- Vitalik Buterin Prioritizes Technology Over Price Watching For Long Cryptocurrency Career
- The crypto market has lost at least $2.9 billion to crypto scams in 2022
the Ethereal [ETH] co-founder Vitalik Buterin advised jaded crypto investors to focus on technology instead of watching prices and trading. buterin shared this advice with a crypto investor named CoinMamba on Twitter who expressed his disappointment with scammers and scammers in the cryptocurrency industry.
After 9 years in crypto, I'm a bit exhausted. I want to move on and do something different with my life. Tired of all these scammers and scammers..
— CoinMamba (@coinmamba) December 3, 2022
"Learn about ZK-SNARK, visit a meeting in Latin America, listen to the calls of All Core Devs and read the notes until you have memorized all the EIP numbers..." Buterin additional.
The cryptocurrency industry, since the beginning of 2022, has been plagued with multiple disasters. The Terra debacle and the crash of the FTX exchange in May and November can be considered as major setbacks for the crypto community. FTX archived filed for Chapter 11 bankruptcy early last month; the earth's ecosystem collapsed beginnings of May.
Tech-focused crypto tokens to earn
The price of Bitcoin [BTC] it fell from over $39,000 to just under $29,000 following the Terra crash in May, showing a 25% drop. It witnessed a further drop in its price in the following months, but it started to rise again to reach around $24,000 in mid-August.
Source: CoinMarketCap
Since then, the BTC price had been oscillating between $19,000 and $22,000 and showing signs of resistance. FTX's collapse caused its price to drop from $21,354 to $17,316 today, showing a drop of around 20%.
Furthermore, the next most popular cryptocurrency, ETH, also witnessed the highly talked about Merge in mid-September. With the merger, the Ethereum blockchain moved from the Proof-of-Work (PoW) consensus mechanism to the Proof-of-Stake (PoS) mechanism.
The ETH price fell from $2,940 to $1,960 following the collapse of the Terra ecosystem, a drop of more than 33%.
Source: CoinMarketCap
In anticipation of the Fusion in September, its price rose rapidly from $1,607 to $1,981. But after the merger, all the noise around the altcoin died down, its price falling 20% to $1,612 in a week.
Ethereum's price movement has been quite volatile, hovering around $1,300. Beginning in November, its price started to move upwards and went up to $1,645 on November 5. But once FTX crashed, it fell to $1,100. At press time, it changed hands at $1,297.
The crypto industry also witnessed numerous attacks in 2022. According to the crypto security firm peckshield$2.98 billion worth of crypto assets were stolen in 2022.
Source: Twitter/PeckShieldAlert
Buterin believes that while the FTX collapse is a great tragedy, the problem was with the people who invested in particular assets and not with the technology. He added that the underlying stability of the distributed ledger and the technology that drives the crypto-asset economy has not been called into question.
