- Vitalik Buterin prioritizes technology over price watching to have a long run in the crypto market
- Crypto market has lost at least $2.9 billion to crypto scams in 2022
The Ethereum [ETH] co-founder Vitalik Buterin advised weary crypto investors to focus on technology instead of price watching and trading. Buterin shared this advice with a crypto investor named CoinMamba on Twitter who expressed his disappointment with scammers and fraudsters in the cryptocurrency industry.
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
“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 added.
The crypto industry, since the beginning of 2022, has been plagued with multiple disasters. The Terra debacle and FTX exchange collapse in May and November can be considered as major setbacks to the crypto community. FTX filed for Chapter 11 bankruptcy early last month; the Terra ecosystem collapsed in early May.
Tech-centric crypto tokens for the win
The price of Bitcoin [BTC] fell from over $39,000 to only a little below $29,000 following the Terra collapse in May, showing a drop of 25%. It witnessed further fall in its price the following months but began rising again to reach around $24,000 in mid-August.
Since then, BTC’s price had been oscillating between $19,000 and $22,000 and showing signs of resistance. The FTX collapse made its price fall from $21,354 to $17,316 today, showing a drop of around 20%.
Furthermore, the next most popular cryptocurrency ETH also witnessed the much talked about Merge in mid-September. With the Merge, the Ethereum blockchain transitioned from proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS) mechanism.
The price of ETH fell from $2,940 to $1,960 following the Terra ecosystem collapse, a drop of over 33%.
In the anticipation of the Merge in September, its price quickly rose from $1,607 to $1,981. But post the Merge, all the noise around the altcoin died out, its price fell by 20% to $1,612 within a week.
The price movement of Ethereum has been rather volatile, oscillating around $1,300. Beginning November, its price began moving upwards and rose to $1,645 on 5 November. But once FTX collapsed, it fell down to $1,100. At press time, it exchanged hands at $1,297.
The crypto industry also witnessed numerous hacks in 2022. As per crypto security firm PeckSheild, crypto assets worth $2.98 billion have been stolen in 2022 itself.
Buterin believes that though the FTX collapse is a huge tragedy, the problem was with the people investing in particular assets and not the technology. He added that the underlying stability of distributed ledger and the technology powering the crypto asset economy has not come into question.