Since the collapse of FTX, the cryptocurrency community has been going through a tough patch, and some members of the community are unclear whether or not it is safe for them to spend their time and energy in this arena. The co-founder of Ethereum, Vitalik Buterin, has responded to the criticism by recommending that people start focusing on the technology rather than the price of cryptocurrencies at the time.
The well-known cryptocurrency investor CoinMamba stated that after nine years in the industry, he is burned out and ready to do something new and different because he is fed up with all of the con artists and thieves that operate in the cryptocurrency area.
In response to the tweet, Vitalik Buterin offered the following advice: “I’d propose increasing your distance from trading/investing circles, and becoming closer to the tech and application ecosystem.”
Buterin said, “Study up on ZK-SNARKs, go to a meeting in Latin America, listen to All Core Devs calls, and study the notes until you have all the EIP numbers committed to memory.”
Others weighed in to corroborate Vitalik’s comments, saying that the bear market is the best moment to concentrate on the technological aspect of the cryptocurrency field, which Vitalik had said.
Binance CEO CZ responded to CoinMambas’s tweet with his usual statement “Keep Building.”
CoinMamba thanked Vitalik Buterin by replying “Thanks for the advice Vitalik. These are the things that got me excited about crypto in the first place. Will try to focus more on tech going forward.”
In the meanwhile, there are members of the community who believe that this strategy is used often in bear markets. They believe that large players would claim to be involved in the technology sector in order to deceive others into thinking that the market condition is not cause for concern.
Buterin provided a response to these views by stating, “Being in it for the tech is already a huge and positive cultural shift, contrasted to being in it for price swings!”
After the failure of FTX, Vitalik Buterin discussed his ideas on safe CEX in the hopes that, in the not-too-distant future, the cryptocurrency community would inch closer and closer to the point where all exchanges will be non-custodial.
Compiled by Coinbold