“Focus on Tech Instead of Price,” says Ethereum’s CEO Vitalik Buterin December 7, 2022
“Focus on Tech Instead of Price,” says Ethereum’s CEO Vitalik Buterin <br><br><br>
“Focus on Tech Instead of Price,” says Ethereum’s CEO Vitalik Buterin
Vitalik Buterin, the co-founder of Ethereum, urges traders to focus more on the new technology and application system than the fluctuating prices of cryptocurrency as people sulk in the blues of the crypto bear market.
Buterin shared his sage advice in response to a Twitter post shared on Dec 3 by a self-proclaimed crypto investor CoinMamba, sharing his feelings on the current crypto market situation and what many other crypto community members are going through.
CoinMamba said, “After nine 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.”
BlockFi claimed that since the fallout of FTX, the crypto company seemed to go down the spiral with unsavory news and hacks.
On Dec 1, a BNB Chain-based decentralized finance protocol, Ankr, recently got a multimillion-dollar exploit attack.
In the year 2022 only, many reports of hacks and frauds have been rising by over $2.98 billion, per the statistics.
Many level-headed crypto industry leaders are staying positive and welcoming the bear market as prices decline. However, multiple new exciting projects are coming up at the same time. According to Vitalik, quality rise over quantity, and unsustainable projects tend to fall during a crisis.
According to a programmer, rising prices make many people happier; however, they also welcome speculative attention. As the prices of Bitcoin and other major altcoins are slipping by more than 70%, the crypto market is indeed suffering a crash.
Buterin expressed his views on the collapse of FTX to Bloomberg in November and said that it is a lesson for everyone in the crypto community.
He called the fallout of FTX a “huge tragedy”, however, he also urged people to understand that the issue was within the intentions of the people involved but not with the technology. He also added that the technology behind the crypto asset economy and the stability of distributed ledger is not the question or the source of the problem.