On December 4, Vitalik Buterin responded to a question from a popular community member who stated that after nine years, they had grown tired of the scammers and fraudsters in crypto.
At the moment, cryptocurrency is primarily used for speculation, which is where fraudsters thrive. The FTX meltdown was precipitated by a bank run, which was fueled by massive overleveraging and lending.
Buterin advocated for a shift away from trading and investing and toward technology and applications.
In a tweet, Buterin said,
“I’d recommend increasing your distance from trading/investing circles, and getting closer to the tech and application ecosystem.”
He continued by advising those who have grown weary of cryptography to learn more about some of the underlying technologies, like zk-SNARKs.
“Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” is known by the acronym Zk-SNARK.
A cryptographic proof enables one party to demonstrate that it is in possession of specific information without disclosing what that information is.
The co-founder of Ethereum also advised listening to core developer calls, going to crypto and developer meetups, and even learning all the EIP (Ethereum Improvement Protocol) numbers by heart.
Changpeng Zhao, the CEO of Binance, added, “Keep building.” Stani Kulechov, the founder of Aave, also suggested staying away from the financial aspects of cryptocurrencies.
