the 28 commandments of your god VB

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**On himself and Ethereum**

1. How did I become interested in blockchain? There was a moment when I realized that this is a very interesting technology with strong mathematics and then I understood that there was a serious concept behind this, a transparency system. A community of several thousand people created their own financial system. This idea is very close to me. I like building something that no one has ever built before.

2. Creating Ethereum was not a question of money, it was a mission, an idea that you want to follow.

3. In 2011 I learned about bitcoin, and six months later I cofounded a bitcoin magazine [Bitcoin Magazine – Ed.], two years later I was in the university [University of Waterloo - Ed.] and I was spending 30 hours a week on bitcoin programming tasks. Then I dropped out, traveled around, and watched blockchain projects develop in different countries of the world. In Israel, USA, Europe.

4. The idea to create Ethereum was not an immediate one. At first, I pitched it in the project that I worked in. But I was told it'd take a year to complete it. Then I quit. I remember walking around San Francisco, thinking, and then I just wrote a white paper and sent it to my friends, and they shared it with their friends. And it all started.

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**On mining**

5. The role of mining will decrease over time. This trend is not promising.

6. Mining as a business... This happens when you have your own source of energy or a subsidized source of energy. Then this is profitable. But anyway it's better to move towards the blockchain application, not speculation.

7. If you want to invest money, invest it in R&D.

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**On the blockchain prospects**

8. The first and the biggest blockchain prospect of the blockchain development is the financial one. This is cryptocurrencies, smart contracts, and state registry. For example, now it takes you several weeks to sell a house, whereas it can take just 3 minutes.

9. Besides the financial area, I'd say the following areas are prospective: the Internet security; the logistics; anything that has to do with identity; a more expensive but also a safer information storage.

10. The advantage of the blockchain is that there is a lot of data in the network that you can use for different purposes. The simplest example is the smart contract that lets you decrease the need for other types of insurance.

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**On ICOs**

11. The problem with ICOs is that someone makes something useful for a very small amount of people. Everyone sees now that there is open source software where you can make money easily. The developers now have the option to keep working in the basement or buy a Lamborghini.

12. There are now so many projects where the token is absolutely useless and people just want to make a lot of money.

13. The ICO concept is too centralized. The problem is that people evaluate the idea and not the team behind it. The investors put their money in the idea and there is no guarantee that the team will actually manage to do it. I think one needs to keep an eye on this and keep investing only if it's successful. And a better way would be to invest in the idea and not a specific team as there should be several teams competing for the investments to implement the idea.

14. The moment will come when the market realizes that many of the tokens that exist today have no value.

15. Tokening must have a purpose. The majority of the ICOs today don't have any backing and will fail.

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**On the cryptocurrency prospects**

16. I think that the cryptocurrency will not replace money 100% but in 20 to 40 years there's going to be a lot of different cryptocurrencies that will be used together.

17. The number of cryptocurrencies is going to increase. There will be cryptocurrencies for different cities, big companies will issue their own cryptocurrencies, like that Burger King case I heard about.

18. In 50 years everyone will have a wallet with 15 different types of cryptocurrency and you will be able to use them to make payments.

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**On the blockchain security**

19. There is a paradox now. The purpose of the blockchain is security. But the blockchain is a new technology that has security issues.

20. Right now you can safely use blockchain where no one will take damage if the blockchain breaks.

fuck russians

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**On Russia**

21. Attracting the investments based on blockchain is a very interesting thing for Russia, especially when you consider the imposed sanctions.

22. The expertise of the IT professionals in Russia is high, but there's just not enough of them.

23. No other country has the same degree of the desire to implement the technology. In Russia any place you go – everyone discusses the blockchain, everyone is fascinated by it: from the higher officials to the small time entrepreneurs.

24. The blockchain in Russia needs smaller successful projects to prove itself.

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**On the world**

25. The blockchain is a part of the bigger trend. The world is becoming more and more digital. In 50 years people are going to have more friends abroad than in their own country.

26. Southeast Asia is very technological, but they don't have the same amount of interest as there's here [in Russia]. However, people there use QR-codes to sell oranges.

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**A happy end**

27. The cryptocurrencies are never going to be stable. However, the degree of volatility is going to decrease with the emergence of successful blockchain startups and with the increase in the volume of money in the cryptocurrencies. This will happen in a year or two.

28. The blockchain now is in Phase 3. Here's what this means:

* Phase 1: Several hacker anarchists become interested in it.

* Phase 2: Putin knows what blockchain is – this is the hype phase.

* Phase 3: The road from the hype to the real results. People know that the blockchain is an interesting idea. People know how to use it and they are already testing it. However, there's still no application on the big scale.

Thank you for sharing the wisdom of money skeltal, OP.

that is all

>>3298048
Thank you for this. Praise the money skelly.