If you've been following crypto news then you know that all the buzz right now is about ethereum and all the exciting and new projects it has to offer. This explosion in the news has sent crypto investors throwing all of their money into this technology but the question I've been asking myself is "Can we trust it?" after having witnessed the flash crash that occurred a few days ago.
Source: https://motherboard.vice.com/en_us/topic/ethereum?topic_id=58477f4f3bbbf901f85626cb
When we think about other blockchain technologies and what it took to get to where they are, this buzz around ethereum began to set off red flags for me. Since its inception, Bitcoin was scoffed at as a ponzi scheme and after many years of chugging along with the help of its hopeful supporters, it finally broke the $2000 mark, then later the $3000 mark. It proved that investors like us trusted this new idea of decentralized global currency and now that the genie was out of the bottle there was no going back.
The elite realized that the people were tired of their dinosaur banking systems and wanted a new way to exchange freely without any supreme rulership over our hard-earned money. Realizing they couldn't beat the system they decided to make their own, or at least hijack one. Now we are seeing big names like Microsoft, J.P. Morgan, and even Visa touting ethereum as the next big thing in banking technology. The latest rumors are that the secretive Bilderberg Group have gotten behind ethereum and now even Vladimir Putin is becoming a fanboy.
The idea of having a free and transparent system in which to conduct anonymous transactions is being hijacked by the very things that it was intially designed to put an end to. While investors could stand to make millions with these recent endorsements, I'm left to wonder if these same investors are setting themselves up for Great Depression 2.0.
As many of you may recall, a number of factors came together to cause the Great Depression. Banks were loaning people money with reckless abandon and the crash of the stock market certainly didn't help matters. Today, we see the government loaning students money with reckless abandon. We see students going to university for degrees like 18th century basket weaving, only to come out with a piece of paper entitiling them to work behind the counter at a Starbucks and zero hope of ever paying back the debt they owe. Combine this with the idea of a blockchain network which does not believe in rules or regulation, in which anyone, including the elite can pump millions of dollars into in order to encourage the public to also trust in this system and we have another economic collapse in the making.
While I believe in cryptocurrency and I believe in the idea of the decentralized system of blockchains, this is one that I will not be getting behind.
Sources/Further Reading:
https://jobs.smartrecruiters.com/Visa/743999653819682-blockchain-engineer?src=JB-10081
https://news.bitcoin.com/crypto-worlds-bilderberg-meeting/
http://fortune.com/2017/02/28/ethereum-jpmorgan-microsoft-alliance/
http://www.cnbc.com/2017/06/22/ethereum-price-crash-10-cents-gdax-exchange-after-multimillion-dollar-trade.html
https://cointelegraph.com/news/suddenly-vladimir-putin-meets-vitalik-buterin-endorses-ethereum
http://www.history.com/topics/1929-stock-market-crash
Thank you for your thoughts on Ethereum, but I think you are wrong. The reason so many companies and even nations are getting behind Etherium is because they see its true potential. You are making the same arguments everyone saw in the media two years ago about Bitcoin.
Also, if there is another financial recession looming ahead, it will only work to reinforce and grow the value of Etherum. Check out my article on the Elephant in the room: Is Bitcoin in a bubble?
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Right, it wasn't a criticism of the technology itself. I think it's a very flexible platform with a lot of potential uses. It's the backing by the global elite that leaves a bad taste in my mouth and I feel could leave plenty of opportunity to burn investors by opening up the market to people who normally wouldn't have considered getting into the crypto game. I feel as if they're temporarily adopting this technology until they can hire their own engineers who can create the same thing, and then when they pull out all of the people who got behind it are going to get burned, at least until it builds itself back up again.
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Everyone in the cryptocurrency community has been ranting and raving about "mass adoption" since the beginning, but when it actually starts approaching people seem to want to run away.
Governments and global corporations showing interest in Ethereum does not mean they will in any way actually invest in it. In most cases they are developing private chains to convert their own currency into a blockchain based digital currency like we are seeing in countries like Russia, United Arab Emirates, and China. However, the reason they are looking into Ethereum so much is because many of these new digital currencies will be interchangeable with ERC-20 tokens. Ethereum will always be independent.
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to each their own! I do think ETH is out of steam for the moment. Tho i am still holding some. What is your favorite #crypto?
follow me on twitter for more #crypto news, comments, memes, questions, and shittalking... https://twitter.com/bitchimlying
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I will follow you on twitter and steemit, but you can also follow back @zarch95
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done!
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Very good article. Same mindset here. You read this stories about people selling their cars to buy cryptos and I think to myself: Don't invest money you don't have. We really need more insights in the market and previous investment results. I found this great website: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto. Go to: https://www.coincheckup.com/coins/Ethereum#analysis For a complete Ethereum Detailed analysis.
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