His meme dedication is on another level but I guess that that’s the shit you can pull as a crypto celebrity

In 2017 the Ethereum-based investor-directed venture capital fund, “The DAO,” had millions of dollars’ worth in ether (the cryptocurrency for the Ethereum platform) held in smart contracts stolen after their crowdfunding campaign. It turns out that if you make programming errors in your smart contract, computers aren’t going to know that it shouldn’t give all your money to black hat hackers. As you can imagine, investors were pissed and it sparked an intellectual debate of sorts. Under the logic of laissez-faire capitalism, the investors deserved losing their ether for making a risky decision to trust the code in the smart contracts. The event really showed who the “real” crypto libertarians were.

The conflict caused a hard fork or a split in the network where one group of nodes decided to stay on the same Ethereum blockchain that lost all of the ether and another group decided to reverse the losses to investors and start a new Ethereum network that began again right before the hack happened. The original blockchain with the hackers owning the stolen ether became Ethereum Classic and the new one, led by Vitalik, kept the name Ethereum. It’s pretty amazing as a Leftist to learn about this event where the contradiction of the libertarian ideology comes to the fore isn’t it? At this point in time, we can see that the less fundamentalist Ethereum has clearly beaten out Ethereum Classic in development progress and market cap.

If we recall my crude dialectical analysis from before, we had our corporate capitalism thesis and bitcoin antithesis, but we can’t have these without our synthesis of even more contradictions. In 2017, during the ICO craze, which I talk about in an article here, two organizations were started specifically to make blockchain solutions for the very corporations that were so hated when we started this whole thing.

The Enterprise Ethereum Alliance (EEA) was founded as a non-profit with members including blockchain startups and Fortune 500 companies in order to build solutions on Ethereum for these large companies. Hyperledger was founded by the Linux Foundation to create open source blockchain tools for corporate solutions and receives most of its funding from companies like IBM who then consults companies on building proof of concepts with Hyperledger based tools. It’s like some weird corporate incest circle.