The big brain behind Ethereum (ETH), Vitalik Buterin, is calming down the crypto community and asking people to shift their focus from price to tech. In the end, we have to make do with the technology and if it’s good, the price will follow, according to Buterin’s idea.
Crypto bear market fatigue reigns
What we see a lot right now is that people are done and tired of the industry. The CoinMamba below is a good example of this. This crypto influencer says that after nine years in the industry, he is done with the scammers and is quite tired of all the misery.
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
Since the implosion of FTX, the industry has been flooded with negative news, including the collapse of BlockFi, which is a direct result of the problems at FTX. Not long after, news broke that the DeFi protocol Ankr has been hacked for several millions.
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…
— vitalik.eth (@VitalikButerin) December 3, 2022
To put an end to all the negativity, Buterin wants the community to stop focusing on price for a while. Instead, according to the founder of Ethereum, it would be good to focus on the technology and the applications within the ecosystem.
Back to basics of crypto
What Buterin is really saying is that it’s important to get back to basics. The technology is ultimately what started it all. In that respect, it is important to look at the positives. What can we learn from the FTX scandal and the many DeFi hacks?
First, that it is dangerous to expose your assets to centralized parties and tryouts within the DeFi world. In that respect, it is not surprising that we are now seeing many people who choose to go back to basics, including back to bitcoin (BTC).