Ethereum co-founder Vitalik Buterin has shared some sage advice for traders feeling affected by the cryptocurrency bear market: Focus on technology rather than price.
The Ethereum co-founder made the recommendation in response to a Dec. 3 post by self-described cryptocurrency investor CoinMamba.echoing what many cryptocurrency investors are probably feeling right now.
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
“After 9 years in the crypto world, I’m a bit burned out. I want to move on and do something different with my life. Tired of all these scammers and fraudsters,” CoinMamba said.
The cryptocurrency industry has continued to be bombarded with unpleasant news since the FTX collapse and the resulting contagion.which was recently charged to cryptocurrency exchange BlockFi.
The BNB Chain-based decentralized finance (DeFi) protocol Ankr recently confirmed that it was affected by a multi-billion dollar exploit on December 1st..
Even before that, hackers had already been responsible for the theft of more than $2.98 billion in digital assets in 2022according to statistics from blockchain security company PeckShield.
A large part was the Ronin bridge exploit, which resulted in $625 million in crypto assets stolen in March.
However, as a means of combating all negativity, Buterin suggests moving away from trading/investing “circles” and instead toward the “application and technology ecosystem”.
“I would recommend increasing the distance from the trading/investment circles and moving closer to the tech and app ecosystem,” he said.
“Learn about ZK-SNARKs, visit a meetup in Latin America, listen to calls from All Core Devs, and read the notes until you’ve memorized all the EIP numbers.…” he added.
Ether bull and The Daily Gwei host Anthony Sassano agreed that the bear market is the “perfect time” to stop watching the market and learn more about technology.
“There is much more signal than noise (especially in the Ethereum ecosystem) and the technology side is much more exciting than the markets anyway”.
Ethereum has given investors a lot to focus on this year, with the completion of the long-awaited Merge on September 15which saw the network move away from proof-of-work consensus to proof-of-stake (PoS).
Buterin later added a new category of goals to the Ethereum technical roadmap, which aims to improve censorship resistance and decentralization of the Ethereum network.
“Being in it for the technology is already a significant and positive cultural twist, relative to being in it for the price movements”Buterin said in his recent Twitter post.
In November, Buterin told Bloomberg that the collapse of the FTX cryptocurrency exchange brought lessons for the entire crypto ecosystem.
rated the FTX collapse called a “huge tragedy”but also pointed out that the problem was with the people, not the technologyadding that the underlying stability of distributed ledgers and the technology that drives the crypto-asset economy has not been called into question.
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