Ethereum co-founder Vitalik Buterin has shared some sage advice for traders feeling the blues of the crypto bear market: Focus on the tech rather than the price.
The Ethereum co-founder made the recommendation in response to a Dec. 3 post from self-described crypto investor CoinMamba, echoing what many crypto investors are likely feeling at the moment.
"After 9 years in crypto I’m kinda exhausted. I want to move on and do something different with my life. Tired of all these scammers and fraudsters," CoinMamba said.
Even before that, hackers had already been responsible for the theft of over $2.98 billion in digital assets in 2022, according to statistics from blockchain security firm PeckShield.
A large chunk was from the Ronin bridge exploit, which resulted in $625 million in crypto assets being pilfered back in March.
However, as a means to combat all the negativity, Buterin suggests moving away from trading / investing “circles” and instead, getting closer to the “tech and application ecosystem.”
"I'd recommend increasing your distance from trading/investing circles, and getting closer to the tech and application ecosystem," he said.
“Learn about ZK-SNARKs, visit a meetup in Latin America, listen to All Core Devs calls and read the notes until you've memorized all the EIP numbers…” he added.
Ether bull and host of The Daily Gwei Anthony Sassano agreed, saying the bear market is the "perfect time" to shift away from market watching and learn more about the tech.
"Much more signal than noise (especially in the Ethereum ecosystem) and the tech side is so much more exciting than the markets anyway."
Ethereum has given investors plenty to focus on this year, with the completion of the long-awaited Merge on Sept. 15, which saw the network shift away from proof-of-work to proof-of-stake (PoS) consensus.
Buterin later added a new category of milestones to the Ethereum technical roadmap, one that aims to improve censorship resistance and decentralization of the Ethereum network.
"Being in it for the tech is already a significant and positive culture pivot, relative to being in it for price movements," said Buterin in his recent Twitter post.
In November, Buterin told Bloomberg that the collapse of the FTX crypto exchange brought lessons for the entire crypto ecosystem.
He labeled the FTX collapse as a “huge tragedy” but also noted that the problem was in people, not technology — adding that the underlying stability of distributed ledger and the technology powering the crypto asset economy has not come into question.
Former CEO of FTX, Sam Bankman-Fried, has signaled he's unwilling to testify before the United States Congress until he’s “finished learning and reviewing what happened.”
Bankman-Fried was responding to a Dec. 2 tweet from U.S. Representative Maxine Waters inviting him to testify in a scheduled U.S. House Committee on Financial Services hearing on Dec. 13 to discuss "what happened" at FTX.
In a Dec. 4 response on Twitter, the former FTX CEO said he feels it is his “duty to appear before the committee and explain,” but only once he's “finished learning and reviewing what happened," adding he wasn't “sure” whether it would happen by the 13th.
Some in the community pointed out the response appears out of line with his recent actions, including taking part in several media interviews and posting endless tweets about what led to the fall of FTX in November.
Blockchain Association Head of Policy and U.S. Attorney Jake Chervinsky suggested to his 120,500 Twitter followers that Bankman-Fried was reluctant to take part in the Dec. 13 hearing because '"lying to Congress under oath is less appealing."
On Nov. 30, Bankman-Fried made his first live public appearance since the collapse of FTX during the New York Times' DealBook Summit where he was questioned over the circumstances behind the crypto exchange's demise. A day later, he appeared in a Good Morning America interview, and also in a Twitter space hosted by IBC Group founder and CEO Mario Nawfal.
Most recently, Bankman-Fried was questioned by Coffeezilla in a Twitter Spaces interview on Dec. 3, which saw him leaving the interview around 20 minutes in.
Meanwhile, Coinbase CEO Brian Armstrong has called out Bankman-Fried's purported narrative in recent days, stating on Dec. 3 that “even the most gullible person” should not believe Bankman-Fried's claim that FTX's transfer of billions of dollars of customer funds to its trading firm Alameda Research came from the result of an unintentional “accounting error.”
As for SBF’s recent media antics, Tesla and Twitter CEO Elon Musk “agreed” with a member of the crypto community SBF doesn’t deserve any more media attention until his court date, with Musk adding he needs an “adult timeout.”
Answering the question 'Who has/had the oldest mined Bitcoin?' an anonymous member shared a signature dating back to January 2009, just a week after Bitcoin came into existence.
Online forums are integral to the Bitcoin origin story, where Satoshi Nakamoto and early contributors collaborated to discuss and create a disruptive financial system from scratch. One of the oldest Bitcoin forums — bitcointalk.org — still preserves historical discussions around creating the Bitcoin logo and the payment system.
A curious member of the bitcointalk.org forum recently sought to identify Bitcoin miners from the early days. To their surprise, an anonymous member shared a signature dating back to January 2009, just a week after Bitcoin came into existence.
“Maybe OP is inviting Satoshi?” questioned another member after confirming the legitimacy of “the oldest signature” found to date. Adding to the mystery, the signature was posted by a newly created account on Nov. 26, 2022, under the pseudonym of OneSignature.
OneSignature’s account history shows no other involvement on the forum, thus confirming that the intent for its creation was only to show off the oldest signed message. Digging deeper into the username shows a protected Twitter account, which was created back in October 2009.
Cointelegraph confirmed that the address used by the mysterious poster holds no balance. The revelation of the signature dating back to the Bitcoin genesis period confirms the people involved in building Bitcoin’s legacy keep a close eye on the ecosystem while feeding the general public’s curiosity from time to time.
Despite the decade-long regulatory hurdles and prolonged bear markets, Bitcoin has managed to always come on top. However, the falling Bitcoin prices have added stress to the mining ecosystem.
The Bitcoin mining revenue in terms of the U.S. dollar is currently at two-year lows, down to $11.67 million, a number last seen on Nov. 2, 2020.
This Daily Dose was brought to you by Cointelegraph.