Vitalik: After the Meme Wave, What Is Crypto For?

On February 3, Ethereum co-founder Vitalik Buterin sat down with Michel Bauwens, founder of the P2P Foundation, at the ETHChiangmai Summit 2026 for a wide-ranging conversation on Web3, crypto, and new forms of social coordination.Vitalik reflected on Ethereum's original vision and shared his concerns about the current state of the crypto space, arguing that technological progress must ultimately serve broader social and political goals. Beyond technical breakthroughs, he questioned how crypto can respond to a growing global crisis of trust.Michel introduced the idea of "regenerative accelerationism," advocating for technology that actively supports sustainable social development, especially by connecting crypto with the real, productive economy. Together, they explored decentralized social models, the role of technology in enabling global collaboration and shared resources, and the challenges Web3 faces in moving beyond speculation toward deeper economic and social transformation.Text summary: LinkTimeline:00:00 Vitalik reflects on early Ethereum ideals and why a return to core values matters03:53 The TRUMP memecoin moment and a broader identity crisis for crypto06:38 Regenerative accelerationism and accelerating alternatives during global breakdown10:28 Examples of crypto aligned with regenerative practice15:25 Why users resist unfamiliar crypto mechanisms and default to ERC20 and dollars17:43 Funding models in Web3 and NGOs, and why real-world practices stay marginal20:00 Ethereum's next five years and a return to the original Web3 vision24:21 DAO design trade-offs and over-optimization for legal safety26:00 Rethinking finance, collusion, and limits of interoperability29:35 Michel on P2P as a human system and global self-organization32:07 AI as "stigmergy without humans" and the edge of a new civilization33:34 Future expectations for 4seas, hackers, and the Chiang Mai ecosystem34:12 From extractive to generative economies and contribution-based value creation