Vitalik Buterin predicted DeFi and stablecoins six years ago, but did not see NFTs

  • In a storm of tweets, Vitalik Buterin reflected on his predictions from years ago and how they fared, including DeFi and stablecoins.
  • He says he did not see NFTs coming because he revealed that he was in favor of altcoins even before he launched Ethereum.

Vitalik Buterin has been involved in the world of cryptocurrencies for about a decade now, and is arguably the most influential person in space. Over the years, he shared his thoughts on what the future looked like, and recently reflected on how his predictions worked out. Imagining decentralized finance (DeFi) and stables, he admitted to losing usable tokens (NFT).

In a storm of tweets, the Canadian programmer went back to 2012.

As for altcoins, Vitalik revealed that he promoted altcoins «before they were cool.» Back in 2013, he backed altcoins at a time when big names like BTC chief developer Gavin Andresen were showing off. Even more remarkable is that it fully supported altcoins even before the launch of Ethereum, defending Litecoin and Primecoin, which were the big altcoins back then.

He still believes in the power of altcoins, and his Ethereum project is leading this sector. However, his view on altcoins has evolved. Today’s applications are more complex, so bridges are more risky, chains are more universal, and layer 2 can be experimented, he noted.

“But still, I think there are things that can’t be done in L2, and there is room for different L1s,” he said.

Vitalik predicted the DeFi but lost the NFT

As early as 2013, before launching Ethereum, Vitalik defended the use of Bitcoin in countries such as Iran and Argentina facing sanctions or hyperinflation. As CNF reported, Vitalik was in Argentina recently, and he thinks he was right eight years ago.

Last week, I went to Argentina! My verdict: generally correct. Cryptocurrency acceptance is high, but stable coin acceptance is also really high; many businesses operate on USDT. Although, of course, if the USD itself starts to show more problems this may change.

In 2013, cryptocurrencies were not regulated. However, Vitalik envisioned a future in which the watchers in the industry would be much more influential.

«The decentralization of Bitcoin would allow it to survive * under a very hostile regulatory climate, but it could not * thrive *. A successful strategy to combat censorship requires a combination of technological soundness and public legitimacy, ”he said.

Vitalik, who joins Ethereum as the founder of Bitcoin Magazine, has been working on expanding Ethereum for years. This journey continues to this day with the launch of Ethereum 2.0. He believes that while ideas about scaling, such as fragmentation, were at their peak, he understood the amount of work it would take to scale Ethereum to a great extent.

He was also a big fan of Bitcoin Cash when he debuted after the hard fork of 2017. Today, he is not as sure about his potential as he was then.

DeFi was one of his biggest predictions. Five years ago, he suggested on Reddit that we should «manage decentralized chain exchanges in the same way we manage forecast markets«. DeFi has grown in recent years to become a multi-billion dollar industry and one of the largest sectors in cryptocurrencies. Ethereum is the leading player in this field, with a total value locked in its chain more than 8 times higher than the value of the next best chain.

He missed the NFTs, however.

Jean Simmons

Jean Simmons has been a cryptocurrency enthusiast since 2014 and has been dedicated to the topic on a daily basis since she first learned about Bitcoin and blockchain technology. Besides cryptocurrency, Jean studied computer science and worked for two years at a blockchain startup. At Mercayala, he is responsible for technical issues. His goal is to bring cryptocurrencies to the world in a simple and understandable way.

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