Vitalik Buterin, creator of Ethereum, believes cryptocurrencies are slowly becoming more and more centralized. Buterin made the statement in Tel Aviv, Isreal when he was at a local meeting of tech startups.
Buterin stated that if there comes a time when support for cryptocurrency is a part of the system, he does not believe is will be replacing traditional money anytime soon. The reasoning behind this is that cryptocurrency faces many of the same issues traditional currency faces, such as huge price oscillations. “Are they going to replace fiat? I believe no”. – Vitalik Buterin
Buterin also believes that institutionalized Blockchain networks may slow the progression of other cryptocurrency related projects internationally. This may mean over regulation and bubbles are imminent, but Buterin believes these setbacks will not limit the Blockchain industry. Buterin also called upon cryptocurrency enthusiasts to fight against ICO scams and call them out. These scams are a huge setback for cryptocurrencies as it may increase regulation from the governments.