Péter Szilágyi, a core developer at the Ethereum Foundation, recently expressed disillusionment towards the crypto industry on his X account.
Amid an ongoing Ethereum sell-off, Szilágyi questioned the sector’s focus. He suggested participants aim to mimic Vitalik Buterin and engage in "value extraction" rather than creating products of genuine value.
Szilágyi criticized the industry for impulsiveness and likened it to a casino. He mentioned that while companies like SpaceX advance humanity, the crypto industry falls short of creating meaningful value.
He noted that while Bitcoin aims to be a safe asset, the rest of the industry engages in pointless endeavors.
Ethereum is tanking
This skepticism comes at a turbulent time for Ethereum. The crypto has seen a 32% decline in a week, marking its largest dip this year. Ethereum’s current price of $2,360, down by 12.05% for the day, is below the lower Bollinger Band at $2,650, indicating it may be oversold.
At the time of writing, Ethereum is trading at $2,360, after reaching $2,200 earlier on Monday.
Over 278,000 traders were liquidated in the crypto market over the past 24 hours. Bitcoin led liquidations at $362 million, followed by Ethereum at $345.7 million.
Total crypto open interest dropped by 18.7% to $47 billion. The broader cryptocurrency market experienced a significant downturn, with global market cap falling by 13.4% to $1.94 trillion.
