A new study by Psychology Now has found that 99% of Ethereum users do not understand what they are doing. The study focused on a group of 1000 Ethereum users from various backgrounds and countries, who voluntarily joined the study that was started in 2020. 30% lost their holding in hacked smart contracts, sending funds to scammers, and or getting rug pulled by Blockfi, Celsius or one of those yield platforms.
50% of participants had never actually taken funds into custody on a wallet outside of exchanges they were purchasing the cryptocurrency on. There were other strange findings from the study. A large percentage of participants struggled with alcoholism, low testosterone, and their wives often times having boyfriends.
No participant out of the 1000 replicated what they thought the value proposition of Ethereum was, and 28% of participants were strongly opposed to Bitcoin because of Bitcoin maximalism. 14% of listeners reported listening to Anthony Pompliano's podcast.
The study showed that individuals using the Ethereum network did not understand the underlying technology and were solely interested in increasing the value of fiat they owned. Many characteristics of the participants have also been observed in gambling addicts.
Different treatment centers have been popping up around the country to treat individuals who gamble in cryptocurrencies and stocks. It is rumored that Udi was admitted to a facility for 14 days after Ordinals collapsed.
Questions have been raised on whether the SEC will restrict trading ETH due to the fact that so many investors appear to be unaware of what they are doing. This study will likely give Elizabeth Warren more ammunition for her war on cryptocurrency.