For traders feeling the effects of the bear market in cryptography, Vitalik Buterin has sage advice: Focus on the technology.
Ethereum co-founder made the recommendation in response to a post made by CoinMamba on December 3, which is likely to resonate with many crypto investors.
"I'm kinda tired of all these scammers and fraudsters. I want to do something different with my life," CoinMamba said.
After FTX collapsed, the crypto industry has been bombarded with unsavory news, including BlockFi's recent collapse.
On Dec. 1, Ankr, a BNB Chain-based decentralized finance protocol, confirmed it had been affected by a multimillion-dollar exploit.
PeckShield, a blockchain security firm, reported that hackers had already stolen $2.98 billion in digital assets in 2022.
It was a large portion of the Ronin bridge exploit, which pilfered $625 million in crypto assets in March.
For Buterin, the solution is to move away from trading / investing "circles" and instead, get closer to "tech and application ecosystems."
"Get away from trading/investing circles, and get closer to the app and tech ecosystem," he advised. "Learn about ZK-SNARKs, attend a Latin America meetup, listen to All Core Devs calls and read the notes until you know all the EIP numbers."
Crypto bull Anthony Sassano agreed, saying the bear market is the perfect time to shift away from market watching and learn more about cryptocurrency.
"Much more signal than noise (especially in the Ethereum ecosystem) and the tech side is so much more exciting than the markets anyway."
Throughout the year, Ethereum's network has witnessed numerous developments, including the long-awaited Merge on Sept. 15, which saw proof-of-stake (PoS) consensus replace proof-of-work.
Later, Buterin added a new milestone category that aims to enhance Ethereum's censorship resistance and decentralization.
"Being in it for the tech is already a significant and positive culture pivot, relative to being in it for price movements," said Buterin in his recent Twitter post.
FTX's collapse brought lessons to the entire crypto ecosystem, Buterin told Bloomberg.
Although he labeled the FTX collapse a "huge tragedy", he added that the problem was with people, not technology - and that distributed ledger technology and the technology powering crypto asset economies remain stable.
