Vitalik Buterin, the co-founder of Ethereum, recently posted a cryptic message on Twitter that briefly left the crypto community confused. In his tweet, he stated that he had heard “through the grapevine” that “something important is about to happen.”
Graham: possibility of “systemic risk” in the near future
Buterin did not go into further detail, saying, “Please recognize that my elite social connections to people who are early to know things make me cool, and please help me validate my self-image of coolness.”
Former Viaweb founder Graham, who founded his company Y Combinator after selling Viaweb to Yahoo in 1998, had earlier tweeted about a reliable source. In the near future, the anonymous source believes that cryptocurrency will face “systemic risk.”
Graham tweeted: “A person I have known for more than ten years, who I consider trustworthy, is convinced the cryptocurrency economy will shortly experience systemic risk. I don’t know anything concrete, but if I were exposed, I would be concerned.”
After Vitalik posted his response, Graham tweeted, saying:
“That’s an asshole thing to say. I didn’t pass on that message to look cool. I passed it on reluctantly because the guy who wrote it asked me to. He thought it might help people who were overexposed to risky assets.”
Vitalik then claimed he wasn’t responding to him, but he just wanted to call out the insufferable general pattern on CT. Further, he mentioned, “I meant it when I say I don’t subtweet a single example.”
Crypto enthusiasts shrug it off as “pointless FUD”
“Predicting an impending systemic risk to crypto is like predicting rain in England. Yep, you called it. Not news,” one Twitter user wrote. The cryptocurrency community has dismissed Graham’s tweet as pointless FUD.
In the meantime, there are concerns that other major companies could still be affected by the FTX crisis. Several rumours are floating around the industry about Genesis Trading’s possible insolvency, which would bankrupt industry giant DCG.
Vitalik still has faith in the crypto industry
According to Ethereum co-founder Vitalik Buterin, the world should learn from the FTX bankruptcy. In an interview with a prominent media company, he discussed the positive takeaways from the incident that has put crypto markets in a panic.
Despite the recent events, Buterin still believes in the fundamental blockchain technology of the crypto industry. He also noted that the incident validated the community’s belief in the importance of an open and transparent code. He said that the people in the Ethereum community are still committed to maintaining the stability of the distributed ledger.