Connect with us

Blogs

Did Vitalik Buterin Make Ethereum Crash Further?

Published

on

unifox-ad
Ethereum crash
READ LATER - DOWNLOAD THIS POST AS PDF

The writing is on the wall that we are in a bear market. The crypto community is aware that for there to be some sort of relief from the current decline, there needs to be some good news not only from Wall Street but from the founders of some of our favorite projects.

Vitalik Buterin happens to be the co-founder of one of Ethereum and his latest comments have not gone over well. Matter of fact, some are saying that he has made the Ethereum crash worse. Some have simply disagreed with him.

Going back to the crypto market, all has not been well since it peaked back in late December to early January. Regulatory fears caused a total capitulation of most crypto traders from Japan, South Korea, and China. Fast forward to the month of September where the crypto community is waiting for the SEC to rule on the CBOE sponsored Bitcoin ETF. Such tension has culminated in a very shaky market as can be seen when with the fake news that Goldman Sachs was shelving plans for a BTC and Crypto trading desk.

To add insult to injury, Vitalik Buterin – in a September 8th interview – told Bloomberg that we are on the cusp of a blockchain ceiling and that the days of 1,000-times growth are behind us. His exact words were:

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”

He also added that the strategy of getting crypto adopted through marketing is hitting a dead end. What needs to be done, is more people getting involved in crypto in a more in-depth way where people are more interested in real applications of real economic activity.

Comments Were Ill-Timed

As much as Vitalik’s words are true from a technical point of view, given the current bear market, such words are not what investors and HODLers want to hear. More so, if the said investor is more interested in crypto from a financial angle of profits rather than from the technology part as many enthusiasts are.

What then probably happened, is that the believers of Ethereum watched as their favorite digital asset took a massive hit as the more profit-oriented investors took off. This is more or less what happened when Elon Musk was reported to be smoking marijuana and drinking whiskey during a podcast. The value of Tesla’s stock dipped instantly and there are rumors the American air-force wants to investigate his company: Space X.

Summing it all up, and what we are trying to say, is that the comments from Vitalik Buterin were correct from a technical point of view but ill-timed in a bear market. ETH is currently struggling to get back to levels above $200 with many predicting that it might get worse before it gets better for the digital asset. This might be so with a pending decision at the SEC for the CBOE sponsored Bitcoin ETF. If they were to reject or postpone the ETF, the crypto markets would be affected negatively by some degree.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Blogs

Stablecoins Rivalry: Which New Coin will Replace Tether (USDT)?

Published

on

stablecoins
READ LATER - DOWNLOAD THIS POST AS PDF

After the recent Tether (USDT) incident, a lot of investors started paying more attention to stablecoins. However, they were quite popular long before USDT started losing its value, and a lot of new ones were in development for a while now. These days, the stablecoin invasion is in its full swing, with around 57 coins being around — either already in circulation, or about to enter.

While most crypto investors already know this, we should explain that stablecoins are cryptocurrencies that are backed by another asset. This other asset is often a fiat currency, such as the USD. This is done so that their price would always be the same. with each coin being backed by the same amount, which is usually $1. That way, the coin is able to escape volatility, and ensure stability, hence the name.

While there were numerous stablecoins in circulation already, the one that made them known and popular was Tether (USDT). This is a coin issued by the Tether company, which claims that it can back each coin in circulation with 1 USD. However, since the company failed to provide proof that it actually has enough money to do so, the coin lost its credibility, and investors started dumping it.

This has left an empty spot in the space, and numerous stablecoins rushed in to fill the gap left by Tether. Today, we will review some of these coins.

1. Tiberius Coin…

Continue Reading

Altcoins

5 Reasons Why BAT is A Good Investment

Published

on

BAT
READ LATER - DOWNLOAD THIS POST AS PDF

In their search for the next great investment opportunity, people often tend to run into Basic Attention Token (BAT). A lot of investors have developed a significant interest in the coin, and are wondering if things are truly as good as they seem.

With so many scams and fake coins out there, as well as bad investments that seem good at first, it is a good idea to be skeptical. However, in the case of BAT, many agree that the coin is an excellent investment that should not be missed or overlooked. So, today, we will discuss why this is, and why you should add BAT to your investment portfolio.

1. The project’s goal

BAT has a goal to solve a problem that all of us are already very familiar with, and that is the issue of online ads. For a lot of people, ads are annoying, often irrelevant, and they tend to pop up in all the wrong moments. No to mention that they are intrusive, advertisers steal or buy your private data in order to process it and target you with more appropriate ads, and more.

Most people choose to deal with this by installing ad block extensions. However, what if there is a better way to go around it?

This is where BAT comes in. The project uses its technology to solve this problem by blocking ads unless users decide to interact with them by…

Continue Reading

Altcoins

How and when Electroneum (ETN) mass adoption will catch fire

Published

on

Electroneum
READ LATER - DOWNLOAD THIS POST AS PDF

Before we talk about how Electroneum is thriving towards mass adoption, let’s take on some basics. What is the meaning of “mass adoption” and what cryptocurrencies could really achieve it? The answer to these two questions will ultimately determine the destiny of the cryptoverse.

Sooner or later some tokens will become useful (and used by) a lot of people in the real world. That will create demand for those tokens and that demand will bring its value up. It will be the point at which the crypto market becomes mature, one that answers to real economic forces (such as supply and demand) instead of being a toy for speculators as it still is today.

So let’s start at the beginning. Mass adoption means that, given any kind of technology, product or commodity, at least seven out of ten people know what it and what they can do with it. This definition doesn’t take into account if they actually use it, only if they know about it. Think about Facebook, for instance. Not everybody you know has an active account there.

But chances are almost everybody you know understands what it is and that they could start using it anytime they wanted (if they’re not using it already) at a rate higher than 70%. Maybe a more explicit example is coffee. The percentage of coffee drinkers in the US is about 83% which is enough to ensure it’s mass-adopted. And everybody…

Continue Reading

Elite