I think that ETH's recent crash happened for various reasons, but the fact that people tie it, even if superficially, to the fake news post on Reddit that Vitalik Buterin died, says a lot about ETH's weakness as a currency.
If the post about Buterin dying had any impact on people selling off ETH, as some people think may have been the case, then that's extremely dangerous. No currency should be tied to any one person so closely, simply because a currency should stand on it's own. Any deep connections with any one individual will weaken the value of the currency. In fact, I am starting to think of ETH not as a currency but as a product. On the other hand I do see Bitcoin as a currency, but more in line with gold than the dollar. When you tie a currency to any one individual too closely it becomes centralized defeating the very purpose of cryptocurrencies.
I believe in ETH for the long term but feel they need to stop tying in ETH so closely to it's creator, it can only weaken the currency because we are all human, a currency needs to stand on it's own. As a technology, I find ETH to be very exciting, there are a great number of new coins. tokens, apps that are using it's technology to power their own ideas.... so in the long term I am very excited for ETH but think some changes must take place for it to be a viable currency.
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Week old news, but glad he is alive.
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You're not getting the point of the post. It's week old news but it's a lesson learned on a weakness of ETH.
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yes true, i did just see the same picture and right away thought of what i see everywhere else. My bad :(
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Yeah man, I think tying any currency too closely to any individual makes the currency weak... It's more a product than a currency.
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I think that is why satoshi never showed who he/she or they were for this same reason. Makes Bitcoin more valuable.
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This post received a 4.0% upvote from @randowhale thanks to @wvm! For more information, click here!
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ETH crash was because of hacked coinbase!
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Yeah as I stated in my blog, there are various reason for ETH's crash, that is definitely one of them, so is the fact that ETH grew to fast and is currently overvalued. I think there is another crash happening now that will bring ETH to it's real value.
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True, true! realy? do you think it's possible to trade on it?
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who knows man, I'm just following my instincts and thoughts, you need to follow yours.
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I see, ok, thank you.
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Ethereum price crash was not related to the fake news. All cryptos were down, just some more than others. Ethereum in particular was partially because of impatient speculators who only bought in to make a quick buck but did not hear any news (such as the impending EEA3 announcement) for a couple of weeks.
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Yeah but as I said there was speculation on the fake news having an impact, that is my point. I feel the crash happened for many reasons, most currencies were down but not as much as ETH dropped. I think ETH is overvalued and is due another crash soon if not right now to bring it down to it's real value. I think that value is about $150 - $170. A similar thing happened to BTC last year when it crashed from $1500 to $600.
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