Three Arrows Capital CEO Criticizes Ethereum and Says Crypto is a “Dystopia”

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The CEO of Singapore-based venture capital fund Three Arrows Capital (3AC), Su Zhu, has criticized Ethereum for its high fees, which according to him, prevent newcomers from using the blockchain:

“Yes I have abandoned Ethereum despite supporting it in the past. Yes Ethereum has abandoned its users despite supporting them in the past. The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.”

According to him, Ethereum suffers in large part from the “founders’ dilemma” – the latter “are already too rich to remember what they originally intended to do.” His comment got over 4,000 likes in just an hour. He said:

“Users are furious that they are promised the future, then they say that they have to pay from $100 to $1,000 per transaction to enjoy it, and then they tell tales about how it was worth being smarter and buying ETH for $10.”

The CEO of 3AC has also retweeted a post from Messari founder Ryan Selkis, in which he noted only accredited investors can fully use Ethereum. Selkis wrote:

“It doesn’t matter if Ethereum is a security, because the only people who can afford to use it are accredited anyway. I love ETH, but in order to test a few new products and learn how to work with them, you need to spend $10,000. Better than college, I think.”