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Vitalik criticizes FTX: A case study of '180-degree turn' from Ethereum principles
Summary: During the Devcon conference in Argentina, Ethereum co-founder Vitalik Buterin criticized the now-defunct crypto exchange FTX as a 'negative example' of Ethereum's principles. He highlighted FTX's reliance on centralized structure and the need for users to 'trust the platform not to do evil', contrasting it with Ethereum's core values of decentralization, transparent collaboration, and 'incapable ...
During the Devcon conference in Argentina, Ethereum co-founder Vitalik Buterin criticized the now-defunct crypto exchange FTX as a 'negative example' of Ethereum's principles. He highlighted FTX's reliance on centralized structure and the need for users to 'trust the platform not to do evil', contrasting it with Ethereum's core values of decentralization, transparent collaboration, and 'incapable of evil' technical design. Vitalik used Sam Bankman-Fried's past statements to illustrate his point, emphasizing that FTX's downfall stemmed from its centralized architecture. In contrast, all Ethereum upgrades are publicly reviewed and collectively promoted by the community. He stated that FTX is a 'company' while Ethereum is a 'community', fundamentally different in structure and values. (Decrypt)
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