Vitalik Buterin has just reminded us of something that the crypto industry forgets too quickly: being open does not mean saying yes to everything. In a fairly broad interview, the founder of Ethereum sets a clear limit. A community that applauds anything that raises the price ends up shooting itself in the foot. Not right away. But surely.
In brief
- Vitalik Buterin reminds that openness in crypto should not become an automatic validation reflex, at the risk of damaging the ecosystem.
- He believes that Ethereum has developed a culture that filters certain excesses, and warns that a community that is too “friendly” also attracts toxic actors.
- Finally, he criticizes Bitcoin maximalism which applauds forced adoption, deeming top-down approaches fragile and untenable when the market turns.
Ethereum, an open but not neutral system
Buterin begins by emphasizing that the Luna platform was not built on Ethereum by accident. For him, the collapse of Terra Luna is not just a story of code or the market. It is also a story of culture. Ethereum is open, yes, but there is a form of natural filter: standards, a requirement, a way of seeing risk.
He emphasizes a point that is often misunderstood: in an open system, you cannot prevent all bad actions. On the other hand, you can avoid encouraging them. It seems obvious until a project promises 20% risk-free and everyone retweets it.
Buterin describes crypto as a high variance space. There we find brilliant, demanding people, obsessed with technical elegance and, conversely, very quick, sometimes dangerous opportunists. The problem is not that they exist. The problem is when a community becomes known for welcoming them in without question.
Because at that moment, the reputation collapses. And in crypto, reputation is an invisible but vital asset. When you lose it, you no longer attract builders. You attract those who come to build the trust of others. Buterin sums it up bluntly:
if you are too friendly, you not only attract builders, you also attract the worst profiles.
The Do Kwon case remains on everyone's mind. Not because he's the only one. But because it symbolizes a scenario that repeats itself: hype, blindness, collapse, then the entire sector pays the bill in credibility.
Bitcoin, maximalism and adoption by force
Where Buterin really gets incisive is when he targets certain Bitcoin circles. He denounces an all-too-common reflex: automatically celebrating any rich or powerful person as soon as they show their support for Bitcoin, without ever questioning their methods or the use of this influence.
For him, this complacency ends up weakening the ecosystem, because it confuses promotion and legitimacy, exactly like when we take an increase in on-chain activity for a “healthy” sign when it can also be fueled by opportunistic behavior, as illustrated by the explosion of activity on Ethereum linked to dusting attacks.
His example: Nayib Bukele and the adoption of Bitcoin in El Salvador by decision from above. For Buterin, some of the maximalists turned a blind eye to questions of public freedoms and democracy, because only one thing mattered: a country adopts Bitcoin. The method doesn't matter.
And this is precisely what he denounces : Forced adoption is fragile by nature. As long as the price goes up, it holds. As soon as the price drops, and the constraint remains, things break down. He says it clearly: when the price falls and adoption is imposed, the whole thing becomes unsustainable.
Buterin does not reject the idea of mass adoption. He rejects the way. For him, crypto works when people are convinced, not when they are forced. In the case of El Salvador, he believes that the real use did not take off as expected because the logic was reversed: we wanted to impose before persuading. And when the volatility did its job, as always, support melted away. Normal: you do not build lasting trust with an administrative obligation.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
