By Richard Hines
With the depressing market condition and prices continuing to fall in this bear season, Ethereum CEO and founder Vitalik Buterin has urged investors and the crypto community to focus on the technology and application systems behind the crypto currency system rather than token prices.
Technology Over Funds
Buterin stated that rather than analyzing prices throughout the year, users should be in this space for the technology behind crypto and watching and contributing to see this technology grow and evolve.
He stated that users should not enter this space solely for financial gains and large profit, but rather to participate in the evolution of a new world order based on blockchain technology, which eliminates central authority and gives power to the people.
Buterin had previously predicted in February that cryptocurrency developers would be experiencing a bear market in the coming months, which is exactly what happened from May to November.
Developers Stuck In This Bear Cycle
It is well known that when crypto prices rise, most people are drawn to the crypto market with the intention of making massive profits with little/high or no investment. But what happens when these prices fall?
Investors and users begin to flee, complaining about losses and abandoning the market. This always leaves the builders all alone during the bull and bear market cycles, stuck developing this technology to make it better and more secure.
This is precisely why great innovation is always on the rise in the bear market, as developers are not just rushing to build projects for profit, but are deliberate about making worthwhile projects with good utilities that can address one or more issues in the space.
Buterin stated that during the bear market, weak and insubstantial projects are weeded out, and only creative and innovative projects survive; choosing quality over immediate gratification.
Although rising market prices make investors happy, they also bring ill omens like hacking, greed, theft, and other things to the surface.
Coin prices have fallen by nearly 70%, further depressing the cryptocurrency sector. The market has not significantly improved since the FTX crash as more holding dumps have been noted in the market.