Key Points
Joseph Lubin, head of Consensys, has responded to Ethereum co-founder Vitalik Buterin’s recent satirical post about making communism great again.
Lubin believes that decentralization could be the key to achieving genuine capitalism.
Lubin’s Response to Buterin’s Post
Buterin’s post, which appeared to reflect some of his previous thoughts on “degen communism”, was met with Lubin’s thoughts on the potential of decentralized systems to distribute wealth.
Lubin expressed his belief that we are currently entering a new era of what he refers to as “collective capitalism”.
He suggests that this could be the first time capitalism is truly experienced on Earth.
Lubin went on to provide some context for Buterin’s statement.
He mentioned that Buterin often resorts to provocative and ironic statements due to constant criticism.
This, according to Lubin, aligns with Buterin’s unique sense of humor.
Lubin also referenced Buterin’s family history, noting that his parents fled communist Russia with him when he was a child.
He added that Buterin’s father, Dima, fully trusts his son’s judgement.
While Lubin did not provide specific details on how “pure capitalism” could function, he stressed that decentralization could facilitate its implementation.
In April 2024, Buterin published an article, proposing that governments and crypto projects could utilize market chaos for societal benefit.
In his manifesto, he used Austin, Texas, as an illustration of “degen communism” in action.
He commended the city’s liberal housing laws, which have resulted in a surge in apartment construction and a decrease in rent prices by over 10% since 2022.
Buterin views the reduction in rent prices as a prime example of how free market forces can generate widespread advantages.
However, some, particularly long-term residents, may not agree with the results.
