Vitalik Buterin, co-founder of the Ethereum Blockchain, shared an emotional message lamenting the growing criticism of the Ethereum project.
The Ethereum Co-founder and a leading advocate for a utility-focused industry posted a message on Tako, a Chinese tech-based Social media platform.
He affirmed his advocacy for a utility-focused industry while getting emotional about the growing criticism of the Ethereum Blockchain. He explained that most criticism comes from people unhappy with Ethereum’s strong opposition to the memecoin culture.
“Of course. Perhaps the most disappointing thing for me recently was when someone said that Ethereum is bad and intolerant because we don’t respect the “casinos” on the blockchain enough, and other chains are happy to accept any application, so they are better. If the blockchain community has this kind of moral reversal, I have no interest in participating in the blockchain.” Vitalik Stated.
Vitalik Buterin knocked the memecoin culture earlier, calling for more focus on utility-backed projects. His latest comments align with his earlier views on memecoin trading as casinos on the blockchain.
A Divided Community
In his comment, Vitalik revealed that the crypto community is torn into two by the Culture debate of “Pumping bags “vs. ” Utility-Based” projects.
He explained why memecoins might dominate the narrative. When he contacted them privately, many community members still believed in a utility-focused industry.
The Ethereum Co founder believes he has a sense of responsibility to the believers of utility-backed projects, and his blockchain will always reflect that.
“ On the Internet, many people will say those things, but when I chat with the community in person, everyone’s values are still the same as before, so I feel that I have a responsibility to this community and cannot abandon them. We Ethereum need to work together to create the world we want to see. This will require some changes, such as the foundation may not be too neutral at the application layer and need to specifically support some things, but this project is worth doing.” Buterin Added.
The argument against memecoin trading in the industry resurged after two sitting presidents were directly involved in an alleged Pump and Dump scheme.
The Case Against Ethereum
Ethereum remains the second-largest crypto network in the industry. The blockchain has been praised for its smart contract capabilities but has also been criticized for a host of other things, including.
- High Gas Fees
- Scalability Issues
- Network Congestion
- Complexity & Development Challenge
- Centralization Risks in Proof-of-Stake (PoS)
- MEV (Maximal Extractable Value) Exploits
The Ethereum Token also appears to have hit a brick wall, failing to break its all-time for over three years.
The price tag has frustrated its community, which is constantly conflicted by backing a token that does not pump in a fast-changing crypto industry.
At the time of this report, Ethereum was exchanging hands for $2,717, down 43.9% from its all-time high.
The Token hit an all-time high of $4,878 in 2021 and has yet to beat this record since then.
