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Ethereum Plummets After Co-Founder Buterin Says Days Of Explosive Growth Are Over

Goldhedge

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Ethereum Plummets After Co-Founder Buterin Says Days Of Explosive Growth Are Over

by Tyler Durden
Sat, 09/08/2018 - 14:11


The pain for ethereum fans has been relentless in 2018, with the cryptocurrency sliding more than 80% from its January highs.

Then, moments ago even more pain was unleashed by an unlikely source after Vitalik Buterin, Ethereum's 24 year old co-founder, said that "the days of explosive growth in the blockchain industry have likely come and gone now the average person is aware of its existence."


Vitalik Buterin

In an interview with Bloomberg at an Ethereum and blockchain conference in Hong Kong, Buterin said that "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." What this means is that "there isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore."

Commenting on the first six or seven years of growth of Bitcoin and other cryptocurrencies, Buterin said that it was dependent on marketing and trying to get wider adoption, but "that strategy is getting close to hitting a dead end."

Instead, the co-founder of the second most valuable cryptocurrency said that the next growth phase will be getting people who are already interested in cryptocurrencies to be involved in a more in-depth way: "Go from just people being interested to real applications of real economic activity", a point he has made regularly in the past even as he frequently slammed the stratospheric growth observed in cryptocurrencies in 2017, if not so much 2018.

Ethereum has tumbled more than 80% in the past 9 months, with losses accelerating last month as some start-ups paid in the digital currency during their Initial Coin Offerings cashed out to cover expenses, and on concern about broader price declines among virtual currencies, according to industry watchers cited by Bloomberg.

Following Buterin's commentary, Ethereum plunged another 8%, dropping as low as $200, with the comments by its billionaire founder making him 8% poorer in a matter of minutes.

 

Buck

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wow, which pimple told him that?
 

anywoundedduck

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Ponzi
First in, pump, first out, rinse, repeat.
There are over 1,000 Cryptos looking to suck you in.
Worthless fiat.
 

Joe King

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There are over 1,000 Cryptos looking to suck you in.
So?

All that shows is what happens in a new market that has virtually no barriers to entry. You're used to seeing protected markets that have barriers to entry. Sometimes high ones.

The same thing happened when cars started becoming a thing. There were more car mfgs than you could shake a stick at. Where are they all today? Sorted out by market forces, The 3 we have left were the survivors.

Same thing will happen with cryptos. There will likely be a period where many of them will just go away, with the ones that people use surviving.

It seems to me that many people expect the new crypto market to act just like a fully matured market without having to go through stuff that is normal in anything new.

Look at how the internet has gone. A few years in, euphoria was over the top and we ended with the dot.com crash. Did it kill the internet? No, not at all. It was a sorting out. A separating of the wheat of the internet from the chaff of the internet. Same thing will happen with cryptos.
 

anywoundedduck

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So?

All that shows is what happens in a new market that has virtually no barriers to entry. You're used to seeing protected markets that have barriers to entry. Sometimes high ones.

The same thing happened when cars started becoming a thing. There were more car mfgs than you could shake a stick at. Where are they all today? Sorted out by market forces, The 3 we have left were the survivors.

Same thing will happen with cryptos. There will likely be a period where many of them will just go away, with the ones that people use surviving.

It seems to me that many people expect the new crypto market to act just like a fully matured market without having to go through stuff that is normal in anything new.

Look at how the internet has gone. A few years in, euphoria was over the top and we ended with the dot.com crash. Did it kill the internet? No, not at all. It was a sorting out. A separating of the wheat of the internet from the chaff of the internet. Same thing will happen with cryptos.
I don't agree, because Cryptos have an inktrinc value of zero. They never had any worth, and never will, when all is said and done.
In the mean time, nobody should invest in anything that is still in a "separate the wheat from the chaff" phase.
 

Joe King

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In the mean time, nobody should invest in anything that is still in a "separate the wheat from the chaff" phase.
That's where the money is to be made. It'd be like investing in fast food in 1950. A small amount could have turned into a small fortune.
...and bitcoin was never intended to have intrinsic value, but rather extrinsic value. You do understand the difference, yes?
 

Professur

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A fool and his money ..... see ya