{"id":15882,"date":"2024-08-06T17:53:56","date_gmt":"2024-08-06T14:53:56","guid":{"rendered":"https:\/\/forklog.com\/en\/ethereum-developer-criticizes-crypto-industry-as-a-casino\/"},"modified":"2024-08-06T17:53:56","modified_gmt":"2024-08-06T14:53:56","slug":"ethereum-developer-criticizes-crypto-industry-as-a-casino","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ethereum-developer-criticizes-crypto-industry-as-a-casino\/","title":{"rendered":"Ethereum Developer Criticizes Crypto Industry as a &#8216;Casino&#8217;"},"content":{"rendered":"<p>Ethereum&#8217;s lead developer, P\u00e9ter Szil\u00e1gyi, has voiced his disappointment with the cryptocurrency industry, suggesting he may have chosen the wrong field.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I often wonder if I&#8217;m in the wrong industry.<\/p>\n<p>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.<\/p>\n<p>In contrast, crypto is a damn casino for dum-dums\u2026<\/p>\n<p>\u2014 P\u00e9ter Szil\u00e1gyi (karalabe.eth) (@peter_szilagyi) <a href=\"https:\/\/twitter.com\/peter_szilagyi\/status\/1820432038882652562?ref_src=twsrc%5Etfw\">August 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In his view, digital assets do not contribute to the advancement of humanity. He compared this to SpaceX, which he believes propels the world towards progress by launching rockets to Mars.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In contrast, cryptocurrency is a damn casino for fools (apologies to the few exceptions). Numbers go up? Hooray, buy a &#8216;Lambo&#8217;. Numbers go down? Lives are ruined. Where is the contribution to humanity&#8217;s progress?&#8221; Szil\u00e1gyi wrote.<\/p>\n<\/blockquote>\n<p>He acknowledged that creating a &#8220;new financial ecosystem&#8221; takes time. However, during this process, no &#8220;useful things&#8221; are being created, and instead, &#8220;everyone is busy extracting profit,&#8221; the developer believes.<\/p>\n<p>Szil\u00e1gyi emphasized that the industry needs to create a new and useful product or &#8220;shut down.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I really don&#8217;t understand why this system shouldn&#8217;t collapse? What would we lose in the grand scheme of things? All cryptocurrency has achieved is the transfer of enormous value, but so far I see no creation of that value,&#8221; the Ethereum team lead questioned.<\/p>\n<\/blockquote>\n<p>He highlighted that &#8220;Bitcoin, at least, tries to become a reliable asset,&#8221; although it is failing. Meanwhile, other cryptocurrencies &#8220;sell shovels,&#8221; so &#8220;no gold rush is expected.&#8221;<\/p>\n<p>Previously, Ethereum co-founder Vitalik Buterin described blockchain as a safeguard against authoritarian regimes, while Wintermute CEO Evgeny Gaevoy criticized him for attempting to build &#8220;planned socialism.&#8221;<\/p>\n<p>In July, blogger and former professional kickboxer Andrew Tate announced his intention to &#8220;fix&#8221; the crypto industry. He accused the community of focusing solely on quick and easy profits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum&#8217;s lead developer, P\u00e9ter Szil\u00e1gyi, has voiced his disappointment with the cryptocurrency industry, suggesting he may have chosen the wrong field. I often wonder if I&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[46,1138],"class_list":["post-15882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15882"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15881"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}