Basically, Vitalik is saying that he intends to step down and stop developing ETH. Let me ask you this, is it a bullish sign that the main dev and founder of your coin is abandoning ship? Vitalik has been working for less than one decade on ETH. For him to be done so quickly with it should be extremely concerning to those who are wanting to buy into it. In fact, this changes my entire outlook on trading ETH altogether. I might not be willing to trade it at all. I'm not sure.
If something is going to change the world, wouldn't you as the founder be extremely interested in seeing out its completion? I've never heard of an entrepreneur who thinks his company is going to change the world, yet is completely unmotivated to continue working on it. Of course, he says that it's because ETH needs to be able to grow without him but that's bullshit. Look at Patrick Byrn of OSTK. He sells a ton of shares and then says to investors, "no worries, nothing to worry about here" and then price tanks. Guys, if you are selling something, it is because you don't think it will go up in value. If the CREATOR of ETH who has seen it 10,000x is saying he doesn't believe it will go up, perhaps you should listen.
There is one major difference between ETH and BTC. ETH needs MANY users to have utility. Bitcoin only needs two people to use it for it to have utility. ETH is not decentralized. It is not censorship resistant. It is a complete speculative bubble. There is no value here yet. I'm not saying there can't ever be, I'm just saying that right now, there is no value here and the network should not be worth 20 Billion.
I'm not sure if he has done this or not, but if he sells all of his coins, I would definitely sell any remaining ETH I have in any dusty wallets.
Don't lose all of your money.
-YoungShkreli
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Some people are having trouble understanding this point of this article. That's okay. I get confused with mathematics questions on a regular basis. Confusion is popular in human thought.
The point of this article was to bring attention to something I think is important. That is all. I do not care about ETH's current technical state, nor do I care about its future. I therefore am not intending to bash.
Try not to be so sensitive to news that isn't joyous - there is plenty of bad news going on all the time.
do some more research you are not understanding how crypto economy works...
first of all vitalik is not going anywhere until ethereum is done with PoS and sharding
second of all, top altcoin developers know that in order to achieve true decentralization, head developers/founders will eventually have to step down (charlie lee has already done this and he was open to public yet got so much crap from people) Vitalik mentioned that eventually he will step out of ethereum when ethereum can run just fine without him in order to achieve true decentralization.
Oh.. and that news about vitalik stepping down that's like 2 months old news. IDK why you are bringing this up now LOL u gotta be quick /w the news in this crypto scene
CantorTechnologies
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@tearliner, Well, if it hasn't happened yet, it's still relevant. Why would vitalik have to leave completely? Can't something be decentralized with the creator? Bitcoin would still be decentralized if satoshi was around.
Lastly, I am very certain that my analysis the Ethereum is overvalued. The whole thing is that people can make dapps and use smart contracts. This only has utility if it is common place. Regardless, I'm okay with you disagree, the point of this article isn't to speak I'll of ETH.
The point of this article is to say that if the head guy has gone on record and said he doesn't think 2017 will happen again only to say a few months later that he's stepping down is very suspicious. Why didnt he say as much when everyone cared in 2017?
And btw, Charlie Lee sold ALL of his coins. Why would he do that. He can leave the project and keep the coins. He sold the coins because they are worthless and he knows it. No one cares about ltc accept for people trying to get rich. It is not innovative, it was literally bitcoin c+vd with a new hashing algorithm.
Hope you're able to understand. Thanks for the reply.
CantorTechnologies
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@youngshkreli, That Ethereum is overvalued is correct* Sorry, replying from a cell phone.
@youngshkreli, I will be honest and admit I only just found out about the news. But clearly, as I pointed out its still relevant. I don't keep up with alts. I just saw this and thought if I didn't know it's very likely others don't as well and wanted to say something because it could save people money and that's why I am here.
tearliner
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@youngshkreli, yeah I guess most ppl don't follow the news quickly. About vitalik leaving the ethereum it won't happen for awhile. But vitalik will likely to follow charlie's path (he might sell his coins? not sure about that but he is richer than charlie lee as he holds so much % of his premined coins. Charlie didn't premine any of LTC and that was one reason why litecoin thrived for seven years. You see those coins from 2011, 2012 like namecoin or maidsafecoin they did not keep up with top 10 position)
Vitalik said Ethereum was overvalued in 2017. He's the type of guy that thinks/tweets whatever he thinks it is correct. Bit too young to think about other people or on behalf of investors but that's why I like the guy. He doesn't chase after money only.
He planned he will eventually step down but that's AFTER sharding and PoS position which will be done by 2020 (or even longer). Since I've seen you turning bearish to bullish back to bearish in 4 weeks of time I think this news for vitalik stepping down is irrelevant. He is not going anymore and we might see Dan Larimer stepping down from EOS before vitalik who knows?
Charlie sold all of his coins because he decided to follow satoshi's path. Satoshi left project and so did charlie. Charlie never premined litecoin just like vitalik and other ethereum guys (72% Premined since eth was ICO'd) and he really doesn't hold that much litecoin after all. And also he's a bitcoin investor from 2011 when btc was sub 2-10$. Do you think someone like his calibor actually NEEDED money? he's already a multi millionaire just from holding BTC and his brother owns one of the biggest exchanges in china (BTCC). If he cared about money he wouldn't be telling everyone that he sold at the top of the bubble. It was clearly a sign for investors to EXIT their position and dumb greedy people mocked his action instead of taking up his words. He also mentioned prepared to lose 80-90% of the value if you decide to HODL through when price was around 250$. I benefited so many times following his tweet because apparently he gives out some solid advice for normies like me.
you claim no one cares about ltc except for people trying to get rich. I have been following LTC since it was 12$ in early 2017. Charlie cares about bitcoin ecosystem and building infrastructures of lightening network/ litecoin ecosystem harder than anyone else. He sold the coins because they are worthless? haha here's the fun fact for you. I have also been following litecoin ASIC mining and current daily electricity cost for mining litecoin surpasses the usage of San Francisco's electricity. Do you think these miners are dumb? why are they wasting their electricity trying to mine litecoin when current ROI is so bad it's not even worth mining?
I understand you are a "trader" not an "investor" so you could care less about tech behind it and you care more about price action. Have you been to litecoin summit that was held one month ago? have you been to any crypto conference? ppl are working to actually deliver the product. There is a reason why litecoin survived past 2013-2014 bear market. There are thousands of ethereum developers trying to build an ecosystem. Is ethereum overvalued? maybe short term? but I am finally buying at these levels since july.
Do some more research about cost of mining and follow the scene. Don't get blinded by the statement "Charlie sold his coins so it must be a scam"
tearliner
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Oh and my friend is a giant ethereum miner in korea. He runs about 3000 GPUs and he decided to turn off his mining rigs when ethereum dipped below 200$ price because it was no longer profitable. Is ethereum still overvalued? maybe? there could be too many unnecessary mining competitions at the moment so my friend deserved to turn off his mining rigs. (he still pays for the warehouse and other utilities so he is losing money at the moment) Will this last forever? I doubt it. I would say we are at the end of the bear market or this bear market will end in less than 5-6 months.
That is from this year. I am glad you caught yourself on the trader component. Yes I turn bearish/bullish depending on new developments hence why I'm on TRADINGview.
I'm not saying it's a scam, I'm just saying it has nothing on bitcoin and is unnecessary. Likewise, I don't think Ethereum is worth the market cap. I don't think bitcoin is worth its market cap YET but it deserves it more than the others.
In my opinion, at the very least bitcoin will be worth trillions once peopLe like ray dalio believe in it. Many, many hedge funds, mutual funds etc. invest in gold exclusively as a hedge against financial destruction in fiat terms. That is exactly what bitcoin was designed for in addition to other cool features.
Lite coin survived, but didn't everything? Surely you understand most coins are scams yet many of them achieved incredible valuations. The only reason is because of speculation imo.
If it isn't making miners money, then they will stop mining and the hashing algo get's easier to solve. Those prole are doing it for money just like I am saying speculators are so I don't see the point if this comment.
first of all vitalik is not going anywhere until ethereum is done with PoS and sharding
second of all, top altcoin developers know that in order to achieve true decentralization, head developers/founders will eventually have to step down (charlie lee has already done this and he was open to public yet got so much crap from people) Vitalik mentioned that eventually he will step out of ethereum when ethereum can run just fine without him in order to achieve true decentralization.
Oh.. and that news about vitalik stepping down that's like 2 months old news. IDK why you are bringing this up now LOL u gotta be quick /w the news in this crypto scene