Vitalik Buterin, a co-founder of Ethereum, has argued that the cryptocurrency community should concentrate on the technology and application system rather than cryptocurrency values while the bear market continues to rage.
Being in it for the technology is a “major and good” societal shift in comparison to being in it for prospective financial rewards.
Buterin said in February that bitcoin developers would welcome a fresh bear market. In a bull market, soaring cryptocurrency prices draw a great deal of attention, with greed and uncontrolled speculation at the helm. As soon as prices fall, speculators often exit the market, whereas builders typically stay through difficult times.
As a result, some sane business executives actively welcome falling pricing, as several innovative ventures tend to emerge during downturn markets.
As mentioned by Buterin, unsustainable cryptocurrency ventures tend to disappear during weak markets, as quality trumps quantity.
According to the Canadian programmer, while high prices make many people happy, they also draw a great deal of unneeded speculative attention.
The cryptocurrency market has seen a dramatic fall, with Bitcoin and key altcoins losing more than 70% of their value.
Some doubters feel that the catastrophic crash of the FTX exchange might usher in a full-fledged ice age, which has left the sector in a state of stagnation.
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