TechFlow news — On August 5, Péter Szilágyi, a member of the Ethereum Foundation and lead developer of Geth, expressed deep skepticism about the cryptocurrency industry on social media, saying, "I often wonder if I chose the wrong industry." He compared the crypto sector to a casino, believing its contribution to humanity is negligible. While building new monetary systems takes time, he argued the industry should create genuinely useful products during this process, rather than focusing solely on value extraction.
Szilágyi questioned why current crypto systems haven't collapsed yet, pointing out that so far the industry has only achieved massive value transfer without creating any real value. He emphasized that achieving success through luck and moving funds into non-crypto projects cannot be considered a success for the crypto industry—it's merely wealth diversification by a few lucky individuals. He believes the industry has reached a point where it must start creating truly useful products, or else consider exiting the market. While Bitcoin attempts to position itself as a safe-haven asset, other projects are seen as merchants selling shovels in the absence of an actual gold mine.
