Ethereum Insider Makes Good On His Promise: What Does The 3-Hour Recording Say?

Ethereum Insider, Steven Nerayoff has fulfilled his promise to the crypto community by releasing a three-hour-long recording of a private conversation between him and founder Vitalik Buterin. The revelation has sparked a series of discussions in the crypto community as the recording sheds light on undisclosed aspects of ETH’s developmental flaws and processes. 

Details Of The Recording

Former Ethereum Advisor, Steven Nerayoff has released a 2015 recording between him and Ethereum Founder, Vitalik Buterin. The conversations between Nerayoff and Buterin showed a deep relationship between them, as the Ethereum founder sought Nerayoff’s insights on multiple developmental processes and problems with the Ethereum blockchain before its launch. 

The recording revealed a conversation held over a phone call, covering a plethora of topics, consisting mostly of Vitalik listening to Nerayoff’s advice and giving a critical assessment of Ethereum’s deficiencies.

The recorded discussion disclosed Buterin admitting to a significant lack of operational infrastructure within the organization for Switzerland.

“First of all we kind of lack boots on the ground in Switzerland that are able to help us with things like legal issues, maintaining a team in Switzerland, which we’re supposed to do and so forth. And Part of the reason behind that.. yeah. basically no one is particularly interested in being in Switzerland at this point. and also there’s no one who’s currently in the leadership right now that really has exactly the right skills to do stuff like bookkeeping, accounting, interfacing with lawyers and so forth,” Vitalik stated. 

The conversion also revealed issues relating to Ethereum’s financial system and decisions. Nerayoff emphasized major flaws in Ether’s price, segregating the problems in the cryptocurrency into several sections. 

He mentioned several factors that could pose a problem within the network such as regulatory risks related to ICO promotions, securities risk, tax compliance, personal conduct regulations, and transfer pricing regulations. 

ETH price struggles below $2,000 | Source: ETHUSD on Tradingview.com

Ethereum Founder Seeks Advice From Nerayoff

Nerayoff stated in an X (formerly Twitter) post that the network was facing considerable challenges in 2014 and Buterin who had come across as an overwhelmed leader seeking guidance had come to Nerayoff for help to save the blockchain network.

“In late 2014 Ethereum was in trouble. Vitalik Buterin asked Steven Nerayoff to do a full diagnostic assessment and recommendations on how to save Ethereum and restructure it for long term success. Over the early months of 2015 Steven and Vitalik spoke many times. These are five of those conversations that happened to be recorded,” Nerayoff posted. 

The 2015 recording showed Nerayoff giving a series of advice to Buterin on how to make Ethereum’s future successful. Nerayoff gave detailed insights on the problems of ETH, including proper governance and conduct by co-founder Joseph Lubin and a general lack of competence and communication within the ecosystem.

The former Ethereum Advisor provided solutions to the issues he outlined. He advised Buterin to get new employees to take on tasks to improve the management of the organization.

So far, the recording released by Nerayoff does not provide any proof of the fraud accusations the former Ethereum advisor made against Buterin and Lubin. However, the recording does reveal Nerayoff acting as an advisor for the blockchain network. 

The aftermath of the recordings is yet to be seen as the ETH founders have continued to remain silent. All the same, the scandal could potentially pose some risks to ETH’s reputation and credibility.

Featured image from BNN Bloomberg, chart from Tradingview.com