Crypto 'prophets' are speaking

Crypto 'prophets' are speaking

Vitalik Buterin believes in a bright future for Ethereum and denies the financial power of Rothschilds, and 'bubble' predictions by Joost van der Burgt.

Vitalik Buterin stated that the Ethereum network will now be capable of handling millions of transactions per second

The key to this speed is sharding and plasma.

There are already many solutions for blockchain scalability. Some blockchains were created to maintain a high transactional capacity, for example, EOS, Zilliqa, QuarkChain, or IOTA (okay, that’s a DAG technically, but it serves the same purpose). Other blockchains are relatively slow because they were the first on the market, like Bitcoin and Ethereum. However, they are still the most popular because of their role as first movers. Nevertheless, they desperately need scaling solutions. The Lightning Network for Bitcoin is already up and running. Ethereum was intentionally designed in this way, with the aim of eventually having a 2nd and 3rd layer. Now they are nearly complete. Sharding divides the network into hundreds and thousands of groups, where each one runs their own transactions. This can help potentially scale the network to thousands of transactions per second. But, the most important solution is Plasma. Plasma is being developed by the OmiseGo team, and it's near completion. This will allow Ethereum to scale to millions of transactions per second. Is it enough for corporate and mass adoption? Definitely. Big companies are deeply interested in Ethereum, and it seems unlikely that it will be dethroned by another competitor. When all these solutions are fully developed, we'll see hundreds, if not thousands, of reasons for using Ethereum. And it seems that it's going to happen pretty soon.

Joost van der Burgt from the Federal Reserve Bank of San Francisco declares Bitcoin a bubble

According to van der Burgt, it follows a classical chart of bubbles. Right now we’re still at an early stage, and the major profit-taking is yet to happen.

Every week we see a new doom prophet and, alternatively, a new bull prediction. But this one is really hard to believe. Joost van der Burgt predicts that Bitcoin is still in the early phases of profit-taking, and we haven’t see the real dip yet. But he thinks that it's possible at this stage for Bitcoin to continue the fall. We see an immense interest from new big investors, and we're moving slowly to the point of institutional investors entering the market. You should take this into account when making a prediction. A big injection of new institutional money will keep crypto afloat, at least for the next 2—3 years.

Vitalik Buterin doesn't believe that the Rothschilds will be able to control the crypto market

He said that their influence won’t affect the market and that they can release any currencies they want.

Vitalik doesn't believe in Rothschilds’ conspiracy and thinks that they can't influence the crypto market. He could be totally right. Let's not forget that the peak of their power was long ago, in the 19th century. Of course, they are still considered wealthy and powerful. However, this idea is common opinion, left over from earlier times when they had influence over half of Europe. When you exert control for more than two or three centuries, people have the impression that your dominance will remain permanent. Now, in the 21st century, we have many wealthy people in the world but the names Rothschild and Rockefeller are still synonymous with 'wealth'. Let's not forget that their capitals, for the most part, are stored in shares and real estate. They don't have that much cash to manipulate the world markets or even corner the crypto market. Therefore, it's time to stop treating these names like the be-all and end-all in financial advice.

ETH

272.72 USD
-8.76%

OMG

2.29 USD
-11.91%

ZIL

0.02107 USD
-7.26%

Related news

Blockchain Voting via Voatz Launches in Utah County for August’s Municipal Primary Election

Utah County is the third jurisdiction to adopt blockchain technology for their voting processes. The first two states to add blockchain voting to select areas were Colorado and West Virginia. Blockchain technology has many benefits, as industries around the world have come to find. Some jurisdictions in the United States have already implemented the technology […]
Bitcoin Exchange Guide

Ethereum’s EIP-2025 Stirring Controversy, ETH Prices slide 8%

Ethereum (ETH) is down 8.1 percent Istanbul may include the activation of EIP-2025 Code improvement is vital for the survival of any public chain. Even though EIP-2025 is an enhancement that will aid in funding Ethereum development, there is resistance against its activation. At the time of press, ETH is down 8.1 percent in the last week. Ethereum Price Analysis Fundamentals Because of asset tokenization, the future of facilitating platforms as Ethereum is bright. However, their success largely depends on the ingenuity of project’s creators. In the case of Ethereum, there is a consensus that the network must upgrade for it to be competitive. That’s regardless of their current position as a successful dApp development and launching site. Tron and EOS are already miles ahead on scalability because of their algorithm choices. On marketing, Tron is pulling ahead of the pack. Despite the postponement of Justin Sun’s lunch with Warren buffet, a Wall Street legend, the expected media coverage will position Tron as a desirable Ethereum alternative given the founder’s efforts. Meanwhile, the proposal to incorporate EIP-2025 in the next Ethereum hard fork, Istanbul, is already sparking controversy. Well-meaning in that the EIP-2025 creates a developer fund by temporarily increasing ETH inflation for 18 months upon activation, developers are arguing otherwise. High ranking Ethereum developers as Ameen Soleimani, the CEO of Spankchain are against this implementation. Ameen asserts that the activation of this EIP, even if it will spur development within the Ethereum ecosystem, will at the end of the day dilute ETH as a store of value. Candlestick Arrangements At the time of press, ETH is printing lower. Down 8.1 percent and 2.1 percent in the last week and day respectively, bears are no doubt in control. From the chart, ceilings are at $230 and the primary resistance, previous support, trend line. Even though there is a likelihood that buyers will flow back thanks to on-chain development in the next few quarters, a correction to $190 or lower is highly likely. Evident from the chart, ETH support is at the $170 to $190 zone. Therefore, because of the candlestick arrangement, every high is a selling opportunity for savvy traders aiming at $190. Ideally, a fitting stop limit will be above $230. Furthermore, for sell trend confirmation, this drawdown ought to be with high trading volumes indicating liquidation. Technical Indicators Leading this trade plan is July 16 bear candlestick. Because of undervaluation, the bar is wide-ranging with high trading volumes of 405k. Therefore, if buyers are indeed in charge, then the spike above $230 must be with high participation exceeding 405k. Such a move will likely reverse losses of July 14 in a retest of the main resistance, previous support, trend line. On the reverse side, steep losses with volumes exceeding 405k could spur liquidation as bears as aim at $100 or 2018 lows of $70. Chart courtesy of Trading View. Image Courtesy of Shutterstock Ethereum’s EIP-2025 Stirring Controversy, ETH Prices slide 8% was last modified: July 23rd, 2019 by Dalmas NgetichThe post Ethereum’s EIP-2025 Stirring Controversy, ETH Prices slide 8% appeared first on NewsBTC.
NewsBTC/analysis

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.