Market
Focus on Value, Not Speculation
Ethereum (ETH) core developer Peter Szilagyi is disappointed with the crypto industry, advocating for actual value in a sector that can be so much more.
The crypto industry has come a long way since its inception, from the creation of Bitcoin to the development of various blockchain projects and applications. There are still challenges, but the industry keeps growing and changing, guided by goals of decentralization, transparency, and financial empowerment.
How Crypto Started and How It’s Going
The ethos behind crypto was to provide a decentralized and secure alternative to traditional currency and financial systems. The potential for blockchain technology to disrupt various industries and empower individuals with financial sovereignty was the main goal.
In the early years, the focus was on building the infrastructure for cryptocurrencies and exploring their potential use cases. Bitcoin gained popularity as a digital currency and store of value, while Ethereum introduced smart contracts, enabling developers to build decentralized applications (dApps) on its blockchain.
The industry has seen quick growth, with new projects and tokens entering the market, fueled by the initial coin offering (ICO) boom of 2017. However, the ICO craze also brought about challenges, as many projects turned out to be scams or failed to deliver on their promises.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
This led to concerns about investor protection and regulatory oversight. The industry now faces scrutiny from governments and financial regulators worldwide. As the industry evolved, the focus shifted towards addressing scalability issues, improving security, and user experience.
Projects like decentralized finance (DeFi) emerged, offering a wide range of financial services without the need for traditional intermediaries. Stablecoins provided a stable means of value transfer within the volatile crypto market, while privacy coins enhanced transaction anonymity.
Despite these advancements, Peter Szilagyi is disappointed that the speculative aspects of crypto take precedence over what could be its true value.
“Yes, it takes time to ‘build a new monetary system’. For sure… but how about we make a few useful things along the way? Everyone is so focused on becoming the next V that nobody wants to build useful stuff, everyone’s in it for value extraction,” Szilagyi lamented.
Ethereum’s Peter Szilagyi on Crypto: “A Damn Casino”
“Crypto is a damn casino,” he says, referring to how traders cheer when the price soars and lives wrecked when prices crash. In his opinion, the industry is about so much more. This criticism concerns the speculative nature of the market, characterized by extreme price volatility and a focus on short-term gains.
“Bitcoin at least tries (and fails) to be a safe haven asset, the rest are all selling shovels with no gold rush in sight… My feeling is that the speculative aspects outrank the true values way too heavily and we seem to like it because it makes money. I fail to see any value creation thus far… Mind you, making it big by luck and moving your funds into some non-crypto venture is not a success story for crypto. It at best is a success story for a philanthropic lucky person, but more likely a simple diversification of said person,” Szilagyi added.
With this, he observes that digital assets as a system could collapse if everyone’s focus is on “value extraction” instead of building useful stuff. The Ethereum executive calls for the industry to create something genuinely useful that people want to use.
Nevertheless, Erik Voorhees challenges Szilagyi’s casino outlook, highlighting some of the valuable projects in the industry with actual use cases. Among them are stablecoins, DeFi lending, DEXs, privacy coins, wallet apps, financial intelligence systems like Dune or Messari, and high-throughput blockchains. Voorhees is the founder of Swiss digital asset trading company ShapeShift and Venice, a permissionless alternative to popular AI apps.
But Szilagyi writes off DEXs, privacy coins, and wallets. DeFi data developer Geninsus.sol on X agrees.
“When I talk about crypto to non-crypto people, I always say we have 99% of useless things and 1% of potentially useful things. The most bullish use case for me is the possibility to lend/exchange money from peer-to-peer without any central organization taking a split and all automated,” the developer said.
Szilagyi’s critique of the industry reflects concerns about the prevalence of trading and speculation over genuine value creation. This debate mirrors the ongoing tension between speculation and utility within the crypto space and raises good rhetoric:
“How does the crypto industry impact 99.999% of the world population who doesn’t have money to gamble?”
Read more: 4 Best Crypto Learn and Earn Platforms in 2024
The future of the crypto industry will likely be shaped by efforts to balance innovation, regulation, and user adoption. Building sustainable projects with tangible benefits for users will be crucial for long-term success.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Banana Gun Rises After Justin Sun’s $6.2 Million Art Purchase
Justin Sun, founder of TRON and Poloniex CEO, has purchased the viral art piece Comedian—a banana duct-taped to a wall—for $6.2 million at Sotheby’s.
Following the purchase, Sun announced on X (formerly Twitter) that he plans to eat the artwork. This has ignited a frenzy of memes, commentary, and market reactions, even causing the crypto token Banana Gun to spike in value.
Crypto Reacts: Banana Gun on the Rise
Maurizio Cattelan’s Comedian gained international fame in 2019 when it was first displayed at Art Basel Miami. Its simplicity and absurdity—a banana taped to a wall—sparked debates about the nature of art. The so-called artwork became viral when performance artist David Datuna ate it in a stunt dubbed Hungry Artist.
Sun’s pledge to eat the $6.2 million fruit has also drawn parallels, adding another layer of humor to the piece’s history. The Tron founder even said he’s willing to donate the banana to Elon Musk and send it to Mars.
Meanwhile, several users even recreated their own version of Comedian and shared it on social media. One fan followed up by taping bananas around the Massachusetts Institute of Technology (MIT) campus, encouraging others to “tape all over the world” and start a movement.
What they are campaigning for, precisely, remains to be seen.
“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. Stay tuned,” Sun said on X.
The ripple effects of Sun’s purchase eventually trickled beyond the confines of art and humor and into crypto markets. The token Banana Gun, which shares its name with the theme, surged nearly 16% following the news. Traders and enthusiasts, ever attuned to cultural moments, appear to have seized the chance to capitalize on the buzz.
Sun’s acquisition and the banana’s virality bring to mind another recent development in the art-crypto nexus. Earlier this week, Ethereum co-founder Vitalik Buterin allegedly minted 400 Patron NFTs. This development sparked hopes of a resurgence for the NFT market.
This aged well…. $BANANA is an insane project. For me, this is in the same league as $ZIG. Fundamentals are truly insane. No matter which narrative will cook next, $BANANA will profit from it,” said one trader on X.
The combination of Sun’s high-profile purchase and the market’s reaction to Banana Gun demonstrates how art, humor, and technology continue to blur boundaries. Whether Sun’s banana-eating spectacle will leave a lasting impact or peel away (pun intended) into meme history, one thing is certain—the intersection of crypto and culture remains as unexpected as ever.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Price Hits 41% Weekly Growth, $1 Target in Sight
Cardano (ADA) price has surged 41.89% in the last seven days, signaling strong bullish momentum in the market. The uptrend remains strong, supported by key technical indicators like the ADX and Ichimoku Cloud, which point to sustained positive sentiment.
However, signs of consolidation and narrowing gaps in short-term indicators suggest that the rally could face challenges if buying pressure weakens.
ADA Current Uptrend Is Still Strong
Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The metric has remained above 40 since November 7. This high ADX value confirms the robustness of ADA ongoing uptrend, signaling solid momentum behind the recent price movements.
With the positive directional index (D+) at 21.3 and the negative directional index (D-) at 11, bullish pressure continues to outweigh bearish activity, further supporting the upward trajectory.
The ADX measures the strength of a trend without considering its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or nonexistent trend. With an ADX at 42.7, ADA is clearly in a strong uptrend, showing significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA price could sustain its upward movement if current conditions persist.
Cardano Ichimoku Cloud Shows An Important Signal
The Ichimoku Cloud chart for Cardano indicates a generally bullish trend, as the price remains above the cloud (Kumo). The Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA’s recent rally.
While the price is still trading above these lines, the narrowing gap between the price and the Tenkan-sen suggests weakening short-term momentum.
The green cloud ahead signals potential support for ADA uptrend, but the current consolidation phase highlights the need for sustained buying pressure to maintain this momentum.
If the price drops below the Kijun-sen or approaches the cloud, it could signal a possible shift toward bearish sentiment.
ADA Price Prediction: Can It Reach $1 In November?
If Cardano (ADA) maintains its strong uptrend, it could test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 threshold, marking a 20% rise from current levels and the highest price for Cardano since April 2022.
However, as indicated by the Ichimoku Cloud, a potential reversal could be on the horizon. If bearish momentum takes over, ADA price could face significant downward pressure, potentially dropping to $0.51.
If this support fails, the price could decline further to $0.32, representing a steep 59% correction. This highlights the importance of the current support and resistance levels in determining ADA’s next direction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why SUI Network Outage Did Not Cause a Price Crash
Earlier today, the Layer-1 blockchain Sui experienced a two-hour blackout, halting block production and rendering transaction processing impossible. This network outage led to a slight dip in SUI’s price, falling from $3.73 to $3.64.
Despite concerns of a more significant decline, the price stabilized after the project announced that the network was fully restored and operational.
Sui Comes Back Online, Altcoin Still in Good Position
Around 10:52 UTC, web3 security firm ExVull disclosed that a DOS bug caused the Sui network outage. Fully known as a Denial-of-Service (DoS) attack, the bug” refers to a software attack that overwhelms a system with excessive traffic or requests, causing it to become unavailable to legitimate users by crashing or severely slowing its functionality.
“After our analysis, it was found that the Sui Network node occur DOS due to integer overflow,” ExVul stated.
Following this development, several exchanges halted SUI transactions as the price also dipped a little. However, nearly two hours later, the project updated its community, saying that validators had assisted in resolving the issue.
“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” it explained.
Meanwhile, data from Messari showed that, amid the outage, the Sharpe ratio remained positive. The Sharpe ratio is a key measure of risk-adjusted return, indicating how much excess return an investment generates relative to its volatility.
It helps investors assess whether the returns of a riskier asset justify the risk taken. A higher ratio signifies better risk-adjusted performance. Typically, when the ratio is negative, it means that the risk might not be worth the reward.
However, since it is positive for SUI, it indicates that accumulating the altcoin around its current value could still yield positive returns.
SUI Price Prediction: Run Above $4
On the daily chart, SUI continues to trade within an ascending channel. An ascending channel, also called a rising channel or channel up, is a chart pattern defined by two parallel upward-sloping lines.
It forms when the price shows higher swing highs and higher swing lows, indicating an ongoing uptrend. Furthermore, the Chaikin Money Flow (CMF) has increased, suggesting that buying pressure has outpaced distribution.
If this continues, SUI’s price could climb above $4. However, if a Sui network outage occurs again, this might not happen. In that scenario, the value could drop below $3.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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