Ethereum core developer criticizes crypto industry's focus on 'extraction' over value creation

Péter Szilágyi, a core developer at the Ethereum Foundation, expressed skepticism about the cryptocurrency industry on his X account. He questioned whether he was working in the wrong sector, noting that industry participants seem more focused on becoming the next Vitalik Buterin (the co-founder of Ethereum) and on "value extraction" rather than creating something useful and generating value. Szilágyi remarked that the crypto industry resembles a casino for the gullible, where people buy Lamborghinis when prices rise and see their lives crumble when prices fall, without contributing to humanity. He questioned why the system shouldn't collapse, suggesting that merely being lucky enough to make money and shift investments to non-crypto ventures isn't a true success story. Szilágyi argued that if the industry cannot create genuinely useful products that people want to use, it might be time to shut down. He noted that Bitcoin, at least, strives to become a safe asset despite repeated failures, while the rest of the industry merely engages in pointless endeavors.