Vitalik Buterin: "I Am Not Ignoring Hive!"

in LeoFinance2 months ago

There is no doubt that Vitalik Buterin, one of the co-founders of Ethereum, is one of the most recognized names and faces in the cryptocurrency community. Putting together the second most valuable blockchain at the age of 20 is quite an accomplishment. In short, he is a leading voice in the cryptocurrency community.


The conflict between the Steem community and Justin Sun appears to be reaching epic proportions. Many feel it will go down as a case for others to study over the lessons of governance and freedom. However it is viewed down the road, it does appear it garnered a great deal of attention throughout the community.

Buterin is one who watched the process from afar. Over the months, he made a few comments about the situation. From the perspective of Hive, this was a motivational factor. The end result might not have paid many dividends but it is nice to be recognized and to know that others are on your side.

It does seem that Buterin's fondness for Hive has not disappeared. This is a Tweet that he sent out the other day.


That is quite an endorsement coming from one of the more powerful players in the industry.

The fact that he not only is a fan because of the community's stand against what can be viewed as oppression but he also mentioned what it "accomplished since then".

It is something that is easy to overlook. Each day we trudge along focusing upon what is in front of us. Under this scenario, it is easy to miss the bigger picture. Buterin, on the other hand, is looking at Hive from afar. He is not likely focusing upon things on a regular basis. However, we do know we are on his continuing radar. This means that, periodically, something pops up to catch his attention.

At this point, he is aware of some of the highlights of what took place with Hive the last few months. This is very important and a tweet like this is so valuable in an industry where everyone is fighting for recognition. Buterin has close to a million followers on Twitter, a number which means that 250K are probably active and actually use the service. That is a large number of people to see the name.

What does this all mean from a big picture angle?

Other than adding validity to what is taking place, and knowing we have the attention of a major industry player, the end result is not a lot. Let's be honest here, Buterin is not going to suddenly jump from Ethereum and start coding on Hive. He is an observer as well as occasional commentator. Nevertheless, he is not actively involved in any manner.

Could this enhance some of the ideas that are being worked upon which will bridge Hive to Ethereum? Possibly. Having Buterin in favor of this project compared to opposing it is much preferred. This could result in an endorsement when the development that @netuoso and others are doing is complete. Or, it could simply be released without comment from Buterin.


Unlike many famous people, Buterin is not out there hocking paid endorsements to tweet out to his followers. We see that taking place on a regular basis. The most noted of these is probably John McAfee who was touting any token that paid him.

This tweet by Buterin can be pointed to as a reference by the Hive community. There are a ton of projects outside Bitcoin that are completely unknown to the masses. Even to those who are involved in cryptocurrency, we are clueless as to what 90% of the tokens are related to. Standing out from the pack is vital.

The value in what Buterin wrote is that it is genuine. He was under no obligation to do that. It was simply something that he feels and wanted to express.

He is not ignoring Hive. This could be taken a few different ways. One of them could mean that Buterin feels that Hive is one to watch.

Whatever his intention, it is good to get the praise from someone who has such clout within the crypto community.

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I am pleased to get him acknowledge. Below is my question to him for which he responded. Would be nice if you could acknowledge in your post your co-hiveian for his contribution.

I am confident all the eyes most respected in the crypto community are watching Hive, if only with sidelong glances.

Two critical issues I hope we soon resolve are the terrible weakness of DPoS to decentralize governance. That's what felled Steem, and other than a 30 day delay in applying stake to witness voting, remains identical on Hive as it was on Steem. Nothing is more centralized than money, stake. Adding an additional factor that prevents the richest stakeholder from seizing totalitarian power to govern Hive will be necessary to prevent what happened to Steem from happening to Hive.

Another is the threat of financialization. That is what destroyed the Roman Empire, indeed, what created the Roman Empire out of the Roman Republic, and is doing exactly the same to the governments of the free world today globally.

The central thesis of Steem, and now Hive since Steem has been seized through DPoS, is decentralization of the financial benefits through curation of the value of content to it's curators. This is achieved through author rewards.

However curation rewards do the opposite, centralizing stake, utterly degrading the purpose of curation that society has always had to recommend quality content, in favor of mere monetary increase; financialization, and not curation, is the result of curation rewards.

This is why trending has always been shit, and was actually worsened by HF21 when curation rewards were increased at the cost of reducing author rewards. @edicted has proposed and well explained savings accounts that would better return on the investments of substantial stakeholders without degrading the very raison d'etre of Hive.

Better minds than mine are certainly cognizant of this, and I can but hope their financial interests do not prevent them from solving these problems before those problems solve Hive in the same way they solved Steem.


Thanks for shilling my bank account idea. It's not getting much traction. I think if such a thing was implemented we could even talk about abolishing the zero-sum game of curation. If you want ROI simply deposit into the bank accounts.

Add to this the ability to use the bank accounts to double as collateral for loans (HBD creation and destruction), and we can fix HBD and peg it to the dollar x1000 better than it is now, while keeping the money in the bank accounts locked their if users took out said loans.

As long as the reward pool stands as a valid way for wallets to earn through posting (widening distribution), I am fine with doing away with the arms race that is curation. Your banking idea is quite good! I will read more about it!

I'm sold on the idea. It would be good for Hive. It's a good idea, from a witness even.

Truth is, I love Vitalik Buterin, he's everything Justin Sun could have been for steem. One thing is, I think he admires Hive he is even enthralled by the powerful community which the hive blockchain has and he was instrumental as well in the brouhaha with Justin Sun and how it benefited the birth of hive. Infact I feel he's a powerful voice and I don't know if he'll ever consider hive at any moment. But then I'm glad he's recognised the potential of hive. He's not ignoring, he's only watching.

Thanks for the comment @josediccus.

I will disagree on one point. I dont think Sun could have been Buterin in a million years. Sun is a showman (the PT Barnum of Crypto). While that can garner attention, it does not provide a system of development.

Do you think the changes that are starting to take place in Hive coding would have happened with Steemit Inc under Sun? Of course not.

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Yeah I understand I only meant that Justin Sun could have done way better for steem it's pathetic he's a dullard when it comes to blockchain development and Crypto in general.

Do you think the changes that are starting to take place in Hive coding would have happened with Steemit Inc under Sun? Of course not.

Of course not, you're definitely right, this is one aspect of which I believe steem is doomed

I agree with @taskmaster4450, those two shouldn't be ever compared.

Doomed? No.
Steem is long time gone. It's no longer decentralized platform. It's an empty shell drained by Sun with only one objective - to pump his copy&pasted projected called TRON.
Oh and by the way, future of TRON is same as Steem because in both cases there's a huge pile of assets that are "not supposed" to take part in governance, etc.

Sounds familiar?

Meanwhile, @steemit account on Steem is powering down nearly 30M tokens, over 18M were already transferred to Binance.

No. Vitalik is a skilled professional, Justin is a con man.

i agree with Vitalik Buterin ethereum founder and I may not be as recognisable as other but I support hive and support all of uses who are fighting for hive freedom

If I had seen this comment before Buterin's tweet, I would have wrote the post about you @attajuttjj. 😁

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haha really well it's not too late now is it laughter

I don't care I'll say it. A cryptocurrency without a community won't go far. Bitcoin started because of a strong core community and had a first-mover advantage. It could have easily been Hive if it was around. This is why Vitalik is watching it. I know everyone cringes comparing any altcoin to Bitcoin but I'm saying what I feel.

Personally I feel Hive and Bitcoin are two different worlds but not for the reasons most would conclude.

I think Bitcoin has affirmed itself that its future is as "digital gold". Outside of that, I dont see a lot of development that is going to push Bitcoin much past where it is now. People are already indoctrinated to speculate on BTC, which means the next wave of buyers, at higher prices, are going to do so with the intent of selling it down the road at even higher prices.

Hive is in a different world since it is being developed upon. The areas that Hive is already starting to penetrate is impressive. We are moving into bigger arenas with each new development. To me, that tells the entire story.

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Personally I feel Hive and Bitcoin are two different worlds but not for the reasons most would conclude.

I 100% agree I could have drilled down further and say just from a value standpoint not so much a technical one.

I 100% agree w/ the rest of what you said. I just wanted to get off my chest that one part 😀.

Thanks for listening and replying! I'm excited to see what Netty develops for sure.

It is great to get all off your chest. That is what Hive is about. Freedom of expression.

Hive looks poised to go places. The coding at the core is much more advanced with the group doing it now than when Ned was leading the show.

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Thanks again. Hopefully good ole Vitalik sees it and knows we respect him for his distant support.

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There are broad parallels to be made between the ETH / ETC hard fork and the HIVE / STEEM hard fork.

The use of a hard fork, combined with moving the community and devs to the new chain, is a strong last line of defence against blockchain attacks when other possibilities are exhausted.

There's probably a lot of affinity for Hive from Buterin for this reason.

You are right, he does mention community but security cannot be overlooked. As a defense against any outside threat, financial or cyber, a fork is how we can take corrective (or responsive) action.

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Vitalik endorsing Hive is amazing. He's got quite the following so just bringing more exposure to Hive as a whole. Maybe we could see a bridge between Hive and Ethereum one day. Imagine a platform like Uniswap but you could swap any Hive token for any ERC-20 token.

That is already being worked on..

Check out the blog post by @netuoso. He is going to write the code for that over the next few weeks.

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So sick! Thanks for sharing!

Wow - Vitalik approving of HIVE

Well I am not sure how much he approves but he is certainly keeping an eye on it .

As long as we keep building, things will keep moving forward.

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This is why we need you on Twitter @taskmaster4450

That could be true @nathanmars although I rely on people such as yourself who are a lot smarter than me.

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You would be surprised to discover who’s watching this experiment play out.

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I probably would, you are right about that.

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This is a good one coming from the Ethereum founder, we are being noticed and the time is coming when those noticing us will start making moves on to here. more before the masses move..LOL

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Lol... yes and please keep this between us two!

What is cool this tweet was made yesterday. ;)

Ok! Full on accumulation mode is activated.

I think Hive is one of the most robust blockchain in crypto space. We must keep the faith and keep building "value added services" on top of it.

Well one tweet doesnt make an entire ecosystem but what motivated it is real. The continued development could be having an impact.

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You may be right. Have seen the tweets by Vitalik. Bit as you also wrote: it didnt bring a lot. When using Ethereum for HIVE in one or the other way, may indeed be beneficial. The developments you are talking about, is the idea by theycallmedan the other week?

Yes that and one that is being expanded upon by @netuoso.

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What is that? Any link?


Hmm ok, atomic swap. Not sure what is the better approach, atomic swaps, or the idea of theycallmedan. I suppose, sometime in the future, atomic swap is the standard for each blockchain, but its not user friendly when also each blockchain has its own market place, that'll be too distributed for long time to come. Only when the mass is onboarded, we may be able to deal with thousands of market places. Today, the market is way to small for that. With Atomic swap and Ethereum, I would think, we need to enable this for many other blockchains / currencies as well but wondering how much time and effort that'll cost.

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This is community is powerful.

Nice. 😎

Congratulations Hive! I’m glad to a little part of this experience. I don’t mind whales, I just don’t want them influencing what I do on Hive or taking it over and selling it to the highest bidder, like whT happened to Steem INC.

It's nice to be aware of this, sounds great.

What a great opportunity to show some of that community love! ^^


Looks like V has a little soft spot for HIVE or he just loves sticking it to Justin and Dan, lol either way I'll take it