Vitalik Buterin: The Crypto Community Needs to Grow Up

Buterin is known for being merciless in exposing the weaknesses in the crypto space, while urging for innovation.

Vitalik Buterin may one day get fed up with the crypto community, but not just yet. He has been critical of the lack of innovation before, and now went on to support a view that Bitcoin, without innovation, is becoming an empty shell and a "failed project". 

On Twitter, Buterin pinned his hopes on the scaling of Ethereum, as well as the possibility for moving away from proof-of-work. 

At the same time, price growth is the main topic in the crypto space. But according to Amir Taaki, this could be the undoing of otherwise promising projects: 

For months now, Bitcoin has been stagnant when it comes to ideas of further development, the Core remaining changeless, while countless hard forks are vying for attention, pretending to solve most of the network's problems by technical tweaks. Still, Bitcoin has kept up a high price, reaching as high as $20,000. 

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At the moment, the Bitcoin network has to work through upward of 170,000 pending transactions, while a few days ago a rush to sell caused a spike to more than 280,000 transactions. Improvements like SegWit are getting unrolled very slowly for Bitcoin, and the Lightning Network is still facing a shortage of developers, having performed only test transactions.

But toward the end of the year, most cryptocurrencies trading at peak values are having a moment for re-evaluation, as various projects have yet to deliver the technical promises made months or years ago.

The mainstream remains rather skeptical of Bitcoin, including Paul Krugman, Nobel laureate in Economics: 

At the same time, the Ethereum network and ecosystem are evolving, with privacy transactions appearing on the Ropsten test network. And when it comes to Ethereum scaling, the approach to sharding, or creating side networks with their own universes of transactions, seems to be completed, at least in the idea stage. But the next year would see difficulties as Ethereum tries to prove itself, and work with all the related projects and tokens.