Crypto dystopia might, as claimed by Vitalik Buterin, the founder of Ethereum. He claimed that if the blockchain space is implemented incorrectly, there could be various issues.
In this photo illustration of the ethereum cryptocurrency 'altcoin' sits arranged for a photograph on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation.
As of the moment, the cryptocurrency market's value is still rising as more people invest in Ethereum and other popular digital coin brands.
However, the blockchain industry is still unstable, given that governments across the globe do not regulate it. Now, Buterin said that some trends could further affect the dystopia potential of the rising crypto space.
Crypto Dystopia: Ethereum CEO Now Worried
According to CNBC's latest report, Buterin said that one of the crypto trends he is worried about is the sudden rise of NFTs (Non-Fungible Tokens).
DENVER, CO - FEBRUARY 18: Ethereum co-founder Vitalik Buterin speaks at ETHDenver on February 18, 2022 in Denver, Colorado. ETHDenver is the largest and longest running Ethereum Blockchain event in the world with more than 15,000 cryptocurrency devotees attending the weeklong meetup.
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Right now, the NFT market is seeing more investors and digital artists. Many of the popular digital artworks already generated millions of dollars after they were sold from one buyer to another.
But, Buterin is worried about this since he believes that NFTs can prevent Ethereum and other cryptocurrencies from reaching their full potential.
"If we don't exercise our voice, the only things that get built are the things that are immediately profitable. And those are often far from what's actually the best for the world," said Vitalik via The Time Magazine.
Although this is the case, the ETH founder clarified that Ethereum is being used for important projects like urban planning, voting systems, universal basic income, public-works projects, and other programs.
Other Issues in Crypto
Aside from the NFT trend, Buterin also said that the anonymity of cryptocurrencies could be used for illegal activities.
These include evading taxes. Right now, cryptocurrencies are not really under the taxes implemented by government officials since they are still unregulated.
Because of this, many individuals use these digital coins to earn as much money as possible without settling their taxes.
Aside from taxes, sanctions can also be evaded using cryptocurrencies. The U.S. government has already seen this in the ongoing Russia-Ukraine conflict.
If you want to see more details about Vitalik's concerns regarding the crypto space, you can visit this link.
In other news, Prince Philip of Serbia praised the current top cryptocurrency, which is Bitcoin. Meanwhile, Australia's crypto regulation movement will soon create a new infrastructure for safer and easier blockchain investment and transactions.
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Written by: Griffin Davis
