Ethereum Co-Founders Clash on Crypto’s Growth Potential
The pressure on the Ethereum (ETH) price, which is currently hovering at a startling $174, has spilled over into the developer community, with two blockchain pioneers disagreeing about the potential of the crypto space. Ethereum Co-Founder Joseph Lubin quashed the suggestion by fellow Ethereum Co-Founder Vitalik Buterin that the days of “1,000 times growth” in the crypto space have come to a crashing halt and a “ceiling” was within grasp.
Not so fast, says Lubin, who told CNN: “Vitalik is brilliant, but I would have to disagree with him on that. This is a technology that’s going to impact how economic, social and political systems are built over the next few decades. So we’re really just at the start of this.” Lubin went on to make his point on Twitter, saying that “everything that is an asset right now could have representation as a crypto asset at some point in the future.”
"There will be so much evolution in this space. Everything that is an asset right now could have representation as a crypto asset at some point in the future." Rewatch my @CNN segment from this morning: https://t.co/8c2GALbSvI
— Joseph Lubin (@ethereumJoseph) September 11, 2018
Vitalik, who is never one to hold back, clarified his statement –
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.
— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018
The fact that varying opinions about the inning in which cryptocurrencies are in and the future growth potential of the space are emerging is actually a sign of a maturing market, one that time will tell who is right. Lubin’s remarks were likely an attempt at damage control after the value of the second biggest cryptocurrency fell to July 2017 lows. After all, Lubin himself admitted that if the price of ETH were to fall to $1, it would signal that “something is wrong with the Ethereum ecosystem.” Given the pace of declines this year from a high of approximately $1,400, it’s probably gotten a little too close for comfort.
After the clarification, Buterin went on to make another statement that stirred further controversy, urging the crypto community to be “realistic” because “the entire world wealth isn’t going to turn into cryptocurrencies. Tron Foundation Founder Justin Sun disagreed this time, predicting “cryptocurrency will hit $10 trillion market cap before Apple and Amazon do.”
Meanwhile, Buterin believes that the next phase of growth in cryptocurrencies will be a function of adoption, not attention. On this, Buterin and Lubin don’t seem to be too far apart, with Lubin pointing to a very busy software developer community working on “accessible applications” like “crypto baseball” as well as card games, all of which are “driving adoption/real interest but also driving the technology itself.”
Gaming projects, meanwhile, are delivering their own “scalability technologies” via layer two technology enabling “hundreds of thousands of TPS” that are “linked into the Ethereum network for the security of the network,” all of which is attracting outside investment into the industry despite the market downdraft.
On that note, Lubin pointed to a project that is likely to be even bigger than the Gemini dollar coin that was launched on the Ethereum network that’s “coming out very soon.” Circle’s Centre project, which is a “governed network” fueled by stablecoins, will similarly launch on Ethereum.
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