Ethereum: From Inception to Today

Published on
November 18th, 2020
79 minutes

Ethereum: From Inception to Today

The Interview - Crypto ·
Featuring Vitalik Buterin and Alex Saunders

Published on: November 18th, 2020 • Duration: 79 minutes

Vitalik Buterin, founder of Ethereum, joins Alex Saunders, founder & CEO of Nuggets News, to discuss the inception of Ethereum, some of the setbacks along the way, and where it stands today. Buterin explains how he initially got into Bitcoin, as a writer for Bitcoin Magazine and how that led him to the idea of Ethereum. They discuss how the narrative of Etherum has evolved over time and how the projects that started off as ideas have become reality. Buterin touches on the Economics of Eth 2.0 and the importance of this technology for enabling global and permissionless collaboration and coordination. Filmed on August 11, 2020. Key Learnings: Ethereum is the second most valuable crypto by market capitalization today, and this video explains the utility of Ethereum, the next stages of its development, and the long term goals of the project. Understanding the goals and previous hurdles of Ethereum can enable investors to make more educated decisions about the asset.



  • DE
    David E.
    31 January 2021 @ 20:06
    Thanks fellas, i enjoyed our time together today. ETH to the moon, 0x to the moon
  • TS
    Taz S.
    19 November 2020 @ 00:43
    will chainlink beat eth?
    • PK
      Philipp K.
      19 November 2020 @ 03:32
    • SO
      Shane O.
      20 November 2020 @ 01:02
      The real question is will polkadot.....
    • BK
      Brian K.
      3 January 2021 @ 00:55
      Etherium is the first crypto I've bought. Some say Polkdot might be the way to go if ETH 2 is not any good in solving the issues that ETH has on its own. Any comments?
  • AD
    Anthony D.
    11 December 2020 @ 02:25
    PROS: 1. Big talent pool 2. Enterprise adoption 3. Learned from past mistakes 4. The ultimate techo libertarian project, because its' leadership believes in strong money. CONS: 1. Eth 2.0 is an experiment 2. Defi use cases beyond speculation 3. Liquidity vs BTC...... PROS > CONS
  • BP
    Blair P.
    20 November 2020 @ 07:17
    I love when vitalik not so subtly suggests stable coins can be used to replace the stockmarket...
    • JW
      Jason W.
      6 December 2020 @ 02:30
      lol, I know, I noticed that too...immediately googled, can you purchase stock using an Ethereum app yet? All of this is still so wild west...very intriguing though. There seems to be much potential opportunity curious to watch all of this grow.
  • MS
    Matija S.
    5 December 2020 @ 00:07
    would love to see more of deep future crypto talks; where he wants to see things really settling down. when you take just a name Ethereum; does it have any correlation with Nikola Tesla's Ether Analogy :)
  • TP
    Timothy P.
    3 December 2020 @ 18:49
    I'd like to add that Vitalik is a bald-faced liar when he says that "tribalism just emerged in 2014". This jackwagon actively encouraged the trend that started on ETH forums of the "flippening" where a perceived value of ETH would eclipse BTC. I get very annoyed when people lie, and especially when someone like Vitalik spews garbage like this. He actively pushed on topics that would annoy or enrage Bitcoiners, and frankly he seems to enjoy being a shit-stirrer just for the hell of it. His sanguine description of Segwit, for example. Vitalik sided with the BCH (BCashers) on that end, and frankly no one in Bitcoin will forget this petty and vengeful treatment. Luckily he's bitten off more than he can chew with Proof-of-Stake, so I welcome the fallout of future consequences of his hasty "ETH 2.0" pivot.
  • KK
    Kenneth K.
    20 November 2020 @ 16:26
    For the not too brights like me, is it possible to make a series of videos where beginners can really understand? So much tech jargons in this, I find it impossible to comprehend. Even Nugget occasionally would break it down for beginners but if you ask me his descriptions are just as complex. Without some sort of engineering or computing science background, I am truly struggling. With Roger Hirst or Steven Van like explanations would be extremely beneficial for a lot of people I bet... Thanks!
    • BP
      Brent P.
      2 December 2020 @ 15:29
      A recommendation would be to start by reading the bitcoin whitepaper and while reading that google all of the technical terms that you aren't familiar with. Then go ahead and do the same with the ether white paper. Doing this will give you a good foundational understand of blockchain and crypto as a whole.
  • SK
    Sri K.
    2 December 2020 @ 14:47
    ETH is very technical. The proof of stake protocol is very difficult to understand for most people. Time will tell if all this will work or not in the real world.
  • JC
    Jason C.
    30 November 2020 @ 03:23
    Great interview. Vitalik seemed more relaxed than I've seen in other interviews. Really enjoyed the back half quite a bit. Wasn't aware that 2.0 could cause negative ETH issuance, will need to read up on this and may adjust my allocation.
  • JB
    Jamie B.
    21 November 2020 @ 09:49
    I definitely understand the comments asking for a more "user-friendly" interview as the intro to the Crypto Channel. However: When I first started my RV journey I was completely lost and had very little comprehension of what was being discussed. That changed slowly with each interview and now I feel stoked when I actually predict what they might say next in an interview. The level of RV content is not designed to "Dumb it Down" it is purely designed to "Raise you Up". Fantastic interview and Alex Saunders was the perfect person to get Vitalik to go on a GeekFest for over an hour : ) Loved hearing about the history and development in a linear fashion. Thanks Alex & Vitalik.
    • JC
      Jason C.
      30 November 2020 @ 02:18
      This comment is great
  • MS
    Milkey S.
    22 November 2020 @ 14:35
    "Eth is fiat, private seigniorage but with coders in place of economists. Complexity making real-time node supply-checks hard is less the issue, its more the flurry of confused arguments misdirecting away from the lack of mathematically pre-determined supply curve in defense of the fiat-like eth Cantillon: insiders effectively change supply politically." Adam Back
    • JC
      Jason C.
      30 November 2020 @ 02:03
      As long as a real store of value exists that is relatively insulated from political corruption, I don't see why fiat currency is bad. Paper money has a lot of advantages, no? It also has huge disadvantages. An engineer would try to devise a system that gets the best of both worlds.
  • rp
    ravi p.
    23 November 2020 @ 05:17
    waste of time talking about history..with THE founder of Ethereum. I would have asked more about how ETH is evolving as a platform, and why it makes sense for other players to use their network effects. And how would all this economic activieties sit within the current econ/financial systems??
    • JC
      Jason C.
      30 November 2020 @ 02:01
      I sympathize with Crypto RV, but I'd like for them to talk more about these higher level things that aren't covered in other places on the internet. Vitalik has plenty of interviews where he talks about history
  • SD
    Sam D.
    24 November 2020 @ 18:32
    good interview. I just took the RV survey and said i wanted you to get Vitalik on, then found you already did. Doh!
  • mf
    mark f.
    21 November 2020 @ 14:08
    A great all round interview that covered so much, and one of the best ones I've seen done with Vitalik - well done and thanks! Totally on board with the sentiments at the end - there will be many winners....and maxi tribalism reminds me of freegolders. Eagerly awaiting Phase 1 and watching Eth 2.0 closely. Also please say hi to Dima! spoken on twitter a few times...great guy Mark F
    • SD
      Sam D.
      24 November 2020 @ 17:47
      have you seen his interview with Lex Fridman ? It's the best Vitalik interview
  • TH
    Timo H.
    19 November 2020 @ 06:13
    Ethereum was meant to be a platform for experiments and that's what it very probably will remain to be. Its design has more than one fundamental flaw, even after upgrading to version 2.0. To digitalize the economy, you need to digitalize its participants, its assets and its processes. *In that order*. Business and the entire legal framework governing it is based on trust, not math. The fundamental flaw of practically the entire Crypto industry (and RealVision Crypto!) is, that it has solely concentrated on digitalizing the assets (tokens) and processes (smart contracts). The foundation layer of the entire stack is missing. This makes the entire building very shaky and difficult to develop beyond experimental phase. Digitalizing the participants means creating digital means for expressing trust between the participants. We're talking about digital identities and TrustOverIP here. Without trust between people, there's no economy. Without digital trust between digital identities, there's no digital economy. You need to be able to trust your digital counterparty in a digital transaction using digital facts in the same way as you trust your analog counterparty in an analog transaction using paper-based facts. The problem with "digital fact"-based trust is, that it by definition has no direct business case. You cannot monetize or tokenize identities. (Well... you can try, if you want to become the next supervillain after Mark Zuckerberg.) Hence it is of zero interest to the finance guys. However, that layer has to be built, if you want to have the digital economy on a solid foundation. Building the proper foundation for digital economy is a community effort where everyone takes risks and nobody makes money. How is that for a revolution? I don't believe, that there will ever be an Ethereum version, that has digital trust as its foundation layer. The sole reason for that is, that the "TrustOverIP" foundation layer makes the design of the upper layers entirely different. The data and transaction decentralization models change fundamentally. Tokens will be replaced by contracts between digital identities and smart contracts will become properly decentralized, i.e. visible only to the parties of the contracts. This same rant applies also to Bitcoin. Real money in real economy must be created in a decentralized manner and priced using the degree of trust between the participants of the money creation process. Bitcoin is essentially, from a data management point, a centralized asset creation process, where the money is priced according to a pre-determined formula. Such money has no use in real economy. Yes: bitcoin from data/asset management point of view is centralized as the entire network comprises nodes having the same committed content. You can think of it as a single database with huge number of backup copies. It is decentralized only from the transaction management point of view. In the real world, both the assets and transactions are decentralized. Hence, bitcoin is not a proper match with the real economy and can not become its foundational layer.
    • TH
      Timo H.
      19 November 2020 @ 08:25
      BTW: If you downvote this post, please explain in a reply, why. I want to learn. That's what I have done in the areas of decentralized data management and innovations for a quarter of a century already...
    • SR
      Shehan R.
      19 November 2020 @ 08:26
    • TH
      Timo H.
      19 November 2020 @ 08:46
      @Shehan R: Why?
    • SR
      Sam R.
      19 November 2020 @ 12:13
      I think you're being too dismissive. Just because all the answers don't yet exist, you doom the whole idea to failure. The digitization of the economy is already well underway and plenty of this can take place despite the trust deficit you refer to. Much of the finance industry is centered around assets that are already digitized or tokenized to some degree. This means ownership can be transferred trustlessly from one participant to another as long as the transaction is signed correctly. I agree that physical assets and labour prevent more of a challenge. I can't see how it's possible to tokenize ownership of real estate without legal contracts, which would then require robust identification. However, many forms of labour now have digital outputs - e.g. software development, design, content creation - meaning swathes of jobs can effectively be replaced by digital transactions, exchanging the digital output for digital money. The term 'Smart Contract' is a misnomer, as it implies something akin to a legal contract, whereby two parties enter into an agreement and are compelled to keep it by the state. By contrast, I understand Ethereum as a robust, rules-based means of defining a digital transaction. Like many of the base protocols of the internet, its power lies in its versatility, and increasing its indispensability. My view of bitcoin is pretty much the opposite of yours. You say money must be created in a decentralized manner, but this is not certainly not true of the current monetary system. I can't see how any monetary system is possible without some sort of common ledger. The system must derive its value in a large part from a network effect based upon a large number of users. And the value of bitcoin is set by the market, tending to increase over time because of the constrained supply. This is not a problem unless you believe that falling prices with bitcoin as the base currency is a problem.
    • TH
      Timo H.
      19 November 2020 @ 12:40
      @Sam R: Thanks for your reply. I appreciate it. There is a reason, why I'm somewhat sure, even annoyingly so, about my view. The reason is, that I actually have tried to build systems all the way to production and legal compliance both with and without digital trust. The outcome is glaringly clear. I you have the digital trust as the foundational protocol layer of the solution stack, those issues that you label "not yet solved" actually become solvable, even trivially. You get legal compliance and unlimited scalability without breaking much sweat, just to name a couple of "not-yet-solved" problems. Seeing is believing and learning happens by doing. I'm just encouraging people to look around them, when they hit a concrete wall. The best thing about hitting your head against a wall is the feeling that you get, when you stop doing it.
    • AK
      Ado K.
      19 November 2020 @ 21:31
      Bitcoin is the invention of scarcity. It is unconfiscatable, uncensorbale, easily verifiable, portable, divisable and can be sent through a communications channel. That is the signal, all the other crap you wrote is with all due respect merely noise.
    • GE
      Gene E.
      20 November 2020 @ 04:47
      Interesting points. The process is ongoing, this is agile in it's most manifest form. Secure digital participants will be the layer added through acquiescence to governance.
    • LK
      L K.
      21 November 2020 @ 21:35
      @Timo, you raise an important point about digital identity. But I think you are incorrect about there being no business use case. Microsoft is trying to develop exactly what you are describing as a defensive open technology to prevent the company ceding further ground against the likes of Google and Facebook. Alternatively the impetus can also arise from the public sector, as is the case with the Estonian digital identity system. You may argue that this is not decentralized, which is fair enough. I agree that these platforms like Ethereum will not gain traction unless they are legally compliant in the particular jurisdiction a company operates. This effectively means they cannot be censorship resistant. But I don't follow your argument against bitcoin, much like Sam R. Bitcoin is issued in a decentralized manner through the block subsidy in proof-of-work mining, which is permissionless, even if the issuance schedule is predetermined. And it is priced like anything else in a free market i.e. through supply and demand. This is the same as for the US dollar (or any other freely floating fiat currency, which are in fact centrally issued - base money through central banks and broad money through heavily regulated commercial banks) and for commodity money like gold, which do not have prescribed issuance. If you are advocating for a more elastic supply for the sake of monetary policy then this may be an intractable problem for any truly decentralized digital asset. However, the history of central banking suggests to me that a programmatic supply schedule is preferable anyway (although it isn't clear to me that bitcoin's is optimal). I believe you also misunderstand the role nodes play in enforcing the rules of the network - they fulfil a much more significance role than redundant data storage entities. The way that Ethereum many advocates downplay their importance is a disingenuous, in my view. Ethereum even suffered an accidental hard fork this month because different node versions couldn't agree on the state of the network. I haven't downvoted your comment. If you are interested in learning more about Bitcoin's supply, decentralization and incentive system, I think you will find this presentation from Dr Adam Back helpful.
    • SA
      Sanne A.
      24 November 2020 @ 00:07
      What did Bitcoin do? Solve the Byzantine problem. What is that problem about? Trust. From a technical perspective you don't need trust for transactions anymore. From a philosophical view, business and legal frameworks are human constructs which change over time to mean different things. It can take years for these constructs to change through reason, violence, disaster or technology. Just because we don't trust something, doesn't mean we can not (learn to) trust it.
  • AK
    Ado K.
    19 November 2020 @ 22:46
    You must have a whitelisted address and go through KYC to use security tokens on eth, but we are decentralized. I mean this is kind of a joke. Nobody already runs a full node, you have accidental hard forkes and now KYC seems to be getting closer and closer to the base layer.
    • SA
      Sanne A.
      23 November 2020 @ 23:42
      I did not know that you need KYC to use zk-snarks. Do you have a link?
    • SA
      Sanne A.
      23 November 2020 @ 23:46
      While it is true that there are more Bitcoin nodes (11243; see than Ethereum nodes (9927; see it isn't orders of magnitude greater. To state that nobody runs a full Ethereum node is, quite frankly, a joke.
  • NB
    Nemanja B.
    23 November 2020 @ 19:35
    Thank you for the great content. Please invite Charles Hoskinson from the Cardano project.
  • PK
    Philipp K.
    19 November 2020 @ 03:31
    Really horrible interview, you get the greatest mind in crypto short of satoshi. Bitalik has explained all of this in countless videos 20 times every damn year. Eth is on the verge of 2.0 and you could focus on the economics of it and you ask the most boring question about its history. What a waste of your most important guest ever. I am 1/2 way thru the interview and just puking for the wasted opportunity.
    • CP
      Chamil P.
      19 November 2020 @ 05:29
      Most of this will be new for RV subscribers. They've just launched the Crypto tier. Surely it makes sense to start with a bit of history.
    • MD
      Matt D.
      19 November 2020 @ 06:55
      If what your saying is true, it is a shame to waste such a guest.
    • PK
      Philipp K.
      19 November 2020 @ 07:36
      @Chamil. There are soooo many interviews that cover this. I have heard this 100 times from his mouth. It's like asking the ceo to clean the kitchen. Its a waste of resource. There are soo many interesting question you can ask him, yet 2/3 of the interview is just benin history any youtuber can tell you that has been part of this space. Vitalik is the greatest Mind in the space. He is re-inventing the economics and technology of blockchain. This is where the Macro brains of this house needs to yield some educational information, vs just some stupid entertainment that anyone comedian could provide. I don't 3k a year to hear stuff i can listen to 100 times before. The interviewer also seems to not know what he is talking about and just tries to dumm everything down, like this is some kindergarten class. This interview should have been done by Rahul or someone of his caliber.
    • BT
      B T.
      23 November 2020 @ 07:04
      Phillip K, so when are you going to start your own crypto channel?
  • JC
    John C.
    18 November 2020 @ 20:19
    Whoops. Grrrrr. I bought ETCG and the name, classic Ethereum was what I thought i wanted. I just learned that ETCG is an abandoned fork... very frustrating...
    • MF
      Michael F.
      19 November 2020 @ 03:56
      So, if that coin is to be abandoned - does the money it represents just go "poof"? How can something be a store of value if it can be abandoned?
    • DL
      Daniel L.
      23 November 2020 @ 03:26
      mate, the only Ethereum is ETH. Do not hold your crypto assets in some 3rd party environment like Grayscale. Jesus holly Christ, it's literally takes only 2 clicks to buy and self-custody BTC or ETH. Why would you use an intermediary that sell you a permissionless asses at double-digit premium?
  • TK
    Tayfun K.
    21 November 2020 @ 21:12
    future of ethereum: "proof of steak" ...thank you subtitles :)
    • CD
      Christopher D.
      22 November 2020 @ 15:21
      I see you have beef with the AI transscriptor!
  • uw
    unsubs w.
    20 November 2020 @ 14:06
    proof of stake cant be banned Eth Eos Ada......but bitcoin can
    • TP
      Timothy P.
      21 November 2020 @ 18:15
      You clearly have no clue about the subject. China "banned" it several times, and amazingly exchanges still exist for Bitcoin. Do some homework before tossing off one-liners that make you look like a simpleton.
    • MS
      Milkey S.
      22 November 2020 @ 14:16
      This is why ETH has a token & a price, we call it "clueless money"
  • WG
    Web G.
    21 November 2020 @ 23:23
    Ethereum is awesome technology and the Defi infrastructure seems to be the future of finance in one shape or another. The one main issue is the exorbitant gas fees which makes using decentralized exchanges out of reach for many. It's still cheaper to use centralized exchange such as Binance to send and receive Eth and the many erc-20 tokens. As well, for many staking 32 Eth does not makes sense for ROI. being locked up and unable to trade them. Hopefully, they can solve the scaling issues soon, and Ethereun 2.0 launches this year. If not, many will become disillusion and move onto other projects.
    • MS
      Milkey S.
      22 November 2020 @ 14:09
      Did you happen to catch yet another DeFi scam, $20M Pickle fund. How many is that now, between hacks & scams.
    • MS
      Milkey S.
      22 November 2020 @ 14:14
      ETH 2.0 will not launch this year, VB already said as much. It will most likely never "really" launch given the promises it's touted.
  • RL
    Randy L.
    22 November 2020 @ 04:37
    Vitalik is just amazing. Like a rags to riches story.
  • XP
    Xavier P.
    18 November 2020 @ 09:57
    Amazingly conducted interview. Bravo to Alex Saunders.
    • JT
      James T.
      19 November 2020 @ 04:11
      Love how RV has recognised you need an expert to interview an expert - well played Raoul.
    • LK
      L K.
      21 November 2020 @ 22:03
      @James T. totally agree. But has anyone else noticed that on the crypto channel the interviewer never pushes back against anything the interviewee ever says. This is a very different dynamic from the financial interviews and makes me uncomfortable.
  • ZG
    Zeca G.
    18 November 2020 @ 19:06
    Ethereum is a pre-mined scam that has more in common with fiat currencies than anything of value. It's like digital Modern Monetary Theory: 1) Pre-mined 2) No [clear] monetary policy 3) No fixed cap 4) Unknown present supply 5) Permissioned (DAO hack>Rollback) (all 5 like any existing Fiat currency) And has been losing value to Bitcoin (BTC) since it was created. ETH 2.0 is also a mess. These people are testing on production, with other people's money. Vitalik's main skill remains the same - Marketing. And Consensys is really good at that. Don't fall for this pipe dream. Google how just a couple of weeks ago the network was down to problems with Infura - but at least there's a plus in Ethereum being centralized - it's really easy to fix when it breaks.
    • CH
      Crag H.
      18 November 2020 @ 21:11
      Decentralization is simply not a priority for these guys. And not a single interview on RV is highlighting this. Extremely frustrating.
    • IO
      Ian O.
      18 November 2020 @ 21:42
      ETH certainly brings out the insecurities in BTC maximalists and others, if you were so sure about your bets you wouldn't spend so much time and energy trying to convince others of your convictions. If you were at a horse race would you be going around telling everyone which horse was going to loose and why, and why your horse is the best and there can only be one winner etc etc? nah you'd just be holding your ticket tight to your chest hoping to win, you wouldn't be screaming "booooooo boooo" at the other horses
    • BB
      Brian B.
      18 November 2020 @ 22:27
      Ian O, you are missing the point. Bitcoin was invented to make the world a better place. If you are looking at it through the lens of just making money, sure you might do well with ETH, but bitcoiners care about the principals of the system. It's frustrating that others don't.
    • SM
      Stefan M.
      18 November 2020 @ 23:27
      I do not care about the monetary policy of Ethereum. I care about Bitcoin's, but not eth's. THEY HAVE DIFFERENT USE CASES. Your list is useless to me. It's like measuring Amazon's success by comparing it to Tesla. It doesn't make sense. Two different things! Open your mind and think for yourself and not what people feed you on twitter.
    • CN
      Chase N.
      18 November 2020 @ 23:31
      1. Same as bitcoin, you've just given it a different name. 2. See EIP1559, this will make Ethereum 'Harder" than Bitcoin. 3. See above 4. 5. Not a rollback, voted on by the commons to negate actions of bad actors.
    • MJ
      Matt J.
      19 November 2020 @ 02:07
      I agree completely with Zeca points here! And many newbies to the space need to understand this and its history that hasn't been completely sound, even recently as mentioned the issues with the blockchain infura and individuals running old nodes not forming consensus binance etc, high gas tokens in the defi craze. 1. Newbies need to understand that Bitcoin is the CRYPTO KING in the space, the original that everything after has spun off from. (Bitcoin solved the failures of the likes of digicash, ecash the early forms of digital money). It is the ultimate store of value and if demand continues to be above supply it will become unit of account/medium of exchange as we approach a massive market cap. Bitcoin is hard money by design. 2. Ethereum is a platform for dapps to be built on and to use gas tokens to run. However it is more centralised in nature and runs more like a company imo then a decentralised blockchain. (as pointed out above). Size your bets on eth accordingly to this. It has some interesting ideas and marketing, a re-launch to proof of stake away from proof of work is happening soon, some very ambitions ideas that may or may not come to light. 3. During the last bull run, everything went up even XRP which is even further centralised then Eth.. but the newbie sees the high btc price and thinks they cant afford 1 x btc (not knowing divisibility to 8 decimals) buys thinking "next best thing" is cheap without doing deep dives into the protocol. I'm sure as crypto market cap rises you will see many pour into all of the smaller cap alt coins again.. so you will probably do ok regardless in this next bull market if history repeats itself. I can see the potential of eth in the way the world is moving, I hold some but way way way smaller position than bitcoin - that has proven its purpose consistently with minimal issues for 13 years running, the jury is out on ethereum and its ambitions roadmap. Time will tell, but weight up those risks before you invest!
    • TP
      Timothy P.
      20 November 2020 @ 16:45
      Good try - but the hive-mind of commenters on RV don't want to hear the truth. ETH is a slow-motion trainwreck that will take out all the projects built upon it. I've given up trying to bring contrary ideas to this group, because they're too busy salivating over Chinese investments (zero ethics, no biggie) and other crapcoins to really care. It'll make the whole implosion that much more entertaining, as they scream "why didn't anyone warn us" as their "value" evaporates in a plume of idiocy.
    • LK
      L K.
      21 November 2020 @ 21:52
      @Chase N. it is difficult to take someone who claims that bitcoin was premined seriously. People were literally giving it away when it launched.
  • CH
    Crag H.
    18 November 2020 @ 21:01
    Since early 2019 the Ethereum archive node size have been growing by a monthly rate of +5%. It's gone from 3.3TB to 5.6TB in the past 12 months. At this rate it's going to be 55TB in 5 years and 1.5PB (petabyte) in 10 years. Who on earth is going to keep that data? Not a single individual will do it. Turns out "Bitcoin maximalists" are really just realists.
    • CH
      Crag H.
      18 November 2020 @ 21:05
      Clarification for newbies: This means that only big companies and other actors with really big pockets will be able to run these nodes. This is the kind of thing that kills decentralization.
    • RP
      Ralf P.
      18 November 2020 @ 21:57
      I run my own Turbo Geth archive node and it's only 900GB. Innovation ftw
    • JC
      James C.
      18 November 2020 @ 22:00
      There's no point in running an Ethereum archive node. It doesn't provide any extra security and doesn't make the network more decentralized. A full Ethereum node is about ~200GB which is about the same size as a Bitcoin node. But you probably already knew that and are only trolling non-tech people and spread misinformation. You keep doing you but it just makes Bitcoin look bad.
    • MS
      Milkey S.
      19 November 2020 @ 01:16
      And "it" still can't quantify the total ETH supply.
    • PK
      Philipp K.
      19 November 2020 @ 03:34
      Who cares? Any laptop could do it, but only miners have to. They are getting paid for it.
    • CH
      Crag H.
      19 November 2020 @ 06:35
      If there's no point in storing the full history, then why don't everyone just throw it away?
    • CH
      Crag H.
      19 November 2020 @ 11:11
      Oh, and an Ethereum full node is not the same thing as a Bitcoin full node. A Bitcoin full node is the equivalence of an Eth archive node. Turbu geth sounds promising! I'm glad.
    • TP
      Timothy P.
      20 November 2020 @ 18:46
      @Crag H. -- ETH participants don't look at it critically, which is why they disagree with you. They can't understand second-order effects, like storage/sync of thousands upon thousands of blocks. The people saying "ETH doesn't need full nodes" don't understand how important having an authoritative record of ETH transactions is. If every node is a SPV (light) client, then the ability of an attacker to insert fake consensus blocks becomes easier to achieve -- even moreso when Vitalik pivots to his "shards" which rely on centralized systems of "checking" transactions. A whole new field of exploits will open up after ETH attempts the pivot to proof-of-stake, and I say "attempt" because they won't be successful, in the end. But let them have their day and believe the unicorn-and-rainbows that VItalik promotes, I find the market is a very efficient if cruel equalizer for fools throwing away their money.
    • LK
      L K.
      21 November 2020 @ 21:49
      Even if someone wants to run the Ethereum equivalent of a pruned node (I'm not sure what they call it, or if it exists) they would still have to verify every block, which requires serious computing power. And if you are not verifying blocks you don't know if the rules of the network are being violated. Storage isn't the issue. Of course there is no issue running a Eth2 testnet node on a laptop when nobody is using the network. Misleading comments like that from Vitalik and passive-aggressive attacks against bitcoin really make me question his motives. People who are conflating nodes with miners don't understand that the incentive of running a node is to validate your own transactions without relying on a trusted third party. Relying on someone else's (probably Infura's) node is just decentralization theater.
  • BS
    Brent S.
    19 November 2020 @ 00:56
    Great interview Alex. I just can’t help but get the sense that ethereum now is what apple/amazon was for the 90s. Future utility and network effect is what gets me excited. This is a tech play on the future, not a competitive tennis match with btc maxis over which is better - They are both vastly different ideas
    • MS
      Milkey S.
      19 November 2020 @ 01:22
      No mention of Ethereum's immaculate pre-mine & how much went to founders before public ICO at inception, interesting.
    • LK
      L K.
      21 November 2020 @ 21:39
      @Mike C interesting point. My understanding is this was the reason for the the displeasure from what came to be known as the maximalists. Before the Ethereum presale, there seemed to be consensus that this sort of funding model was a scam.
  • FD
    Frederico D.
    19 November 2020 @ 05:05
    Very nice interview. So ETH2 will issue less coins = scarcity = improve price? Hope so... perhaps...
    • MS
      Milkey S.
      19 November 2020 @ 12:27
      Perhaps will be also render the ETH token useless??
    • LK
      L K.
      21 November 2020 @ 21:36
      And if price rises the network will be unusable again?
  • KN
    Kresten N.
    18 November 2020 @ 15:46
    Great to have Vitalik on! Is there a reason why the interview was filmed 3 months ago but only released today? I was hoping to get his views on Eth 2.0 as it stands today but realized the interview was a few months old.
    • RP
      Raoul P. | Founder
      18 November 2020 @ 16:14
      Its part of an ETH documentary, which takes months to make.
    • JH
      John H.
      18 November 2020 @ 16:38
      Please have him back on to discuss ETH 2.0.
    • TP
      Timothy P.
      20 November 2020 @ 18:42
      @Raoul P -- Months to make? Hey, just like the time it takes to sync a full ETH node! Ironic.
  • Sp
    Scott p.
    20 November 2020 @ 03:37
    Just had a listen to Raoul's interview with Stephan Livera where Raoul said he doesn't think anyone is claiming Altcoins are better money than Bitcoin, and here we are with Nugget and Vitalik happily pitching Ethereum as just that. Let's be clear, making EIP 1599 does not make Ethereum sounds or better money. Happy to discuss these points further if people want to challenge me on that.
    • PK
      Philipp K.
      20 November 2020 @ 05:36
      Well Vitalik is just working on making ETH better and better which means price to go up and if supply decreases that will help: Supply and Demand. So go Vitalik. If u ever used BTC or ETH u know there functionality are overlapping, one is just a bit more convenient and has more features and more additional protocols built on top, which gives it more functionality. Example: ETH is more decentralized, due to the mining currently and POS int he future. You can also perform many banking activities ontop of ethereum while you can only do this with Companies and Banks. You As to the competition: I think u are right. In my book ETH does compete with BTC, as there is nothing ETH cannot do that BTC can. This is probably also the reason why bitcoin maxis are so angry and loud is that ETH has outperformed btc about 60x.
    • MS
      Milkey S.
      20 November 2020 @ 12:28
      Exactly the point most Bitcoiners try to make, the ETH token existence still can't be reasonably justified.
    • TP
      Timothy P.
      20 November 2020 @ 18:41
      @Philipp K -- You obviously don't understand that ETH has no issuance cap. There is no imbalance to supply and demand because its controlled by a cadre of people, not algorithmically. That of course means its fallible, and it isn't meant to be any kind of store-of-value. But keep buying, the best lesson is the market - which doesn't care what your assumptions are.
  • RP
    Raoul P. | Founder
    18 November 2020 @ 11:44
    This is a fascinating story! Well done Alex! I was not familiar with the entire story.
    • EB
      Evan B.
      19 November 2020 @ 01:03
      It would be MAX interesting to have Vitalik only talking about other crypto ideas and futures not including Bitcoin or Eth. I agree Alex could do it with finesse and still prod him to make it accessible. Just saying. . Raoul.
    • TP
      Timothy P.
      20 November 2020 @ 16:51
      Too bad Alex didn't ask him about the origin of "Bitcoin Maximalist" - which was Vitalik's way of lashing out in a petty fashion when his ideas weren't accepted by the original Bitcoin dev team. Not so much that they were against smart contracts, more that they weren't about to "move fast, break things" when people's monetary value was at stake. When you look at the disaster the DAO was, which incidentally used the contract code exactly as it was specified, so it wasn't a "hack" -- and its subsequent moral hazard of rolling back the chain, its obvious that Vitalik's lack of life experience contributed to him choosing easy short-term solutions instead of the more measured route. This has translated into "DeFi", where millions are being lost in different schemes and capers. This gets hand-waved away by the crapcoin faithful as growing pains or exploits that don't affect the entire space (Except they do). I've never seen such massive amounts of money lost in contracts on these projects, ever. Vitalik is one of a long line of people who think that they have the better mousetrap, but then discover through time and experience that they were merely impatient and imprudent, which results in their own downfall.
  • uw
    unsubs w.
    20 November 2020 @ 13:54
    really dont liked to membesgip fy
  • WD
    Warren D.
    20 November 2020 @ 10:27
    The best Crypto interview I have seen.
  • NP
    Nick P.
    19 November 2020 @ 23:32
    Good stuff
  • PC
    Paul C.
    19 November 2020 @ 20:44
    I got 25mins in and was lost. All over my head. I think to bring in newbies such as myself, some “Dummies Guide to..” interviews or external links would be useful. This of course can be done by the user themselves for sure. Lord knows there is plenty out there to view, ponder upon and digest. I suspect there may to information on the Exchange. I shall have a dig. I think, and its early days yet, the Crypto channel needs to decide what level of knowledge is required by the viewer to get the maximum from the interviews. Based on the first part of this interview, a solid foundation seems to be a prerequisite. Personally, i shall head back to external sources to increase my fundamental understanding, whilst dipping back into the interviews here to see if more is making sense. This weekend i shall be trying to move my coin to my new cold wallet. Oh Lord, what could possibly go wrong!
  • HC
    Hao C.
    19 November 2020 @ 14:33
    Great interview Alex!
  • NL
    Nicholas L.
    19 November 2020 @ 09:21
    Fantastic interview, Alex. Loved hearing about the history of Ethereum and the problems still to solve for ETH 2.0 This was perhaps the most useful crypto interview I've seen in a long time!
    • MS
      Milkey S.
      19 November 2020 @ 14:07
      Perhaps go have a read at VB Reddit recent posts regarding proof of stake & ETH supply. Like most things since day 1, it's anybody's guess what's in store for the future except that we're always transitioning & often, we have many ideas, just not much clarity on how it will all work out & that if we're always changing, we really can't ever be in a fixed state or wrong, just always not ready hoping that we can entice you enough to hang around. If you invest in ETH knowing it's an experiment, then you'll be fine. For all the new comers coming on here, risk at your own peril.
  • EG
    Eduardo G.
    19 November 2020 @ 11:38
    Great interview indeed, At the begining I was worried that Vitalik was going to speak Klingon (as he often does on Twitter...), but it was actually a great conversation with lots of valuable information from a very smart guy.
  • JS
    John S.
    19 November 2020 @ 10:43
    I've been in crypto since 2017 and I have never seen a more boring interview.
  • RH
    Ron H.
    19 November 2020 @ 08:47
    Great job, Alex. For those newer to this world, trying to understand the landscape, and finding a lot of this over their heads, I recommend listening to the full analogy used by A. Antonopoulos of the lion and the shark. Bitcoin and Ethereum, each apex predators of their distinct domains. Although, the future is of course uncertain, and there is some other competition. It's a big beautiful world full of ecosystems, and room for many to thrive. And there are also some great technologies trying to connect all of this world together. As Vitalik says, there will be many winners. There will be many ecosystems. And unlike web 1.0 or 2.0, this time retail is actually able to invest in early-stage technology and make the kind of returns that used to be reserved exclusively for the rich and well connected.
    • TH
      Timo H.
      19 November 2020 @ 09:12
      What if the Rich and Well Connected join forces and bring to the table the missing piece of the puzzle that the Get-rich-quick kids have ignored? What if that missing piece makes both Ethereum and Bitcoin obsolete? That may well happen. Who wins then? Who's the patsy?
  • MD
    Matt D.
    19 November 2020 @ 07:03
    Thanks Vitalik and Alex. Conceptually smart contracts are visionary.
  • KB
    Kirk B.
    19 November 2020 @ 05:38
    The most intriguing take away from this interview was Buterin's statement that, under ETH 2.0, the growth of ETH would change from an increase of 4.7 M per year (+4%) to a potential net decrease of 500K per year. If this is correct, it would make ETH a potentially harder asset than BTC. However, admittedly the growth of ETH could change in the future, while the decreasing growth rate and ultimate cap on BTC is firmly set. Nevertheless, this, along with the potential variety of use cases of the Ethereum platform, would seem to support holding ETH as well as BTC.
  • SB
    Steven B.
    18 November 2020 @ 18:43
    Interview was interesting....but very difficult to understand for a beginner. Maybe future interviewers can ensure interviewees can "dumb it down" just a little bit for better audience understanding.
    • ZG
      Zeca G.
      18 November 2020 @ 19:07
      Vitalik is known for talking complex, but actually saying little. Ethereum itself is a Rube Goldberg Machine - that aspect is not a coincidence.
    • MF
      Michael F.
      19 November 2020 @ 05:28
      Sadly I agree with Steven B. I found the conversation hard to follow and was deeply troubled by a central lack of focus for the project. It seemed to me that it was more of a let's try this but wait that is interesting but then again we could do something else because X wants to do it. Is there a central plan for Ethereum or is this a bus under construction as it heads down the Interstate? Why was it created if it didn't improve on Bitcoin in some way? Was it just a developmental fork to do something different? I'm remembering a favorite phrase of mine - sometimes more is less.
  • MF
    Michael F.
    19 November 2020 @ 03:48
    So, for the normal investor which to buy and why? Can we sainely and safely have multiple type of coins?
    • CP
      Chamil P.
      19 November 2020 @ 05:27
      There are index products now that can be used. So you could have exposure to BTC and then compliment it with an index that holds more of the emerging projects.
  • CP
    Chamil P.
    19 November 2020 @ 05:24
    I am a big believer in Bitcoin but I am very thankful for Vitalik and all the work done by everyone involved with Ethereum. From my perspective, all the work done by them has let Bitcoin be Bitcoin. It's taken the pressure off of Bitcoin devs to experiment too much with Bitcoin and 99% of the experimentation with this new technology can happen on projects like Ethereum. Yes, most of them may fail but hopefully we will discover that the few that remain will be complimentary and add value on top of Bitcoin. Thanks RV and Nuggets for this awesome interview.
  • DC
    David C.
    19 November 2020 @ 04:44
    Wow! I'm already starting to love RV Crypto. Excellent interview led by Alex, and Vitalik is really a true legend in the Crypto space.
  • JD
    Jeremy D.
    19 November 2020 @ 04:21
    Lightning stalled? Nah. I had seen enough at that point.
  • IO
    Ian O.
    19 November 2020 @ 02:50
    he is so transparent and genuine, all the haters disparaging Viitalik and ETH should just hold their crypto of choice and STFU rather than spew their garbage everywhere, it is clear they feel threatened. As the saying goes, be greedy when others are fearful.
  • SS
    S S.
    18 November 2020 @ 13:54
    Great interview. Now please get the other Co-Founders of Ethereum who launched their own projects to RV. Cardano - Charles Hoskinson Polkadot - Gavin Wood
    • DR
      Dan R.
      18 November 2020 @ 13:55
      Here is the interview with Charles from 2017 -
    • SS
      S S.
      18 November 2020 @ 17:25
      @Dan. Hilarious. I actually watched that interview when it was released but forgot i watched it. But we need him back to talk about Cardano.
    • ZG
      Zeca G.
      18 November 2020 @ 19:08
      Scammer series so we can learn about them all? Why not Lubin too? At least Lubin is on video years ago admitting Ethereum "is just an experiment".
    • MG
      Mark G.
      18 November 2020 @ 20:58
      100% agree, would love to see Charles Hoskinson on again. Cardano is quite an amazing project
    • KC
      Kevin C.
      19 November 2020 @ 02:46
      +1 on Charles and Gavin. Would also love to see them in a discussion with Vitalik given the history.
  • AC
    Andrew C.
    18 November 2020 @ 07:16
    This is brilliant! Still not sure how ether will be money one day but I’m excited!
    • MS
      Milkey S.
      18 November 2020 @ 12:25
      It won't be, except as trading vehicle for liquidity to come into the development space until one day a solution built with Ethereum ends up replacing ETH, it's inevitable given the network design. Too big already, will need to bifurcate multiple times.
    • BS
      Brent S.
      19 November 2020 @ 00:46
      Same way that company shares are ‘money’ I guess
  • WC
    William C.
    18 November 2020 @ 23:24
    Yes, The one has ive been waiting for.
  • RP
    Ralf P.
    18 November 2020 @ 22:06
    I can foresee a lot of spicy comments in the crypto section. It's important to keep an open mind and do your own research!
  • DO
    Daniel O.
    18 November 2020 @ 21:18
    2 Legends!!!! Great Interview
  • LB
    Lance B.
    18 November 2020 @ 21:03
    Thanks. Great content and looking forward to more.
  • MG
    Mark G.
    18 November 2020 @ 20:59
    Great interview Alex!
  • SC
    Sunil C.
    18 November 2020 @ 20:51
    Keep an open mind and the future is sure bright with ETH2.0 and EIP1559 coming. Also as Vitalik says, "there is sure to be more than one winner".
  • RW
    R W.
    18 November 2020 @ 13:04
    Great interview, brings back memories, DAO, ETH/ETC split, those were the days right!? Also nice view towards the future which is going to be very exciting with DEFI and ETH2.0 unfolding. Exciting times ahead of us! Really enjoyed listening /watching this!
    • ZG
      Zeca G.
      18 November 2020 @ 19:09
      Ethereum Classic is the real Ethereum. ETH is a roll-back of that chain when they didn't like losing money. There are no rollbacks in Bitcoin. Immutability is very important.
  • GH
    Galen H.
    18 November 2020 @ 14:48
    Fascinating. 99% of it over my head, but got to start somewhere.
  • MC
    Michael C.
    18 November 2020 @ 10:02
    Fascinating discussion and review of the history and development of Ethereum. Not sure I understood it all.
    • MS
      Milkey S.
      18 November 2020 @ 12:20
      Many qualified people still don't understand it all if that's any indication. :)
  • PK
    Philipp K.
    18 November 2020 @ 10:44
    can you not ask him how it all started. You have 1h, he has answered this same question 100 times already. please focus on creating value. you are real vision.
    • AS
      Alex S.
      18 November 2020 @ 11:18
      I'll be sure to start at the end next time. You can "Phil" in the gaps however you please that way mate.
  • DM
    Daniel M.
    18 November 2020 @ 11:15
    Great interview Alex.