Connect with us

Blogs

Did Vitalik Buterin Make Ethereum Crash Further?

Published

on

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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Elite