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Vitalik Buterin Faces Backlash After Talking About Censorship Resistance

Thu, 08/25/2022 - 08:26
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Arman Shirinyan
Co-founder of Ethereum chose one of worst times to talk about censorship resistance
Vitalik Buterin Faces Backlash After Talking About Censorship Resistance
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In his most recent twitter post, Vitalik Buterin described how people all over the world underrate cryptocurrency payments and their convenience compared to regular centralized payments.

Buterin also mentioned censorship resistance, which is an odd note considering the wallet hunt that began after the notorious cryptocurrency mixer Tornado Cash got banned in the U.S. Hundreds of wallets that were not directly associated with the mixer were banned from using various centralized and decentralized cryptocurrency platforms.

Users noticed the contradiction between Buterin's words and events happening around the cryptocurrency he co-founded. Previously, numerous blockchain developers and experts expressed their negative opinions about the new Soulbound type of tokens offered by Buterin.

Despite the criticism, some community members, including the creator of the famous memecoin DOGE, added that taxes are still an issue for those who are willing to use both fiat and digital currencies. To withdraw cryptocurrencies in USD or any other foreign currency, users have to pay a significant amount of taxes and fees, which makes crypto assets illiquid.

Mark Cuban Explains Why He’s “Super Bullish” on Ethereum

Despite all the problems with liquidity and potential censorship, cryptocurrencies can still be used as the least complicated and cheapest way of making international transfers, as the usual bank wire may take up to 15% of the value sent.

In addition to cheapness, cryptocurrency technology brings more accessibility to people living in countries without the developed banking industry.

Unfortunately, the decentralization and openness of the industry attracts groups of users who conduct illicit activities like scamming, money laundering and more. The aforementioned Tornado Cash ban was one of a few steps toward the purification of the industry, which unfortunately leads to the further centralization.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.