Ethereum Prices sudden dip to 0.01$ caused a brief panic this week.

in ethereum •  7 years ago 

The internet infrastructure supporting cryptocoins - is undergoing a serious review. GDAX the top trading platform in the united states has been experiencing issues off and on for the past 6 weeks now. This week saw the worst crisis when millions of dollars worth ethereum were sold by a single seller apparently. This trade caused a whole lot of upsets in the public ledger of ethereum - causing the price of ether to drop briefly to 0.10 wiping out millions of dollars in investments.

The very next day coinbase released a post saying they are not focusing on releasing any more products for Q3 2017, and instead are focusing exclusively on getting their infrastructure in shape, and, to scale. Scaling any new technology for millions of global users, while, interfacing with a globally distributed network of computers is indeed a large challenge.

Especially when there is big money to the tunes of millions of dollars involved, and, when paper backups or monthly statement of accounts or other modes of proof, typical of other forms of assets e.g. stock or trade don't exist.

While these are all signs of increased usage, the ethereum network now is going through its own growth pangs. How to scale without transaction delays. Luckily - mining and transaction confirmation delays didn't hold up the network, but instead it was the core trading platform for the ecosystem that caused the crash. Once this core peice of infrastructure gets robust enough and scales upward - we will see the markets resume its action.

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