Kyle Samani, co-founder of Multicoin Capital, stated on social media that he entered the cryptocurrency space through Ethereum in 2016 and developed a strong interest in the vision of permissionless finance and smart contracts. However, his confidence in Ethereum was shaken at the 2017 Devcon 3 conference, as the Ethereum Foundation failed to present a concrete scalability plan. Samani believes that the Ethereum Foundation has lacked a sense of urgency over the past seven years, failing to meet the core user needs and lacking a clear direction.

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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."

Multicoin co-founder loses confidence in Ethereum due to the foundation's lack of scalability plans.