Cryptocurrency is a damn casino and does nothing for humanity
Péter Szilágyi first used SpaceX as an example: "They launched rockets to Mars, and mankind progressed. Even if the launch failed, mankind learned from it." In contrast, cryptocurrency is a damn casino for fools. When the price goes up people drive Lamborghinis, but when the price goes down their lives are ruined. What contribution does this make to humanity?
Ethereum core developers suspected of pointing to Buterin
“Yes, it takes time to build a new currency system.” The Ethereum Foundation member added, “But how about we do something useful on the way to building a new currency system? Everyone is so focused on becoming the next V, So that no one has made anything useful, and everyone is focused on profiting from it.” The V here is suspected to be Vitalik Buterin, the founder of Ethereum, who is called “V God” by the currency speculation community. Péter Szilágyi just recently published an article pointing out that Ethereum is becoming more and more centralized, which is different from the vision he had when he joined.
Go big or go home, a final warning from a former believer
"I really don't understand why this system shouldn't collapse?" Péter Szilágyi said that all cryptocurrencies so far are value transfers, but there is no value creation. “Please note that making money by luck and then transferring the money back to non-crypto businesses is not a cryptocurrency success story,” Péter Szilágyi continued. Finally, the former Ethereum believer warned: "In my opinion, it is time for this industry to create something really useful that people want to use, or it should close down. Bitcoin at least tried (but failed) Becoming a safe haven asset but the rest are selling shovels and there is no gold rush in sight.”
Underneath the article, someone suggested that Péter Szilágyi should focus on third world countries that need cryptocurrencies. He thinks that cryptocurrency is a casino because he only sees the stories told by Western capital. In fact, people in many countries with unstable currencies still need cryptocurrency.
Péter Szilágyi replied: "If your economy relies on cryptocurrency, do you really need those DeFi protocols?" Someone also suggested: "Transparent on-chain transactions actually bring huge added value to human society." Péter Szilágyi Rebuttal: "How does this affect the 99.99% of people who don't have money to gamble?"
Vladly Lykhonis, founder of the SocialFi project universal.page, believes that the problem lies with the organization: "Funding, no one is funding anything useful. Unfortunately, that's what it is."
Péter Szilágyi said: “Have you ever thought about comparing this aspect with the stock market? I agree that this part is necessary for ‘efficient capital allocation’. But… the stock market is the opposite: companies are building utilities, while the stock market Fund them. Cryptocurrencies seem to be the opposite: we have a super efficient way to allocate funds, but no utility to allocate it.”
This article is reprinted with permission from: Lian News
