Ethereum

Core

Bitcoin

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/is-your-ethereum-safe-vitalik-buterin-raises-major-security-concerns" rel="noopener noreferrer nofollow">Ethereum</a> core developer Péter Szilágyi has voiced his frustration with the cryptocurrency industry, describing it as a "casino" where speculative aspects overshadow true value creation. Szilágyi expressed his disappointment, emphasizing that the industry has so far achieved little more than transferring value without creating any significant benefits for <a href="https://x.com/peter_szilagyi/status/1820432038882652562" rel="noopener noreferrer nofollow">humanity</a>.
Szilágyi believes that speculation, not genuine innovation, is what drives the cryptocurrency market. He emphasized the short-term gains that the industry places so much emphasis on, pointing out that while luxury purchases are exciting when prices rise, lives suffer when they fall. <img alt="ETHUSD" data-entity-type="file" data-entity-uuid="3b8756c3-d06a-48d0-884f-545e6079ba54" src="https://u.today/sites/default/files/inline-images/image_1073.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">ETH/USDT Chart by TradingView</a>
While creating a new monetary system takes time, he contended there ought to be noticeable beneficial advancements made along the road. Rather than creating truly useful applications, he sees a focus on value extraction and short-term <a href="https://u.today/justin-suns-35-million-ethereum-move-stuns-crypto-community" rel="noopener noreferrer nofollow">gains</a>.
Szilágyi went on to denounce the industry's inability to fulfill its commitments. He made the observation that most projects have not yet yielded significant value despite the hype. He does not think any value is being created by crypto; all it has accomplished thus far, in his opinion, is a massive value transfer.
He voiced concerns about how long the industry could last and implied that in the absence of true innovation it might collapse with little to no major loss to humanity. In his discussion of diversification he also pointed out that the industry does not view success in <a href="https://u.today/people-will-be-surprised-ethereum-founder-gives-rare-epic-prediction" rel="noopener noreferrer nofollow">cryptocurrency</a> as a result of making money in the field and then investing in non-crypto companies.
Rather than the industry's capacity to generate value it instead represents the good fortune of individuals. In closing, Szilágyi issued a call to action, stressing that the sector must produce something truly beneficial that people would want to use or take into consideration shutting down. While acknowledging that Bitcoin aims to be a safe haven asset, he criticized the majority of other projects for selling shovels with no gold rush in sight.

Ethereum Core Developer: Crypto Is Casino

U_Today

Other articles published on Aug 7, 2024

Crypto Scams on the Rise: Fake Video Conferencing Apps Target Job Seekers for Crypto

Hamster Kombat Faces Backlash Over Airdrop Delays and Updates

$2 Billion Ethereum In Move: Are Chinese Seized Assets About to Crash the Market?

Is Bitcoin Really Safe? New Insights from ‘Black Swan’ Author on Recent Crash

Weekly Article Recap: 7/22-7/26

Ronin Network Halts Operations After Whitehat Suspected $11.3M Exploit

Join our free newsletter for daily crypto updates!