Ethereum’s co-founder says he’s done with crypto because it’s too risky – and only represents a small bit of what the world needs

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Anthony Di Iorio, co-founder of ethereum.

Anthony Di Iorio, a co-founder of the ethereum blockchain, is wrapping up his time in the cryptocurrency world due to personal safety concerns, and because he no longer wants to be known as the “crypto guy.”

He recently told Bloomberg he wasn’t too encouraged by the risk profile attached to the industry.

“I don’t feel necessarily safe in this space,” he said. “If I was focused on larger problems, I think I’d be safer.”

The 48-year-old Canadian has had a security team since 2017, and mostly been accompanied on his travels, Bloomberg said. He soon plans to sell his current blockchain venture Decentral to focus on philanthropy and other projects unrelated to crypto.

Decentral, founded in 2014, is a Toronto-based wallet and crypto services provider whose flagship product, Jaxx Liberty, counted about 1 million customers this year.

Di Iorio, who estimates his startup is worth “hundreds of millions,” expects to strike a deal in fiat money, or in equity, rather than in crypto. Forbes lists his own net worth as high as $1 billion.

He further told Bloomberg he wants to transition to being someone who takes on complex problems. He’s currently involved with an initiative called Project Arrow which is involved with a zero-emission concept vehicle run by a high-school friend.

Di Iorio co-founded ethereum in 2014 along with seven others in Switzerland in a rented house they called the “spaceship.” Among them, Vitalik Buterin is the only one still working on the blockchain. Ether, the network’s native token and the world’s second-largest cryptocurrency, held a market value of $221 billion as of Monday, according to data from coinmarketcap.com.

Ether has continued to grow in popularity this year, showing a 53% increase in trading volumes quarter-on-quarter to an average of $3.25 billion a day on global exchanges, a report from Coinbase shows. Meanwhile, bitcoin has seen a 14% decline in the same period to $4.01 billion.

“I will incorporate crypto when needed, but a lot of times, it’s not,” Di Iorio said. “It’s really a small percentage of what the world needs.”

Read More: An $875 mini bitcoin-mining rig is viral on TikTok. The video’s creator told us 3 reasons why it’s an appealing alternative for crypto traders, and explained its limitations.

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Crypto billionaire Sam Bankman-Fried discusses why dogecoin should be named asset of the year – and how its rise reflects the meme-stock trend

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Sam Bankman-Fried, founder and CEO of crypto exchange FTX.

Sam Bankman-Fried, the 29-year-old billionaire founder of crypto exchange FTX, said in a recent podcast that dogecoin should be named asset of the year, given the massive fanbase the meme token has managed to rack up.

“If there is an asset of the year for 2020 and 2021, it would be dogecoin,” he said in an episode of The Jax Jones and Martin Warner Show podcast. “That is the asset that accurately reflects our current economic climate. That is the asset that we have all chosen, that we all deserve – for better or for worse.”

Dogecoin was last trading 12% lower at 22 cents on Monday, amid a broad cryptocurrency sell-off triggered by China’s intensification of its crackdown on crypto mining and services. The digital token is still up around 4,700% so far this year.

Bankman-Fried said he wasn’t attempting to either endorse or reject dogecoin, or even take a position on it. “I’m just saying everything we as a society have decided over the last year has been dragging us closer and closer to the dogecoin financial standard.”

The meme token has seen its popularity explode this year after influencers including Elon Musk and Mark Cuban drove attention and support its way via tweets. Dogecoin investors bet on being able to cash out by selling to the next person looking to invest, so they can make a quick buck, and those comments drew a lot of new entrants to the market.

Cardano creator and ethereum cofounder Charles Hoskinson is among those who have warned that this situation is a bubble waiting to burst and that investors will be left holding the bag if they don’t exit in time.

Digging into why and when retail investors turned their attention to dogecoin, Bankman-Fried said celebrity endorsements are fundamental to the token’s future growth.

“Elon is a powerful piece of this – he is actually the most influential man in the world when it comes to financial assets right now,” he said. “Everyone kind of knew he’d choose Dogecoin. And we chose Elon. We signed up for this. We signed up for some amount of self-aware mockery, for some amount of a sense of humour, and for some amount of challenging norms.”

He agreed that dogecoin’s value is not based in its underlying technology, and suggested people don’t invest in it for the product or its roadmap. “They buy it because it is just a funny looking dog and the fact that it is pronounced ‘doge’. That’s why they bought it,” he said.

Bankman-Fried also discussed GameStop stock’s sudden price spike, and decribed how day-traders are deciding what the value of such assets should be.

“The only surprising thing was that it wasn’t a cryptocurrency, because that pattern happens all the time in crypto -it’s not unusual,” he said.

He went on to talk about how Reddit traders banded together to ignite the video-game retailer’s trading momentum, and how that connected with dogecoin trading.

“The moment that Robinhood banned buying of GameStop, hundreds of millions of dollars flowed instantly into dogecoin. Directly out of GameStop into dogecoin. Because those are the same types of assets. People see them very similarly,” Bankman-Fried said, adding that millions of day-traders en masse can decide the valuation of an asset after discussing it on social media.

Read More: The CEO of the world’s oldest active crypto exchange breaks down why going public is ‘a dangerous distraction’ – and shares the 3 types of cryptocurrencies with real-world use cases that he’s excited about

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Altcoins associated with a 29-year-old self-made cryptocurrency billionaire are surging in popularity

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Solana cryptocurrency chart.

Altcoins associated with crypto whiz Sam Bankman-Fried, the head Alameda Research and the FTX derivatives exchange, are surging in popularity, according to data from CoinMarketCap.com.

Bankman-Fried’s Solana has jumped over 35% in the past week moving it to the 14th spot in CoinMarketCap’s list of the top cryptocurrencies worldwide. The altcoin now has a market cap of over $12.4 billion.

Serum, a cryptocurrency used by Bankman-Fried’s decentralized derivatives exchange is also up more than 40% in the past week, hitting a market cap of $468 million.

Finally, the price for FTX coin, which is used on Bankman-Fried’s FTX derivatives exchange, has jumped over 40% in the past month to hit a $4.9 billion market cap.

Bankman-Fried started Alameda Research in 2017 after a three-year stint at the quantitative-trading firm Jane Street Capital. Since then he has established himself as a top trader in the crypto space.

In a recent appearance on Bloomberg’s “Odd Lots” podcast, Bankman-Fried told Tracy Alloway and Joe Weisenthal that he used Bitcoin arbitrage opportunities in Korea (known as the kimchi premium) to net returns of 10% a day from his multi-million dollar portfolio.

The 29-year-old is now one of only a few self-made cryptocurrency billionaires, according to data from Forbes.

Bankman-Fried told Bloomberg that he believes the rally in his solana cryptocurrency is “partially a delayed reaction to the work that’s been put into the ecosystem over the last year, and the need to find scalable solutions for DeFi as the ecosystem grows.”

DeFi or decentralized finance refers to blockchain-based trading and lending platforms that are automated by software.

DeFi applications continue to disrupt the finance industry. If you want to learn more, check out Insider’s recent breakdown of the Defi phenomenon and the 10 largest assets in the space.

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