As of lately, many in the crypto community have been asking the question over social chat platforms – Is Ethereum dead? When taking a close look at the market drop of Ethereum as well as fraudulent ICOs that were running on the Ethereum network, the question becomes pertinent.
CEO of Morgan Creek Capital Management answers the question – Is Ethereum dead?
Mark Yusko, the CEO of Morgan Creek Capital Management answers the question by saying that Ethereum has a bright future. What’s more is that in 2024 Ethereum would have created TrustNet.
Yusko compared Ethereum to the World Wide Web of the TrustNet. This was reported on by the Oracle Times recently and is a good indication of the relevance of Ethereum at this time.
Joining the conversation was Dan Roberts, Dion Rabouin and Rick Newman from Yahoo Finance. They debated the topic of fraudulent Initial Coin Offerings (ICOs) that are based on ERC-20 tokens and run on the Ethereum network. It was also mentioned that there are in fact ICOs that are not fraudulent or a scam, also cash out their Ethereum.
Expanding on the TrustNet topic, Yusko said that this will do the same for the industry as back in 1996 when the Internet created opportunities. At the same time the Internet assisted in the digitization of the commerce. The TrustNet has the potential to do the same and Ethereum will build it up.
Yusko said back in 1993 and 1994, no one thought Google was important. Look where Google is now!
Panel reacts to Wolf of Wall Street’s take on cryptos
Also, in recent news, the infamous Jordan Belfort, the Wolf of Wall Street made headlines when he called Bitcoin a scam. In fact, he called Bitcoin the biggest scam of them all.
Reacting to Belfort’s statement, Rabouin emphasized that Belfort has never been a true cryptocurrency supporter. Rabouin said Belfort was referring to ICOs and not in fact Bitcoin nor Ethereum. He said Belfort was referring to utility tokens that may be scams.
Yusko said it is a fact that bad people will show up where capital is involved.
Ethereum co-founder, Vitalik Buterin has the last say
Vitalik Buterin, the Ethereum co-founder was quoted saying that the adoption strategy of Bitcoin and cryptocurrencies are not working anymore.
Buterin was addressing the audience at a recently held blockchain conference in Hong Kong. He was quoted agreeing with recent articles speculating that the explosive growth in the crypto market may have come to an end. Buterin said there may not be more opportunity for a 1 000 times growth in the blockchain space anymore. With that said, Buterin encouraged crypto enthusiasts to start applying blockchain technology.
Unfortunately, these statements left their mark on the price of Ethereum and the price of Ether hit a low of $199. Today, however, the price of Ether is standing at $191.14, according to Coinmarketcap.
What are your thoughts? Is Ethereum dead or still kicking? Let us know in the comment box below.