Vitalik (ETH) Clarifies “No Room For Growth” Comment, Throws Shade At Justin Sun of Tron (TRX)

Vitalik Buterin Takes to Twitter to Clarify his “No Room For Growth” Comment”

Ethereum founder Vitalik Buterin took up to Twitter to clarify his “There is no room for growth” comment.

Earlier this week, in an interview with Bloomberg Buterin remarked:

“If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore. That strategy is getting close to hitting a dead end.”

The blockchain space, states Buterin, is reaching a point where there’s a ceiling in sight as the average educated person has “probably heard of blockchain at least once.” As consumer awareness of blockchain technology and cryptocurrency reaches a saturation point, argues the Ethereum co-founder, the possibility of capturing an opportunity for 1,000-times growth in “anything in the space” is virtually nonexistent.

However, these statements were taken of context making clickbait titles all around the crypto media.

Today he sent on a series of Tweets to silence some of the backlashes that he was facing.

To be clear, I never said that there is "no room for growth" in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto.

— vitalik.eth (@VitalikButerin) September 12, 2018

Vitalik says that he never said that there was no room for growth for a 1000x growth. 1000x price increase is not a possibility, whereas 1000x growth is entirely possible when it comes to adaptability. Vitalik presents some basic data to his audience, “A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto.”

What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention

— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018

What he actually meant to say was that as a result of large portions of the population already have heard about cryptos, further growth of crypto in any sense must come from actual usage, and not bringing in more attention. Buterin highlights the factors driving growth within the cryptocurrency industry — the blockchain ecosystem has largely relied on market efforts focused on boosting widespread adoption and awareness. With consumer awareness now at an all-time high, the current blockchain growth strategy is “getting close to hitting a dead end.”

Vitalik then went ahead to criticize the media for misreporting his quotes. He even ended the series of Tweets by saying that if the media keeps acting the same way, they are incentivizing people to act like Justin Sun of Tron.

Me: obviously, let's be realistic, the entire world wealth is not going to turn into cryptocurrencies…

Media: VITALIK IS A PESSIMIST!!!!!1!!1!

Guys, if you spin things this way you're *incentivizing* people to act more like @justinsuntron

— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018

Changpeng Zhao, the CEO of Binance, came out in support of Buterin saying that these sort of media manipulation happens all the time and it's just too funny.

You are obviously a victim of media. They slice one sentence you say and twist it to the max. Happens all the time. But poor Justin, lol. Just too funny.

— CZ Binance (@cz_binance) September 12, 2018

Justin Sun, an avid Twitter user himself joined in on the action saying that he believes that the crypto market cap will reach 10 Trillion USD before tech giants like Amazon and Apple do.

I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before @Apple and @amazon do. We will see. Time will tell. #TRON #TRX $TRX

— Justin Sun (@justinsuntron) September 12, 2018

Some of the other takeaways from the the thread:

1000x gains in *adoption and real-world usage* are very much possible. That's what we should be focusing on, not price.

— vitalik.eth (@VitalikButerin) September 12, 2018

Maybe you were misquoted or misunderstood in that interview, I'm willing to give you the benefit of that doubt, but being in a position of which you fill a influential role in this community, know that all eyes are on you and your words must be chosen wisely.

— Book of Eli (@Elieinc) September 12, 2018

When are you going to learn that your voice has considerable impact on price action being the founder of ETH, you should think twice before just saying whatever comes to your mind publicly on media platforms.

— MannerCookie (@MannerCookie) September 12, 2018