- “The days of explosive growth in the blockchain industry have likely come and gone now that the average person is aware of its existence, according to Vitalik Buterin, co-founder of Ethereum”, reports Bloomberg.
- Buterin’s basic point is that now the average person is aware of cryptocurrencies, speculators hoping for further value appreciation based on marketing and wider adoption are “getting close to hitting a dead end”.
- In Buterin’s view, for crypto to progress, those who are already interested need to expand their involvement to “real economic activity” with crypto.
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- Buterin seems one of the most sincere and well intended people in the crypto world, and also one who is not afraid to take the needle to the balloon of inflated hopes and misguided ideas.
- I think he’s right. New demand for crypto requires new interest and new interest needs a new dynamic or role for crypto to come in to play.
- Valuations of Bitcoin and Ethereum based on their gaining of a very small share of the global money/currency markets were, in my view, also flawed in their failure to accept crypto’s inability to scale, and security issues in the eco-system.
- The Bitcoin blockchain, and Buterin’s Ethereum blockchain, both have projects underway to try to address the scaling issue (e.g. Bitcoin’s Lightning Network and Ethereum’s project Casper and Raiden Network), but progress so far has been slow.
- In the meantime hopes for a recovery in crypto asset prices have rested on expectations surround the idea of mainstream institutional adoption of crypto trading, hopes undermined by regulators’ refusal to grant approval to various crypto ETF applications, and by recent news that Goldman Sachs was suspending plans to establish a crypto trading desk – a plan which Goldman’s CFO subsequently said never had a timeline.
What do you think?
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I would say that it depends on the coin. BTC won't jump up 100times because of the market cap and the huge amount of money that needs to be invested into cryptos to achieve such a huge jump. But a small new coin can achieve these jumps if it offers enough cool stuff.
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I completely agree with you.
Thank you for sharing your opinion.
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I think the days of explosive x1000 growth might be over but we're still way far from adoption so there is plenty of room to grow.
I can see crypto easily doing another x50 within the next 5 years and x100 within 10 years as millenials start hedging their savings into crypto (best case scenario).
I think what he meant that the x1000 without « real » mass adoption and product usefulness will never happen again. If Steem build a great product as adopted as FB then steem at 500$ is possible :)
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I wouldn't hold my breath over STEEM, they lack everything that makes Facebook successful, first among this: proper analytic tools for marketers.
So yeah, comparing Steem to Facebook is quite a non-starter imo :)
Steem would be dead without indie developers...
But it seems as if Steem Inc. has no team...
Yeah, the company's account is still pretty plush though: https://steemit.com/@steemit
Hi @ vlemon, we should not take this statement as negative for cryptocurrency, although this statement for 1000 times gain is true, but the worth of cryptocurrency will never decreased day by day. Its value will be increased day by day as new users either they are individual or organisations are adopting this digital currency. But it will be boosted when institutional adoption will occur.
I agree with you. Just the « billionaire bitcoin » dream in 3 months is gone in my opinion :). That is what he says.
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I think he does have a point, but it's not necessarily a bad thing. I'd really like to see slower, more sustainable growth of genuinely good projects. The market would be less affected by short-term speculation.
These ones are under development 90% of the fake/scams/bad projects will be gone my next year :)
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Wow its great opportunity for us, thanks for your sharing opinion
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Have you even read the post...?
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even vitalik lost his old days confidence... so how high it can go.
He didn't, he lost the crazy "euphoria"