Vitalik Buterin gave a word of encouragement to the Ethereum blockchain and the crypto sphere as a whole.
Talking to Fortune on Wednesday, Buterin said “Crypto has had ups before, and it has had downs before, and it will have ups and downs again,” he also added that “The down periods are certainly challenging, though they are also often the periods where the most meaningful projects get nurtured and built.”
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Drawing from the collapse of the Terra blockchain to Celsius pausing withdrawal, which indicated the rumor of bankruptcy. Not long after the aforementioned events, the Three Arrows Capital fiasco surfaced, leaving the crypto a sense of doubt about the future of the emerging firm.
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Despite all the Downsides, Vitalik, Ethereum Co-founder is still optimistic.
Ethereum is trading presently at $1,149, a 76% down from its ATH in the last number. Last week Ethereum dropped below $1,000, and on Saturday fell to around $897.
The confidence of the Ethereum CEO is still intact about the Ethereum blockchain; it “will continue becoming a more mature and successful blockchain ecosystem that is ready to meet the hopes and dreams that millions of people have for the crypto space over the next decade.”
The good side of crypto is more than the bad side: Buterin
Buterin previously said in early June, that the system can not be built without the happening of the negative cases. Drawing a case study from the recent crash of Luna, he added that the healthy moment in crypto is an indication that the downsides are real.
Referring to the general crash in the crypto firm, Situations like this have “silver linings,” Buterin said, adding that “at least in my experience, [what] always happens is this morally clarifying moment where you can see how different people responded and you get a much better view of what their character is and what kind of people they are than you do during the good times.”
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According to the discussion between Vitalik and the Fortune, Vitalik stated
“I think the loudest applications of crypto are, in reality, far from the most common ones. People are trading $3 million in monkeys. Things are getting hacked for $20 million once in a while. All of that stuff is real.
“But the more common stuff that I think crypto does is not that… just stuff like random people around the world who are now finding it easier to just move money internationally and have businesses that collaborate across borders or store their savings and so forth. People who do them do them quietly, but it’s also very real.”
Besides the comments of the Ethereum CEO, some other Persons in the space said something similar to him.
As stated by Mark Cuban, A billionaire investor;
“Disruptive applications and technology released during a bear market, whether stocks or crypto or any business, will always find a market and succeed,”
“In stocks and crypto, you will see companies that were sustained by cheap, easy money—but didn’t have valid business prospects—disappear. Like [Warren] Buffett says, ‘When the tide goes out, you get to see who is swimming naked,’” Cuban said.