still not convinced
Binance boss Changpeng Zhao is not convinced by this argument. He was mischievous in announcing his objections on Twitter:

“I always remember Cunningham’s law before I do something like this, but this time I can’t resist, lol. The following tweets are for discussion and entertainment purposes only. They have no influence on my friendship to those involved, I hope at least.”

Zhao’s followers then rubbed their voyeuristic hands and expressed their anticipation with obligatory popcorn gifs:

I remind myself of Cunningham’s Law every time before I do something like this, but still can’t resist this time, lol. The next few tweets