Yesterday’s ICO for the Status token caused havoc in the Ethereum cryptocurrency space due to a mismanaged roll out for the offering.
The current market cap of 110 billion USD in the cryptospace at time of writing.
Of this, the Ether coin claims 31 billion (28%) before accounting for tokens running on the Ethereum network, and has suffered a major slowdown in all transactions across the said network with transactions taking up to 12 hours to process.
The slowdown caused a flash crash down to the two hundreds from the three hundreds with millions of disappointed Ether users selling at Ether’s new low and asking if they can ever trust the Ethereum blockchain again.
“I really believed in Ether, but now I don’t think I can trust it again” one Ether user has stated. On further questioning, he later said “But I might buy back into Ether if it makes a new high.”
In the meantime, Ether users are desperate to move from Ether into Bitcoin for fear of losing all their wealth.
Your writer expects that these sobbing investors whether millennials or geriatrics will move their ponzi-Bitcoins back into the Ether space once Ether makes new highs.