Multicoin Co-founder: Entered the crypto space in 2016 through Ethereum, lost confidence in ETH after EF's lackluster push for specific scalability plans

BlockBeats News, January 22nd, Multicoin Capital co-founder Kyle Samani stated in a social media post, "In 2016, I entered the cryptocurrency space through Ethereum. I fell in love with the vision of permissionless finance and smart contracts. ETH was my first meaningful source of wealth."

Ethereum used to be the king of the world. However, Ethereum has one obvious problem: scalability.

I attended Devcon 3 in November 2017. The location was Cancun, Mexico. At that time, Ethereum had a 2.5-year history.

I arrived an hour early at Vitalik's keynote speech venue. I think I was the first person there. I was excited like a child. Multicoin had only been founded for 6 weeks. I felt like I had just entered a candy store. The speech didn't even attempt to address the scalability issue.

I left the speech in disappointment. I really couldn't understand why the Ethereum Foundation (EF) was so clueless. No one within the Ethereum Foundation had enough awareness to drive a concrete scalability plan. Devcon 3 was the moment I lost confidence in Ethereum.

Over the past 7 years, I feel that the Ethereum Foundation has not changed much. Still lacking a sense of urgency, disconnected from the leadership and core user needs, and still without a clear direction."