Faith Tested? Ethereum Core Developer: "I Often Doubt My Career Choice - Shouldn't This System Collapse?"

Recently, Ethereum Foundation core developer Péter Szilágyi expressed his distress on Twitter, stating: "I often doubt if I have chosen the wrong industry." With the recent drop in the price of Ethereum to below the 2000 mark, this statement from the steadfast Ethereum believer undoubtedly adds to the woes of the market.

Cryptocurrency is a damn casino, with no contribution to humanity

Péter Szilágyi first used SpaceX as an example: "They launch rockets to Mars, and humanity progresses. Even if the launch fails, humanity learns from it." In contrast, for fools, cryptocurrency is just a damn casino. When the coin price rises, people drive Lamborghinis, but when the price drops, their lives are ruined. Where is the contribution to humanity in this?

Ethereum core developer seemingly points at V God

"Yes, it takes time to build a new monetary system." This Ethereum Foundation member added, "But how about doing something useful on our way to building a new monetary system? Everyone is so focused on becoming the next V that no one is doing anything useful, everyone is focused on making a profit." Here, the V likely refers to Vitalik Buterin, the Ethereum founder known as "V God" in the crypto community. Péter Szilágyi recently pointed out Ethereum is becoming more centralized in a post, which differs from the vision when he joined.

EP.192 Is Ethereum's spiritual leader Vitalik no longer revered? feat. Chen Pin

Go big or go home, final warning from a former believer

"I really don't understand why this system shouldn't collapse?" Péter Szilágyi stated that so far, all cryptocurrencies are value transfers, but there is no value creation. "Please note that making money by luck and then transferring it back to non-crypto businesses is not a success story for cryptocurrencies," Péter Szilágyi continued. The former Ethereum staunch believer issued a warning: "In my opinion, it's time for this industry to create something genuinely useful that people want to use, or it should just shut down. Bitcoin at least tried (but failed) to become a hedge asset. But the rest are just selling shovels, not seeing the gold rush."

Under this article, some believe Péter Szilágyi should focus on those third world countries that need cryptocurrencies. He may view cryptocurrencies as a casino because he only sees the stories told by Western capital, but in reality, people in many unstable countries still need cryptocurrencies. Péter Szilágyi responded, "If your economy relies on cryptocurrencies, do you really need those DeFi protocols?" Some also suggested, "Transparent on-chain transactions actually bring huge value to human society," Péter Szilágyi countered, "How does this affect the 99.99% who don't have money to gamble?" Vladly Lykhonis, founder of the SocialFi project universal.page, believes the problem lies with institutions: "Funds, no one funds anything useful. Unfortunately, that's the reality." Péter Szilágyi said, "Have you considered comparing this aspect to the stock market? I agree that this is necessary for 'efficient capital allocation.' However... the stock market is the complete opposite: companies are building utilities, and the stock market provides them with funding. Cryptocurrencies seem to be the opposite: we have a super-efficient way to allocate funds, but no practical programs to distribute it."