On Dec. 4, Vitalik Buterin responded to a question from a popular community member who said they had grown tired of the scammers and fraudsters in crypto after nine years.
Crypto is used primarily as a vehicle for speculation at the moment, and that is where fraudsters thrive. The FTX meltdown was caused by a bank run catalyzed by major overleveraging and lending.
Buterin suggested distancing from trading and investing and focusing on technology and applications.
“I’d recommend increasing your distance from trading/investing circles, and getting closer to the tech and application ecosystem.”
I’d recommend increasing your distance from trading/investing circles, and getting closer to the tech and application ecosystem. Learn about ZK-SNARKs, visit a meetup in Latin America, listen to All Core Devs calls and read the notes until you’ve memorized all the EIP numbers…
— vitalik.eth (@VitalikButerin) December 3, 2022
Vitalik: Learn About The Tech
He added that those with crypto fatigue should learn more about some of the underlying technology, such as zk-SNARKs.
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Zk-SNARK is an acronym that stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” It is a cryptographic proof that allows one party to prove it possesses certain information without revealing what the information is.
Ethereum’s co-founder also suggested attending crypto and developer meetups, listening to core developer calls, and even memorizing all of the EIP (Ethereum Improvement Protocol) numbers.
Binance boss Changpeng Zhao also chipped in with “keep building.” Aave founder Stani Kulechov also advised avoiding being too close to the financial side of crypto.
“I’d recommend to look into non-financial use-cases and contribute there, its a fresh breath from all financial activity.”
As pointed out by one respondent, this is the standard fallback for crypto industry professionals in a bear market. Those with strong hands and conviction in the technology and industry remain committed while the retail speculators have panic sold (usually at a loss) and end up dejected.
Ethereum advocate Anthony Sassano agreed, adding that the bear market was the best time to do this. “The tech side is so much more exciting than the markets anyway,” he said.
Ethereum Price Outlook
The focus on tech comes at a time when crypto asset prices are in the depths of a lengthening winter cycle. Their already battered prices have been hit harder by the collapse of huge platforms such as FTX and Terra/Luna this year.
Ethereum has gained 2.6% on the day to reach $1,290 at the time of writing, according to CoinGecko. ETH is approaching its highest price level for almost a month, but there is a lot of resistance at $1,300.
The asset remains down 73.5% from its all-time high, but that is not as deep as some of the other altcoins.
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