Ethereum Is the Opposite of Sam Bankman-Fried's FTX, Says Vitalik Buterin

Vitalik Buterin, co-founder of Ethereum, criticized Sam Bankman-Fried and his collapsed exchange FTX during a presentation at Devconnect Argentina. He emphasized that FTX exemplified everything Ethereum aims not to be, highlighting Ethereum's core principles of decentralization and community. Buterin argued that FTX's centralized nature contributed to its downfall, as users had to place blind trust in the exchange. In contrast, Ethereum operates on an open development model, with upgrades proposed and scrutinized by the community. Buterin claimed that while FTX preached a ‘Don’t be evil’ philosophy, Ethereum is inherently decentralized and therefore 'can’t be evil.' He articulated the distinction between a company and a community, framing Ethereum as a collaborative group rather than a profit-driven entity, whereas FTX was a centralized organization controlled by a few. The broader implications of this comparison reflect ongoing trust issues with centralized exchanges in light of FTX's scandal, which has driven interest in alternatives like decentralized exchanges.

Source 🔗