Amid the ongoing bear market in the cryptocurrency space, the co-founder of Ethereum, Vitalik Buterin, has advised the cryptocurrency community to pay more attention to the technology and its applications instead of focusing solely on the crypto asset prices.
Buterin urges the crypto community to follow the tech
The crypto market is trading in the green today. In the last 24 hours, Bitcoin has gained 1.8% to trade at $17,322, while Ether has gained 3.1% to trade at $1,296, according to CoinMarketCap. Despite the 24-hour uptrend, crypto prices remain significantly lower than they were trading at a year ago. Bitcoin and Ether have lost nearly two-thirds of their value since reaching all-time highs late last year.
Despite the bearish outlook, Buterin believes that the crypto community should pay closer attention to the tech and application ecosystem. He opined that focusing on the tech was a “significant and positive culture pivot” instead of being in crypto because of the price action.
“I’d recommend increasing your distance from trading/investing circles and getting closer to the tech and application ecosystem. Learn about ZK-SNARKs, visit a meetup in Latin America, listen to All Core Devs calls and read the notes until you’ve memorized all the EIP numbers,” Buterin advised.
Buterin was responding to a member of crypto Twitter, who had said he was exhausted about the rise in scammers and fraudsters in the crypto industry and wanted to quit the space after nine years. This could be attributed to the FTX’s fallout early last month. The FTX bankruptcy shows that the exchange has more than one million creditors.
After 9 years in crypto I’m kinda exhausted. I want to move on and do something different with my life. Tired of all these scammers and fraudsters..
— CoinMamba (@coinmamba) December 3, 2022
The recent remarks made by Buterin are similar to the utterances he made in February this year predicting that crypto builders would face a new bear market. Earlier this year, crypto prices were still high. Bull markets usually trigger greed and speculations, but once the bear market hits, speculators start panic selling, which leaves builders in the market.
The Ethereum blockchain has made several positive developments this year, with the main one being the Merge completion in mid-September. The Merge saw Ethereum switching from a proof-of-work to a more energy-efficient proof-of-stake blockchain.
Buterin’s remarks come amid a wave of negative news
The views shared by Buterin come amid an increase in the negative news bombarding the crypto news. Crypto prices were already spiraling for most of the year, but the situation was made worse by the FTX’s demise and the contagion that caused the bankruptcy of the BlockFi crypto lender.
Late last week, Ankr, a decentralized finance protocol on BNB Chain, confirmed that it had been affected by a multi-million dollar exploit. The hack adds to the high number of exploits that have bombarded the crypto space this year, with more than $2.98 billion being stolen from crypto-related hacks in 2022 alone according to PeckShield.
Most of the stolen funds were from the Ronin bridge hack, where $625 million worth of crypto assets were stolen in March this year. The hack was associated with the Lazarus hacking group.
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