Buterin: “You Must Orient the Technology and Application Ecosystem”

Ethereum co-founder Vitalik Buterin made the recommendations in response to a post by CoinMamba, which identified himself as a crypto investor on Dec. CoinMamba, in his tweet, said, “After the past nine years, I’m starting to get a little overwhelmed. I want to look ahead and do different things in my life. I am very tired of both the scammers and the scammers,” he said.

The crypto industry continues to be bombarded with news of bankruptcy along with the collapse of the FTX exchange. The last company affected by the FTX scandal and went bankrupt was BlockFi. Ankr, the decentralized finance (DeFi) protocol powered by BNB Chain, confirmed on December 1 that it had been hacked into millions of dollars. According to statistics from blockchain analytics company PeckShield, hackers stole more than $2.98 billion in assets in 2022. On the other hand, the biggest cyber attack disaster of this year occurred on the Ronin bridge. Last March, $625 million was stolen from the Ronin Bridge as a result of a cyberattack.

However, despite all the negativities in the market, Vitalik Buterin urged to move away from trading and investments in this process and to focus more on the technology and application ecosystem. Buterin said, “I recommend keeping your distance from trading and investing. Instead, you should turn to the technology and application ecosystem.” Buterin also continued with the explanations, “Learn ZK-SNARKs, get together with Latin America, read the notes until you memorize all the EIP numbers and listen to the calls of all the core developers…”.

Ethereum (ETH) bull and host of The Daily Gwei, Anthony Sassano, agreed with Buterin. Sassano stated that this is the perfect time to step away from the bear market, watch the market, learn and move on to technology. With the much anticipated Merge update on September 15, Ethereum switched from the Proof-of-Work mechanism to the Proof-of-Stake mechanism, giving investors a lot of material to focus on.

Buterin later added a new milestone category to Ethereum’s technical roadmap that aims to improve censorship resilience and decentralization of the Ethereum network. Buterin, in his Twitter post, said that “focusing on technology in the current market will have more positive effects than focusing on prices.”

Buterin said in an interview with Bloomberg last November that there are many lessons to be learned in the industry after the FTX scandal. However, Buterin considered the collapse that occurred in FTX as a complete disaster, but stated that it was caused by people, not technology.