Altcoins

Ethereum Co-Founder: Saying Cryptocurrency is a Bursted Bubble is “Shortsighted”

NewsBTC | March 19, 2018 | 10:47 am
Altcoins

Ethereum Co-Founder: Saying Cryptocurrency is a Bursted Bubble is “Shortsighted”

NewsBTC | March 19, 2018 | 10:47 am

The co-founder of ethereum has made the argument that the cryptocurrency market hasn’t burst its bubble following a slump in market prices last week.

Speaking to Bloomberg, Joseph Lubin, the co-founder of ethereum, explained that it would be ‘shortsighted’ to say that the market had popped.

“It may be hard to tell because we’re so focused on ethereum, we’re so focused on building decentralised applications on the ethereum platform and we’re so much less focussed on cryptocurrencies like bitcoin,” he said. “But I would argue that we’ve seen a correction in our space, calling it a bubble to have been popped is a little bit shortsighted.”

He added that there was “foundational, fundamental work being built” and that it was still early days for the ecosystem.

His comments come at a time when the cryptocurrency market has experienced a downturn in price. Amid heightened pressure from authorities to regulate the market as well as a major selloff in coins, market prices have fallen. Over the weekend, bitcoin was trading at $7,400 while the price of ethereum had dropped to $465. At the time of publishing, ether’s value has improved slightly, at $534, according to CoinMarketCap.

Notably, though, it’s still a significant distance from the above $1,000 mark it has been experiencing of late. Bitcoin is currently trading at $8,270, which has seen a surge in price after G20 nations announced they would not be cracking down on cryptocurrencies.

Regardless of the drop in market values, Lubin appears happy with the direction that the industry is taking, particularly in relation to regulations.

“We are extremely happy about how things are going with regulators. There are many jurisdictions that are excited about the tokenised security of the utility tokens that wouldn’t be considered securities,” he said. “That’s actually true in this country as well, in the United States. There are many great applications being built worldwide on ethereum and with other blockchain technologies.”

He added that due to the number of fraudulent projects in the sector it’s ‘perfectly reasonable’ for a pause to occur, and that it was important for projects to do ‘their legal homework and issue tokens properly.’

Despite Lubin’s optimism it remains to be seen when and how market prices will recover. With the market still highly sensitive to changing environments, Ethereum prices could continue to fall along with other major cryptocurrencies if the market fails to secure a strong short-term rally.

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  • cryptobubble

    Ethereum sold 60 million utility tokens in it’s own ICO, and it’s dev pocketed an additional 12 million premined coins for themselves; giving us a total of 72,000,000 premined tokens. This is a classic ponzi scheme. Invest now in ‘hype’ and make the founders wealthy.

    • Matt Le

      Yehh… You have 10’000 developers at the moment working for your calling ponzi scheme , you NOB. They are all educated much better than you and they completely understand what future will look like. I can suggest you going back to your cave and unplug that item you’re calling pc.

      • AmericanPenguin

        Calling people names gets you zero respect.

        • Hurt Burt the Great

          calling people out for calling peoples names gets you zero respect (and calling people out for calling people out gets you zero respest) on and on the cycle goes! Crypto bubble is an idiot

          • AmericanPenguin

            Calling out people for calling out people for calling out people will get you zero respect.

          • EthereumIsAScam

            You mad you invested in that vaporware bro? Its got smart-contracts, it’s what plants crave. I know, it’s crashing, the scam is ending, you lost money, get over it.

            Seriously, the only people that think Ethereum & it’s Dev’s are ‘brilliant’ are rubes.

            The platform has been hacked 3 times, it had a massive premine, and despite all of the ‘world supercomputer’ propaganda by it’s stultified supporters, it has managed to do nothing but become a platform for launching more ICO scams.

            It’s dev’s speak in circular fallacies using technical ‘sounding’ language they invent to dazzle the credulous rubes.

            A legitimate business product ‘solves’ a problem, it doesn’t invent a problem that doesn’t need solving…. or perhaps I could interest you in this 8 sided wheel? It’s new, it’s hot, it’s the smart-wheel.

            “There’s a sucker born every minute” – PT Barnum.

          • Hurt Burt the Great

            Didn’t lose money “bro”!

            I’d say it will solve quite a few problems.

            Most people are pretty stupid, seems like you fit in nicely with the masses!

            Also, great self awareness on the whole “sucker” quote, it’s good to be honest with yourself!

  • Alistair McGregor

    The verb burst is usually uninflected in the past tense and as a past participle Bursted is an old form that still appears colloquially, but it is widely considered incorrect and is best avoided in formal writing. It always bears replacement with the uninflected burst.

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