Ethereum Developer Compares Crypto to Gambling: Insights from Core Team
Ethereum’s core developer, Péter Szilágyi, has expressed his dissatisfaction with the state of the cryptocurrency industry, labeling it as a “casino” where speculative elements overshadow genuine value creation. Szilágyi lamented the industry’s focus on transferring value without contributing significantly to humanity’s progress.
According to Szilágyi, the cryptocurrency market is primarily driven by speculation rather than true innovation. He highlighted the industry’s fixation on short-term profits, cautioning that while soaring prices may lead to extravagant purchases, the subsequent downturns have adverse effects on people’s lives.
While acknowledging that establishing a new monetary system is a time-consuming process, Szilágyi argued that there should be tangible advancements made along the way. Instead of fostering practical applications, he criticized the industry for prioritizing value extraction and immediate gains.
Szilágyi criticized the industry for failing to deliver on its promises, noting that many projects have not yet delivered substantial value despite the hype surrounding them. He contended that the crypto space has not created any real value but has merely facilitated a massive transfer of wealth.
Expressing concerns about the industry’s sustainability, Szilágyi suggested that without genuine innovation, it could collapse without significant repercussions for humanity. He also highlighted the industry’s narrow view of success in cryptocurrency, emphasizing the importance of investing profits from the field into non-crypto ventures.
Szilágyi questioned the industry’s ability to generate value, suggesting that it primarily represents individual luck rather than meaningful contributions. He called for urgent action, urging the sector to develop products or services that offer genuine utility to users, or else face the possibility of closure. While acknowledging Bitcoin’s aspiration to serve as a safe-haven asset, he criticized most other projects for essentially selling tools without a clear purpose in sight.
