Ethereum co-founder Vitalik Buterin has spoken out in the wake of the FTX collapse, offering his thoughts and some positives from one of cryptocurrency’s biggest black swan events.
In a Nov. 20 Bloomberg interview, Buterin said that the collapse of FTX contains lessons for the entire crypto ecosystem.
The problem in this instance (and several before it) has been people, not technology.
Buterin also labeled the FTX collapse as a “huge tragedy,” but added that it reaffirms the position of many in the Ethereum community concerning centralization: “That said, many in the Ethereum community also see the situation as a validation of things they believed in all along: centralized anything is by default suspect.”
He added that this ethos includes trusting in open and transparent code above humans.
The problems for FTX are understood to have stemmed from the exchange’s use of customer deposits for other purposes.
Source: Cointelegraph
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