Categories: Altcoins

Vitalik Buterin Responds to Backlash on His 1000x Growth Comment

Click here to view original web page at www.coinspeaker.com

Vitalik Buterin gives a logical explanation saying not just ‘euphoria’ but ‘actual usage’ will support the future growth of digital currencies.

Earlier this week, Ethereum creator Vitalik Buterin spoke about the future of cryptocurrency during his interview at the Industry Summit conference in Hong Kong. Buterin said that as the cryptocurrency buzzword has spread everywhere, the euphoric growth as seen in last few years may not be possible soon. He said: “There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”

Of course, Buterin’s words were not received with ease, resulting in a community backlash of cryptocurrency investors. In a series of responses to CCN sharing this article on Twitter, The Ethereum creator was criticized for his understanding of economics and crypto price movements. You can read some of the responses to the Twitter thread below:

Ethereum Creator Believes Days of 1000x Crypto Growth is Gone https://t.co/dQFTIeAjX4

— CCN (@CryptoCoinsNews) September 9, 2018

Vitalik Buterin Issues Clarification

Buterin was quick to respond to all the criticism and backlash thrown at him. To defend his previous comments, Buterin wrote a series of tweets saying:

“To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.”

“What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention.”

Although Buterin is criticized over his understanding of economics, he certainly sounds quite legit in his views. With his comment that 70% of the world’s wealth will not suddenly convert into cryptocurrency, Buterin took a good jibe of TRON CEO Justin Sun. He also talked that how media twists his words for their own comfort.

Me: obviously, let's be realistic, the entire world wealth is not going to turn into cryptocurrencies…

Media: VITALIK IS A PESSIMIST!!!!!1!!1!

Guys, if you spin things this way you're *incentivizing* people to act more like @justinsuntron

— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018

Buterin was clearly targetting Sun’s continuous hype around the crypto market that looks somewhat far-fetched beyond reasonable expectations, even if it might be comforting to crypto investors and enthusiasts. Binance CEO Changpeng Zhao also supported Buterin on his response.

You are obviously a victim of media. They slice one sentence you say and twist it to the max. Happens all the time. But poor Justin, lol. Just too funny.

— CZ Binance (@cz_binance) September 12, 2018

Justin Sun was quick to respond to Buterin’s tweet poking him saying that he believes that the entire world wealth will turn into cryptocurrencies. In his response tweet, Sun stated that the cryptocurrency market will touch $10 trillion market cap even before other business giants like Apple and Amazon.

I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before @Apple and @amazon do. We will see. Time will tell. #TRON #TRX $TRX

— Justin Sun (@justinsuntron) September 12, 2018

Buterin previous comment of 1000x growth literally means $200T cryptocurrency market cap, and it certainly seems to a far-fetched destination from now on.

Ethereum And The Road Ahead

Ethereum is currently going through a pretty rough phase as the network developers face a tough challenge for future expansion and scalability.

In the past few weeks, there has been a heavy sell-off in the altcoin space as major ICO-token projects based on the Ethereum network has failed to meet their destination. This has caused ETH price to roll on a downward spiral with the ETH price hitting 2018 bottom around $170, just two days back.

At the price time, ETH price shows a good recovery of nearly 15% in the last 24 hours. ETH has pulled back above $200 and is currently trading at $217, according to the data on CoinMarketCap.

Earlier this week, Ethereum creator Vitalik Buterin spoke about […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Kristy Leigh Minehan: Bitcoin SV is treating miners right

At the CoinGeek Toronto 2019 scaling conference , Kristy Leigh Minehan used her time on stage to tell everyone how… Read More

1 hour ago

#CryptoCorner: BTC Still Dominant Over Altcoins, EU Antitrust Regulators Probe Libra, Austrian Telecom Giant A1 Accepting Crypto Payments

(MENAFN - Investor Ideas) #CryptoCorner: BTC Still Dominant Over Altcoins, EU Antitrust Regulators Probe Libra, Austrian Telecom Giant A1 Accepting… Read More

1 hour ago

Mark Mobius Calls Bitcoin a “Psycho Currency”

Bitcoin has a habit of dividing people. Some are all for it, while others think it’s weird, evil, or a… Read More

1 hour ago

US, France, and Germany Dominate Bitcoin Nodes By Country

Among the many reasons that make Bitcoin unique, is that it’s designed to be a global currency accessed by anyone,… Read More

1 hour ago

Ukrainian Power Plant Officials Accused of Unauthorised Cryptocurrency Mining

SBU (Security Service of Ukraine) detectives have discovered a cryptocurrency mining operation at one of the nation’s nuclear power plants.… Read More

1 hour ago

Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump

Throughout much of 2018, support at $6,000 acted as the absolute Bitcoin price floor, with each time bears pushed the… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More