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Who’s ruining the internet?
The debate just got a new voice – Ethereum co-founder Vitalik Buterin. In a post on X, Buterin argued that the decline of online spaces isn’t only about “evil billionaires” pulling the strings. The real issue, he says, lies in algorithms and the way platforms are built.
“The pro blaming evil billionaires case is basically that web1 (esp internet forums) is widely considered to be a much more unbridled source of good, and it’s specifically social media that’s considered the dangerous thing,” Buterin wrote.
Back Then Vs. Now
Buterin compared the early internet to today’s social media era. Web 1.0 was driven by forums and small communities where people searched for content based on interest. Profit wasn’t the priority, and that, he says, made the experience more genuine.
Today, platforms flip the model. Content is pushed at users through algorithms built to maximize engagement – often by stoking outrage.
“Algorithms maximize outrage because it gets attention because that’s what investors want,” Buterin said. The result is a stream of memes and soundbites designed for quick consumption, not deeper discussion.
Is It the Billionaires’ Fault?
It’s easy to blame tech moguls for how the internet has evolved, and Buterin doesn’t deny their influence. But he also pointed out that focusing only on billionaires misses the bigger picture.
He outlined two stories: one anti-capitalist, where profit incentives corrupt online spaces, and one elitist, where early forums amplified informed voices while social media caters to the masses. In reality, Buterin suggested, the problem is a mix of both.
Meanwhile in Crypto: Testing the “Invisible Wallet”
Beyond commentary, Buterin has been busy experimenting in crypto itself. He recently tested Hinkal’s “Invisible Wallet,” a new privacy tool designed to hide wallet activity.
The timing is critical. Crypto hacks surged to $163 million in August, the third straight monthly increase. Privacy wallets like Hinkal aim to give users, especially high-net-worth holders, an extra layer of protection.
Still, analysts warn that while zero-knowledge proof technology offers strong privacy, it’s not a guaranteed shield against determined attackers.
Also Read: Vitalik Buterin Issues Warning as Ethereum Price Hits All-Time High
The Takeaway
As Buterin put it, the internet’s problems aren’t as simple as blaming billionaires. Algorithms, incentives, and shifting audiences all play a role in why social media feels toxic today.
At the same time, his work on privacy tools shows he’s also testing ways to protect digital freedom in an increasingly hostile online world.