TL;DR
- Vitalik Buterin praises Reddit’s decision to involve contributors in its IPO but criticizes US regulations that limit participation.
- Buterin appreciates Reddit’s experimentation with “contributor ownership” and sees similarities with user empowerment in crypto.
- Buterin also highlights the funding gap in the crypto infrastructure, where meme coins get more attention than essential components.
Vitalik Buterin, the co-founder of Ethereum, recently expressed his views on Reddit’s upcoming Initial Public Offering (IPO). While he praised the platform’s decision to involve contributors in the IPO, he also expressed disappointment at the limitations imposed by US regulations.
Buterin, a well-known figure in the cryptographic community, acknowledged Reddit’s efforts towards “contributor ownership”. He underscored the similarities between community participation and user empowerment in the field of cryptocurrency. However, he expressed sadness about the limitations imposed by US regulations.
“These limitations are totally the fault of regulation and not Reddit themselves, but this made me sad,” Buterin said.
He stressed that this limitation is entirely due to existing laws, and not a decision by Reddit. The details of Reddit’s IPO disclosed that participation is exclusive to U.S. residents. The platform is offering a Directed Share Program (DSP) that invites eligible users and moderators who have contributed to Reddit to participate in the IPO.
Buterin appreciated Reddit’s experimentation with “contributor ownership” and acknowledged the efforts of the platform to make Reddit users who “have helped make Reddit what it is today” become Reddit owners “at the same price as institutional investors”.
Ethereum’s Vitalik Buterin Highlights the Funding Gap in the Crypto Infrastructure
Despite his disappointment with the regulatory restrictions, Buterin remains optimistic about the opportunities provided by the crypto industry in the global economy. His comments came following the Directed Share Program (DSP) by Reddit, which allows eligible users and moderators to purchase shares at discounted prices like institutional investors during the IPO.
In related news, Buterin has also highlighted that significant components of cryptocurrency technology are underfunded in comparison to well-known meme currencies such as “dogcoins”. Amid the surge of meme coins like Shiba Inu, Dogecoin, FLOKI, and others, Buterin addressed the shortcomings of the crypto infrastructure.
Buterin expressed that certain sectors within the crypto infrastructure are overly invested in, potentially beyond what is necessary or beneficial, while other sectors that could potentially contribute more to the overall ecosystem are overlooked or inadequately supported.
In conclusion, Buterin’s mixed feelings about Reddit’s IPO reflect the ongoing tension between the innovative potential of cryptocurrencies and the regulatory frameworks that govern traditional financial systems. As the crypto industry continues to evolve, the dialogue around these issues is likely to intensify.
