Economists call for Nobel Prize for Ethereum founder Vitalik Buterin

Economists call for Nobel Prize for Ethereum founder Vitalik Buterin

Prominent economist Tyler Cowen recently declared that Vitalik Buterin, the founder of the cryptocurrency Ethereum, should be honored with the Nobel Prize in Economics. Cowen likened Ethereum's transition from a proof of work (PoW) to proof of stake (PoS) mechanism to "changing a tire while driving," a testament to the amazing skill of Buterin and his team in implementing this change.

Cowen emphasized that Buterin's work not only brought about a functional digital currency, but also fundamentally challenged some traditional economic theories. For example, he commented on Ludwig von Mises' regression theorem, which argues that currency should have an intrinsic value, as is the case with gold. In contrast, Ethereum, as Cowen pointed out, proves that value can arise from trust and innovation, even without reliance on physical assets.

According to Cowen, Ethereum's historic transition to the PoS "Mergem" was a truly remarkable act that went smoothly and without network collapse. In doing so, the upgrade significantly reduced the energy consumption of the platform without sacrificing security or decentralization.

Cowen also praised Vitalik Buterin's character, commending his mild manner, generous charitable donations and passion for solving global economic challenges. "Buterin not only created a successful platform, but also disproved Mises' regression theorem. He is clearly following in the footsteps of Satoshi Nakamoto. So what does one have to do to win a Nobel Prize?" Cowen summed up his thoughts.

Another well-known economist, Alex Tabarrok, also expressed support for Cowen's reasoning. He believes that Bitcoin founder Satoshi Nakamoto should also receive the Nobel Prize. However, he pointed out that Nakamoto's identity is still unknown and his fate is unclear.

Cowen's vision of Buterin as a strong candidate for the Nobel Prize in Economics has sparked much debate among economic experts and the general public about the importance of cryptocurrencies and their influence on modern economic theory. This reaffirms that new technologies can have a profound impact not only on finance but also on thinking about economics as a whole.

*This is not investment advice.

Coingarage Team