- “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.
Comments
- 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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