Ethereum Developer Criticizes Crypto Industry as a ‘Casino’

Ethereum’s lead developer, Péter Szilágyi, has voiced his disappointment with the cryptocurrency industry, suggesting he may have chosen the wrong field.

I often wonder if I’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 and advances. All outcomes lead to progress.

In contrast, crypto is a damn casino for dum-dums…

— Péter Szilágyi (karalabe.eth) (@peter_szilagyi) August 5, 2024

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.

“In contrast, cryptocurrency is a damn casino for fools (apologies to the few exceptions). Numbers go up? Hooray, buy a ‘Lambo’. Numbers go down? Lives are ruined. Where is the contribution to humanity’s progress?” Szilágyi wrote.

He acknowledged that creating a “new financial ecosystem” takes time. However, during this process, no “useful things” are being created, and instead, “everyone is busy extracting profit,” the developer believes.

Szilágyi emphasized that the industry needs to create a new and useful product or “shut down.”

“I really don’t understand why this system shouldn’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,” the Ethereum team lead questioned.

He highlighted that “Bitcoin, at least, tries to become a reliable asset,” although it is failing. Meanwhile, other cryptocurrencies “sell shovels,” so “no gold rush is expected.”

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 “planned socialism.”

In July, blogger and former professional kickboxer Andrew Tate announced his intention to “fix” the crypto industry. He accused the community of focusing solely on quick and easy profits.