Crypto Industry Neglects 'Value Creation' in Favor of 'Value Extraction,' Ethereum Core Dev Says
CryptoNewsTerminal Staff05 Aug, 2024
Crypto Industry Neglects 'Value Creation' in Favor of 'Value Extraction,' Ethereum Core Dev Says
Ethereum Core Dev Slams Industry Focus on 'Value Extraction' Ethereum (ETH) core developer and Go Ethereum client co-founder Peter Szilagyi recently criticized the crypto industry for prioritizing "value extraction" over "value creation." Industry Resembles "Casino for Degens" Szilagyi described the industry as "a casino for degens," where participants solely focus on short-term gains. He noted that the industry lacks a focus on building useful products that contribute to society. Bitcoin as a 'Safe Haven' Szilagyi praised Bitcoin (BTC) for its focus on security and stability, contrasting it with the "shoveling shit" he sees in the rest of the industry. He urged crypto enthusiasts to prioritize creating genuine value and contributing to human progress. Time for a Rethink Szilagyi concluded that the crypto industry needs to rethink its priorities and shift its focus from speculation to innovation. He emphasized that the industry's long-term success depends on building products and services that meet real-world needs. ```
