Vitalik Buterin on Crypto Distrust, SBF and the Future of AI

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Buterin’s view on Bankman-Fried and Cryptocurrency Outlook Buterin’s thoughts on artificial intelligence and creativity Related news

Buterin’s view on Bankman-Fried and Cryptocurrency Outlook

Ethereum co-founder Vitalik Buterin recently discussed his skepticism about Sam Bankman-Fried and FTX in a podcast interview. While acknowledging Bankman-Fried’s high profile as an industry leader, Buterin stressed that he and many others in the crypto community had reservations about him from the start.

According to Buterin, there is a common misconception that the entire crypto ecosystem was surprised by Bankman-Fried’s actions. He claimed:

I guess it’s true that no one expected a literal $8 billion blast, but many Ethereum influencers had no respect for him and FTX from the start.

He specifically named Anthony Sassano as one of those suspicious early on.

He just couldn’t articulate why crypto was good

Buterin went on to explain that Bankman-Fried’s lack of a clear vision of the value of cryptocurrency technology was a major cause for concern. “He just couldn’t articulate why crypto was good — he just clearly saw it as a purely business opportunity,” Buterin recalled.

Contrary to this view, Buterin emphasized the cypherpunk values and decentralization goals that initially inspired blockchain projects such as Bitcoin and Ethereum. He characterized the entrepreneur as simply “breaking out other people’s perspectives”. Buterin’s conclusion was clear: ‘He just, I think, never really came across to the community as a person who believed deeply in it. That more than anything else could be the cause of the distrust that was already there.”

The interview was conducted by Sriram Krishnan and Aarthi Ramamurthy on their eponymous podcast, where they regularly talk to founders, CEOs and filmmakers. Buterin was featured on the show last month.

Buterin’s thoughts on artificial intelligence and creativity

Aside from his thoughts on the crypto community, Buterin also shared his optimism about the rapid advancement of AI systems such as ChatGPT. Rather than viewing AI as a threat to human jobs, Buterin expressed excitement at AI’s potential to enhance human creativity.

“I think it’s a great example of how, instead of AI killing 30% of jobs, it’s like AI killing 30% of your job, which is actually a great time saver,” Buterin said. He admitted that human-level AI could lead to more job losses, but emphasized that at this stage, AI empowers people rather than replaces them.

I would like to see the cost of making a movie go down

Buterin was particularly excited about AI’s potential to lower the cost of creative endeavors such as filmmaking. He said, “I’d like to see the cost of making a movie drop from $100,000 to one person with really just his creativity and a few months with an AI platform.” In his view, this would lead to more authentic stories away from “all these awful remixes”.

He also praised the idea of augmenting individual creativity with AI and referred to the transition from human to superhuman AI as one of the most substantial developments in history. However, he also recognized the need for targeted regulation to manage potential risks, stressing that rules should not hinder innovation.

Reflecting on historical fears about new technology, Buterin concluded, “What has happened over and over for centuries is that we adapt.” His comments offer an optimistic and thoughtful perspective on both the current and future landscape of technology and creativity.

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