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Author Topic: [2019-09-09] Vitalik Buterin: Days of 1000x Crypto Growth is Gone!  (Read 109 times)
cybersofts
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September 09, 2018, 11:58:12 PM
 #1



According to Vitalik Buterin, the co-creator of Ethereum, the days of 1000x growth as seen in 2017 in the cryptocurrency sector is gone.

Speaking to Bloomberg, Buterin emphasized that the awareness of cryptocurrencies and blockchain technology has already achieved its high point in Dec. 2017, when the price of major cryptocurrencies like Bitcoin, Ethereum, Ripple, and Bitcoin Cash demonstrated 10 to 300-fold returns.

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” he said.

Moving From Promotion to Real Adoption
The speculative bubble of last year has led the vast majority to take interest in cryptocurrencies as an emerging asset class. In the upcoming years, Buterin stated that the industry will focus on improving the usability and accessibility of decentralized systems rather than promotion and gathering interest.

Buterin explained that the strategy of promoting blockchain technology and cryptocurrencies to the broader consumer base is hitting a dead end and that it is time to improve the infrastructure of decentralized systems, applications (dApps), and protocols to encourage consumers to commit to blockchain-based platforms.

“Go from just people being interested to real applications of real economic activity,” he stated, adding “that strategy [promoting the blockchain to the broader consumer base]is getting close to hitting a dead end.”

In the upcoming months and years, to reach true mainstream adoption, developers of dApps will have to ensure that the utilization of decentralized systems is as seamless and efficient as centralized platforms.

For instance, apps like Peepeth, a decentralized alternative to Twitter, which was recently discussed on the Joe Rogan Podcast, require users to send Ether or gas every time a piece of information has to be broadcasted to the Ethereum mainnet.

The simple shift from cash to cryptocurrencies can already be difficult and technically challenging for the majority of people. Then requiring users to utilize MetaMask to process gas on a dApp through the Ethereum mainnet could be highly complicated for most.

As decentralized cryptocurrency exchange Kyber Network CEO Loi Luu previously said, in the near future, dApps will have to improve their user interface to refine and simplify the process of utilizing blockchain-based systems.

“I think it’s because the UI isn’t good enough. The users aren’t familiar with the Decentralized Exchanges; they’re more familiar with Binance or Bittrex. So that’s why we wanted to make it really easy for the user to use. So we don’t focus on the decentralized aspect of it. We focus more on the usability aspect of it,” Luu said, recognizing that the current UI of decentralized exchanges and dApps is not efficient enough.

Improvements on Protocol and dApps
On the protocol side, the open-source developer community of Ethereum is working on the implementation of Sharding and Plasma, two solutions that are expected to massively increase the scalability of the Ethereum network.

Other projects like Cardano and Zilliqa are working on proof-of-stake (PoS) and Sharding-related solutions as alternatives to Plasma and Ethereum-based solutions.

Still, the front-end and UI side of dApps and decentralized systems in general need significant improvement, especially if dApps intend to target the consumer base of widely utilized centralized platforms.


Source: https://www.ccn.com/why-ethereum-co-creator-believes-days-of-1000x-crypto-growth-is-gone/


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September 09, 2018, 11:59:18 PM
 #2

For Ethereum maybe, but I believe there is still chance for some coins to thrive in the future Wink the cryptocurrency ecosystem is still small and there is an opportunity for new ideas/projects to grow in the future. Sometimes, people just make conclusions when their project is failing Tongue and it is not like that in real life. one life ends another one begins.


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September 10, 2018, 05:13:13 AM
 #3

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” he said.

how can this really be quantified? it doesn't matter how many people have heard of "blockchain." what matters (regarding monetary supply) is how many people own cryptocurrency. what is that, 5% or so of society? and that's for developed countries.

if we expect mass adoption (like e.g. cell phones or televisions), then we have a long way to go before most people actually own crypto. the difference between 5% and 80% or 90% is massive. and the low liquidity nature of cryptocurrency on spot markets can lead to exponential price growth under bullish market conditions. does he think there's no more bull markets coming in crypto? i think 2017 just blew his mind and he thinks it can't happen again. i remember feeling that way in 2014. Wink

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September 10, 2018, 07:47:23 AM
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For Ethereum maybe, but I believe there is still chance for some coins to thrive in the future Wink the cryptocurrency ecosystem is still small and there is an opportunity for new ideas/projects to grow in the future. Sometimes, people just make conclusions when their project is failing Tongue and it is not like that in real life. one life ends another one begins.
Its probably only for ETH, he sees his coin going down and he doesn't have something to say so abandon it.
He's too negative with the market now while he looks at his coin falling.
There's a long way to go for cryptocurrencies so I don't have any idea why he say this.

       
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September 10, 2018, 08:06:21 AM
 #5

Butorin has an interesting point of view. He correctly says that now strong coins will fight for leadership in this market and will give the best results, for the product itself and the improvement of the ecosystem. There is no need for such a strong speculation, which was last year. anyone who wants to make money on bitcoin, he will buy the coins and they will lie or he prodelin continue to earn different ways. So don't underestimate this man, he's got a point.

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September 10, 2018, 10:48:17 AM
 #6

I disagree that time for big crypto growth is over, maybe 1000x is too much as he say - but saying that 2017 was the best year which we have seen and which will happen in that regard to crypto does not look like something real. It is true that ETH is doing pretty bad these days, and every time BTC price is drop ETH is dropping even lower, but this is the case with almost all altcoins these days.

I also see this article as attempt to promote Peepeth, similar as Twitter but based on Ethereum mainnet which is work in a way that to post "peeps" you need to pay with ETH if I understood correctly. This is nice decentralized alternative, but people will still use free options just because is free and most do not care too much about privacy.




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September 10, 2018, 06:00:19 PM
 #7

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” he said.

how can this really be quantified? it doesn't matter how many people have heard of "blockchain." what matters (regarding monetary supply) is how many people own cryptocurrency. what is that, 5% or so of society? and that's for developed countries.

if we expect mass adoption (like e.g. cell phones or televisions), then we have a long way to go before most people actually own crypto. the difference between 5% and 80% or 90% is massive. and the low liquidity nature of cryptocurrency on spot markets can lead to exponential price growth under bullish market conditions. does he think there's no more bull markets coming in crypto? i think 2017 just blew his mind and he thinks it can't happen again. i remember feeling that way in 2014. Wink

It's 2% in the US and even that number might be generous.

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September 10, 2018, 08:43:00 PM
 #8

Fine fine, we'll just have to live with 900x growth

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September 11, 2018, 01:53:23 AM
 #9

Vitalik is a mouthy 24 year old who should focus on mismanaging his centralized shitcoin.

There's some sour grapes at work here. Vitalik always pushed for the idea that ETH would take over the crypto space, the "Flippening" whether explicitly endorsed or not, money skeletor didn't say much to the contrary concerning it in 2017 - when spirits were high and their trend was up.

That was before a few Dapps like cryptokitties completely paralyzed their non-scalling shit-token.

Now, its all about "Casper" and other buzzword-laden schemes to make ETH scale. Except it won't, because its primary premise relies on Proof-of-(mis)Stake -- which requires trust from nodes -- which further requires you bolt on more elaborate checks and schemes to stop people from gaming the system into the ground. Those won't work, either.

The "code bomb" that ETH had in its codebase was a way to force the developers hand. If they didn't come up with a scaling solution by a given blockheight, then the ETH blockchain would stop dead in its tracks. Guess what? They're so sure of their potential solutions to this that they kicked the can down the road for another 12+ months. Just like insolvent governments issuing more debt, Vitalik and company can't be held to account on their original promise, so don't worry guys, 17 people you didn't elect or vote for decided for you.

Viva La Shitcoin!

I've followed most of the publications regarding their "sharding" proposal, how they think they can trade the computational time and energy used in Proof-of-Work for some chimera hybrid with Proof-of-(mis)Stake -- or even more laughably, use PoS completely -- but EVERY article and paper presented shows the increasingly complex and intricate backstops and schemes needed to keep it going. It isn't just me, others have noticed too. The coding boy-wonder is running out of tricks to make this shitshow work.

Also, consider the impact of a figurehead of a shit-token pronouncing that "its all over" and seeing an instant dive in their price.

Being the de facto leader of a coin is bad enough, but when you couple it with his immaturity and inexperience with the world -- you have a combination of idealistic optimism running amok on the flat plains of assumptions, not reality.

There's a speed bump up ahead called "scaling" and Vitalik is going to plunge right into it with his dropped-to-milimeters race car running on unicorn farts.

The resulting impact should be highly instructive.

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September 11, 2018, 03:04:14 AM
 #10

I'm sure that he is talking about his own coin ETH because they aren't a very good investment anymore. They'll get  dominated by new altcoins who'll progress much faster and that is where the 1000x of growth would be coming.

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September 11, 2018, 04:13:21 AM
 #11

I agree only with the fact that each coin has its own ceiling in price growth. Therefore, old coins such as bitcoin and ethereum can approach their price ceiling, but this does not apply to new coins and those that are still being created or created. It is possible that bitcoin and ethereum will no longer grow in price a thousand times, but this depends on the prospects and potential of the coin itself. If the coin is functionally improved, then it will be in demand and grow in price.

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