Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

This despite the fact that Vitalik Buterin, a Canadian-Russian computer programmer and co-founder of the Ethereum network, has voiced dissatisfaction with the NFT collection accumulated by the Bored Ape Yacht Club and has urged for its destruction (BAYC). Affluent people’s showy displays of riches, he voiced worry, would lead novice bitcoin investors to view them in the wrong manner, as he himself had done when he first started investing in bitcoin. Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

Buterin also discusses the possible pitfalls of cryptocurrencies, as well as ways to prevent them, in a lengthy interview with CoinDesk, which may be seen here. In his opinion, three reasons are contributing to the general public’s negative image of Bitcoin: the impulsive nature of investors, the rise in transaction costs, and the insensitive display of riches.

Buterin was featured on the cover of Time magazine earlier this month, when he was called the “Prince of Cryptocurrencies” in appreciation of his contributions to the bitcoin technology. Because of his 80-minute interview with the newspaper, according to sources at the journal, he has said that he despises the renowned Bored Ape Yacht Club (BAYC) NFT collection, as well as any of its offshoot endeavors.

Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

During a news conference in 2013, Buterin voiced worry about the monkeys, which were valued at $3 million (about Rs. 23 crore) at the time, stating, “The danger is that it becomes a new sort of gambling.” According to the magazine, when he made the comment, the Ethereum co-founder was referring to the Blockchain and Blockchain-based Asset Classification, both of which were discussed in the piece (BAYC).

In the digital era, BAYC has swiftly established itself as a household brand among those with great financial means, thanks to its collection of 10,000 diverse non-fiction works (NFTs). Several celebrities, including Justin Bieber, Paris Hilton, Jimmy Fallon, Eminem, Stephen Curry, Post Malone, Mark Cuban, and even Tesla CEO Elon Musk, have gained notoriety as a consequence of their participation in the probe. The probe is still in its early stages.

Several years ago, a storey in Time magazine projected that the Ethereum network and its apps might one day serve as a “landing pad for all forms of socio-political experiments.” According to the news release, “fairer voting methods, urban planning, universal basic income, and public-works projects” are some of the topics that will be tackled in these trials.

The great majority of people who purchase yachts and Lamborghinis, according to him, are “unquestionably affluent,” as seen by their ability to purchase such luxury goods. When asked about the millions of dollars in bitcoin that have been contributed to help Ukraine, Buterin said that Russian President Vladimir Putin is launching an assault of the country right now. At one point during the argument, he seems to draw a comparison between that figure and the amount spent on the video game Bored Apes, which had been referenced previously in the debate.

Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

Ethereum Founder slams Bored Ape Yacht Club calls it Gambling

Buterin believes that while many people working in the cryptocurrency industry have been negatively impacted by the situation over the last three weeks, they have been reminded of the fact that the ultimate goal of cryptocurrency is not to play games with million-dollar pictures of monkeys, but rather to do things that have real-world ramifications.

According to the information available to the source, Buterin expressed a desire to be “more risk-taking and less neutral” in his activities in the year 2022, which was described by the source as having occurred. In order for Ethereum to “antagonize certain people” rather than degrade into something that symbolizes nothing, its founder would prefer that it “antagonize particular individuals,” and that is precisely what he has done with the cryptocurrency.

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