‘Ethereum Developer Criticizes Crypto as a Gambling Arena for Novices’
Péter Szilágyi, a core developer associated with the Ethereum Foundation, recently shared his disappointment with the crypto industry on his X platform. During a period of Ethereum (ETH) selling pressure on Monday, Szilágyi raised concerns about the sector’s priorities, suggesting that many individuals are more focused on emulating figures like Vitalik Buterin and participating in “value extraction” rather than concentrating on creating practical products and generating authentic value.
Szilágyi expressed his criticism of the industry, characterizing it as impulsive and likening it to a casino environment where individuals rush to acquire luxury items when prices surge and face losses when prices plummet, all without making substantial contributions to society. Drawing a comparison to companies like SpaceX, he argued that if the industry fails to produce genuinely beneficial products, it might be time to consider discontinuing its operations.
He highlighted that while Bitcoin (BTC) aims to establish itself as a secure asset, the remainder of the industry appears to be engaged in ventures that lack purpose.
The current atmosphere surrounding Ethereum is tumultuous, with the cryptocurrency experiencing a significant downturn, plummeting by 32% in a week, marking the most substantial decline in the crypto market this year. Ethereum’s present valuation stands at $2,360, reflecting a 12.05% decrease for the day, pushing it below the lower Bollinger Band at $2,650, indicating a potential oversold condition.
As of the latest update, Ethereum is being traded at $2,360, a shift from its earlier trading price of $2,200 on Monday morning.
Within the past 24 hours, more than 278,000 traders faced liquidations in the crypto market. Bitcoin led the liquidations with $362 million, followed closely by Ethereum at $345.7 million. The total open interest in the crypto sphere declined by 18.7% to $47 billion. The broader cryptocurrency market witnessed a substantial downturn, with the global market capitalization decreasing by 13.4% to $1.94 trillion.
