What drove Vitalik Buterin to write the Ethereum whitepaper was the idea of a featureless platform. The lego bricks versus the Swiss knife. Less than two years after Ethereum launched, one use case started gaining popularity: Fundraising. Startups could now raise money directly from investors across the globe, without having to go through Wall Street or Silicon Valley.
The lack of regulation, the misalignment between investors and startups, and the extreme greed on all sides, attracted scammers. Some Bitcoiners have been recently calling out the Ethereum community to take responsibly for investors who lost money because of failed tokens. I think:
- Ethereum developers built a platform that allowed anyone to build anything. Bitcoin was also built as an open system for people to use however they want, and it’s used as a store of value, and also to launder money, to fund terrorism, to hold ransomware attacks, etc. Bitcoin developers shouldn’t be held responsible for those nefarious uses, just like Ethereum developers shouldn’t be held responsible for failed ICOs.