Greetings, dear blockchain people!
Today I would like to share with you the news about the recent statement of the founder of Ethereum - Vitalik Butorin about the crypto winter.
Ethereum cofounder Vitalik Buterin has said many crypto developers wouldn't be unhappy to see a continued slide in the price of digital currencies, as the slump could clear out less-viable projects.
But the prospect of more losses and a bear market — generally, where prices fall 20% from a recent high — won't deter some in the crypto world, Buterin told Bloomberg.
"The people who are deep into crypto, and especially building things, a lot of them welcome a bear market," he said in an interview published Saturday.
Ethereum's native token ether has lost 35% year-to-date, down from $3,722 at the beginning of January to $2,608 at last check Monday, according to CoinMarketCap data. Leading cryptocurrency bitcoin is down 19% in 2022 so far, as the broader market slumps.
When crypto prices are rising and in a bull market, that attracts huge amounts of attention and encourages speculative thinking around using crypto in projects, he said.
On the other hand, falling prices separate the curious from the serious, he argued. That is why a "crypto winter" — when prices keep crashing and fail to recover for a long time — could be seen as a positive.
"The winters are the time when a lot of those applications fall away, and you can see which projects are actually long-term sustainable, like both in their models and in their teams and their people," the ethereum cofounder said.
Friends, and how do you spend the current crypto winter - watching from the sidelines or HODL and not a step back? :)
I will be glad to hear your opinion in the comments!
Good luck to all of Us!