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'Crypto is a damn casino for dum-dums,' Ethereum developer says
Daily Cryptex - Crypto News, Articles and Insights > Crypto News > Ethereum (ETH) > Ethereum Dev Criticizes Crypto Market as ‘Casino for Dum-Dums’
Crypto NewsEthereum (ETH)

Ethereum Dev Criticizes Crypto Market as ‘Casino for Dum-Dums’

Burhaan Al Amin
Last updated: August 5, 2024 2:57 pm
Burhaan Al Amin Published August 5, 2024
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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.

I often wonder if I’m in the wrong industry.

Take SpaceX for example. They send a rocket to Mars? Humanity advances. They fail to send one and blow it up? Humanity learns a lesson and advances. All outcomes lead to progress.

In contrast, crypto is a damn casino for dum-dums…

— Péter Szilágyi (karalabe.eth) (@peter_szilagyi) August 5, 2024

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.

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TAGGED:Crypto assetsEthereumVitalik Buterin

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