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Ethereum’s Economic Conflict: Capitalism vs. Socialism


Digital assets market creator Wintermute CEO Evgeny Gaevoy claims Ethereum leaders have to decide between supporting a capitalism or communist economic system but they cannot do both.

Ethereum’s Economic Challenge

You either are creating planned socialism or capitalism. I’m sorry; you really can’t have both. Gaevoy said in a June 6 post on X following Ethereum co-founder Vitalik Buterin and Ethereum-based decentralized exchange (DEX) Uniswap’s recent remarks on the explosion of celebrity memcoins.

“If Ethereum fails in the future it won’s not because Solana is faster; it will be because the Ethereum ‘elite’ is still stuck in a massive contradiction,” he said.

Claiming to want to create products that bring positive change to society and are ultimately “worthy” on top of continuing to try to solve maximum extractable value (MEV), Gaevoy argued that Buterin, Adams and “many others” inside the Ethereum community face a contradiction.

“Vitalik, Hayden, and many many others are trying to ‘fix capitalism’ by stating that what we do can only be valued ‘if the result is worthy (healthcare, open source software, art, etc)’ or that the top builders in the area are motivated by positive social change,” he wrote.

Buterin’s Perspective on Celebrity Memecoins

Blockchain technology itself, Gaevoy contended, is “conductive to create purely capitalist incentive-based systems.”

This corresponds with recent remarks made by Buterin regarding celebrity memecoins not offering something “worthy” for society.

Related: Celebrity Memecoins Plummet, But One Defies the Trend

Moreover, he maintained that financialization is only justifiable if it advances open-source software, enhances healthcare, or supports art and creativity—that is, if it benefits society.

READ:  Standard Chartered Unveils Price Target for Ethereum as ETF Approval Looms!

“I’m quite unhappy about with this cycle’s celebrity experimentation so far,” Buterin commented on X.

Adams claimed, meantime, to have “no issues” about celebrity memecoins. He attacked musician Iggy Azalea, though, for her patronizing comments directed against Buterin, whom he called the “best builder in the space.” Adams advised Azalea may have “used profits to donate to a social cause or something.”

Reaching a new all-time high of $0.1272, Azalea’s Mother Iggy (MOTHER) token bucked the failing trend in other celebrity memecoins on June 6, Cointelegraph said.

CoinGecko data shows MOTHER trading at a fresh high of $0.1522 at the time of publication.

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