Ethereum co-founder Vitalik Buterin voiced concerns over what he described as a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling.
In an Ask Me Anything (AMA) session on Feb. 20, Buterin was asked to share his frustrations with the crypto industry in the past year. He highlighted his disappointment with the backlash against Ethereum for not embracing blockchain-based casinos:
“Perhaps the most disappointing thing for me recently was when someone said that Ethereum is bad and intolerant because we don’t respect the ‘casinos’ on the blockchain enough, and other chains are happy to accept any application, so they are better.”
Buterin added that if the blockchain community had this kind of “moral reversal,” he would no longer be interested in participating in the blockchain space. Despite this concern, he noted that his experiences with community members offline have provided a different perspective.
Community values “still the same” offline
While Ethereum has been criticized for its stance on casinos online, he said that in-person interactions with crypto community members have reassured him that the core values of the space remain intact.
He said he has a responsibility to the community and cannot abandon it.
He urged the Ethereum community to work together to create the “world we want to see.” He added that this will require changes, saying that the Ethereum Foundation may not be so neutral at the application layer, supporting certain types of projects rather than maintaining complete neutrality.
Ethereum Foundation changes funding approach
Buterin’s statements follow changes in the Ethereum Foundation’s approach to its funding mechanisms.
On Jan. 20, community members called out the foundation for selling Ether (ETH) to fund its operations. Many said there were alternative approaches in decentralized finance (DeFi) that did not involve dumping the assets on the market.
On Feb. 13, the foundation moved to address the criticisms by deploying 45,000 ETH, worth $120 million, into DeFi platforms Aave, Spark and Compound. Community members praised the move, saying it was positive for Ethereum.
The foundation said this was just the beginning, adding that it’s already looking into staking and asked the community for suggestions.