I was reading some articles today which pointed towards such a conclusion, just curious what others think about this notion.
What is your conclusion then? Mind sharing it.
Both are in bubble but the comparison is how thick their bubble is. ETH bubble is thin and just experienced only few negative news while on progress. Bitcoin on the other hand surpass all negative events that comes to it and there are still many problems in the future but surely it can keep up. As a result, it makes it's bubble so much thick and will be much thicker in the future once main issue on it will be fixed or given a light solution.
I studied the global financial system so I fully understand bitcoins potential, and I also understand its utilities for a number of purposes.
I read that a mutual fund manager got in early on ethereum, and anyone who can wield that kind of capital could probably engineer a pump and dump of this magnitude.
My hunch is a lot of the ICOs are going to be unable to perform, and investors are going to get impatient, there will probably be a series of scams, and people are going to start realizing that they acted on emotion and put huge amounts of money into projects they didn't understand and start thinking "What if I got scammed too?"
This will cause people to start dumping even legitimate tokens, which may cause a rush- ICO development will realize that if the value of their ETH is hit hard enough, they will not be able to afford to complete their project, and if this happens it will lead to some projects being cancelled which will just add to the general panic in a vicious cycle.
Hundreds of millions if not billions of ETH are tied up in ICOs, decreasing supply in a period of frantic demand, and this ether is going to start bleeding back on to the market, putting further pressure on the price
I have listened to Vitalik Butemin's talks, and I keep starting threads asking for explanation, but I can never quite dispel the feeling that the potential of Ethereum is a bit like the emperor's new clothes. Really, I'm fairly educated and patient, but I simply can't see advantages which justify this price growth. Really, this seems to be at least 90% pure speculation, and I don't believe ethereum has nearly the proportion of 'true believers' or 'strong hands' that Bitcoin does.
I am really trying to keep an open mind, and I would be happy to be proven wrong- personally I want to see the success of crypto in general, I am not particularly attached to any coin, but really I see a perfect $%*& storm brewing here.
Please, someone correct me if I am wrong. These ICO's represent numerous side chains on the ETH blockchain, right? Has anyone ever tried running dozens of massive side chains on any blockchain? Talk about scaling issues, doesn't this mean the amount of data required to run the blockchain will be increasing dramatically?
Every single ETH project I read about sounds marginally useful, at best. I am 110,000% open to being proven wrong, but I've been around the stock market and small businesses most of my life and studied economics, and I realy believe I know a viable business model when I see one.
Bitcoin in itself is a deathblow in terms of disruption to remissions, gold bugs, inflationary currencies, capital controls, drug dealers, and other black marketeers, and will continue to be preferred for ransomware attacks due to relative ease of acquisition and infrastructure in place. As almost all Ethereum supporters point out, ETH is not meant to challenge any of these roles of bitcoin, but all of these aspects of bitcoin make it clear to me how literally trillions of dollars could pour into bitcoin, but I don't underdstand why this would happen with ETH.
I really feel the sentiment driving ETHs price growth is the feeling that "I missed the boat" with bitcoin and here comes the next bitcoin. The reality, though, is that bitcoin is just getting started, and a lot of what is stopping people from buying BTC is that they are still thinking in BTC rather than Satoshis. I mean, people think, "I can't even afford one bitcoin" instead of "I can afford a quarter million Satoshis!"
This, coupled with the fact that smart contract functionality really seems to sound like the most convincing property that could "improve" on bitcoins blockchain, and the endless speculation that bitcoin surely won't be
the crypto, is leading to an absolutely greed driven run up. And with greed comes fear.
I never feared for the potential of bitcoin, and there is no price at which I would have panic sold. I simply can't say the same for Ethereum, but as I said, I am still waiting for a
single case use example that can really show me that the long term potential is a fraction that of bitcoin.
Honestly, when I read a story about Ethereum being used by the UN to distribute aid to Syrian refugees, it really got me wondering. This, coupled with the big money behind Butemin, and the fact that the supply of ether is not fixed, really makes me wonder if Ethereum is not the global elite's response to bitcoin, although this goes down the conspiracy road.
The ethereum craze seems to me to be the culmination of the shift of media attention from bitcoin to blockchain. This shift seemed to be somewhat coordinated, and at the same time numerous central banks started experimenting with blockchain.
I believe firmly that bitcoin is a threat to the present financial elite, and I also know they are not going to take this lying down.
A fixed quantity currency won't work, because the MO of central banks is to steal value by dilluting the value of the currency, and controlling the issuance of the currency is the only way to do this. The rising difficulty with bitcoin makes such an assault nearly impossible, but this would not be the case with proof of stake, to which ETH is currently transitioning. ETH has a gimmick in the form of smart contracts that could allow it to take over market dominance from bitcoin, and still have all the benefits of bitcoin, while being tweaked just a little in order to set it so the current elite can quietly control and manipulate it far more effectively than bitcoin, thereby making sure not too much more power slips from their grasp.
I mean really, lets say I belong to a family thay controls a big part of global finance, and possibly influences the governance of most of the central banks of the world. I learn then that a deflationary, decentralized currency has been invented that is starting to eat market share from my currencies. (And yes, providing currency is a service- just one that we have taken for granted is monopolized).
Upon researching, I would realize the blockchain has real utility and can provide efficiency gains. So I would instruct all of the banks under my control to implement the block chain tech independently to claim the efficiency gains without causing bitcoin to capture any more of my market share.
As bitcoin continued growing, I would have to find a way to make sure it stays a fringe movement, and at the same time create a currency that offered people whatever it is they like about bitcoin, but that I can influence and dillute.
Sorry, I don't know how a comment on whether or not ETH is in a bubble turned into a conspiracy rant. It really wouldn't be this way if someone could just please give me a rock solid example of a revolutionary and highly disruptive ETH use case that could compare even remotely to the potential of bitcoins disruption of the financial sector.
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