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Vitalik Buterin: What Were You Thinking?

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Enough with all the stuff over fake news versus real news.  It is hard to find reality these days. What information is coming from trustworthy sources versus those with a secret interest to promote?  I am not talking about the stuff coming from the White House, FBI, CIA or any of those folks. I am talking about something much more important.

What I am getting at is news in the crypto world where our digital assets are invested. Just the other day, I wrote a piece raising the question whether crypto usership for acquiring goods and services was falling.  Those who collect data on these trends seem to think it is.

There could be lots of reasons for this, both in the method of collecting the data as well as real human behavior.  One thing seems clear, crypto prices keep getting further away from those frothy levels of last Christmas.

We also have to keep in mind that there is no such thing as long term history with crypto. It is inherently volatile.  So the analysis of data can change quickly.

Goldman Sachs Was Bad Enough

Last week’s conflicting headlines coming from Goldman Sachs via Business Insider claiming that the big investment bank was pulling back on its plans to open a crypto trading desk in favor of a more limited commitment to essentially offering a wallet for big institutional investors sent a quick shock through prices.  It didn’t matter that other sources at Goldman merely claimed they were delaying the rollout.

What’s With Vitalik?

So if you are the founder of some pretty amazing technology whose success ultimately depends on mass adoption, you would expect to hear a constant barrage of exciting news about your project, kind of like Elon Musk.

But not Vitalik Buterin.  Over the weekend headlines from Ethereum World News read: “There Isn’t An Opportunity For Another 1000x Growth”.

The source of the headline comes from Bloomberg News who interviewed Buterin at the recent Ethereum & Blockchain Conference in Hong Kong. Below is Vitalik’s direct quote:

“The blockchain space is getting to the point where there is 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.”  Buterin’s remarks were described as a shock to those attending the conference.

Nobody is challenging the depth of Buterin’s knowledge, but what is happening in that part of his brilliant mind that is devoted to common sense?  As the co-founder of Ethereum whose success thus far is build on applications developed by others, why would you want to disparage the future?  It positively makes no sense.

What makes sense, as the article points out, is a long-term growth plan that encourages a steady flow of adoption and real world use.  Bravo for that observation and one I totally agree with. But that wasn’t working at the conference. “That strategy (marketing and worldwide adoption) is getting close to hitting a dead end.”

But here is the killer. Rather than focusing on evolutionary developments like Bitcoin’s Lightning Network or Ethereum-based Raiden Network, Buterin chooses to dwell on the obvious.

“. . . every present day existing blockchain, including ETH and BTC, sucks. . . . “.

Connecting the Dots

Whether accurate or not, Buterin’s opinions, at best, were ill timed.  If you believe them to be accurate, why would you invest in Ether or any other crypto?  It would make no sense to do so. On the other hand if his comments were cleverly crafted to discourage rampant speculation and volatility, that is not his job.  In fact, it is a form of manipulation. That is not smart.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 115 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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5 Comments

5 Comments

  1. CanadaWhite

    September 10, 2018 at 8:18 pm

    I agree. When I read his comments the first thing I thought was that he was having one of those days when you just want to quit and are fed up with the job you are doing. I mean if that’s how he really thinks why would you bother with Ether. I recall a previous article last week where another developer was saying that ether would be dead if payments for the ether network network were not required to be made in ether and he also agreed with that developer. It is a poorly timed quote; but, keep in mind d he is also quite young and immature. There is an incredible amount of opportunity in the crypto space. It seems like every day I receive a major headline about institutions or governments doing something new with blockchain or crypto. It does make me question ether though. Especially with all of the cryptos that have left it’s network in favor of their own like EOS and others.

  2. James Waggoner

    September 11, 2018 at 3:32 am

    Thanks for your comments. Yes we understand the he is quite young and immature. Unfortunately when you create something worth billions in market value, you better start to grow up fast. Otherwise there are these amazing new services call public relations. Thanks again for your spot on observations.

  3. James Waggoner

    September 11, 2018 at 3:32 am

    Thanks for your comments. Yes we understand the he is quite young and immature. Unfortunately when you create something worth billions in market value, you better start to grow up fast. Otherwise there are these amazing new services call public relations. Thanks again.

  4. enricogeck

    September 11, 2018 at 10:00 am

    Some personal problem for him, I suppose

  5. Speeddymon

    September 13, 2018 at 1:02 am

    “that is not his job.”

    I disagree.

    As the lead architect of a software project, it *is* his job to ensure that the software is not misused in a way that allows someone to gain an unfair advantage over the other users of that software.

    Therefore, his comments were spot on.

    Were they ill-timed? Sure. No doubt on that. But consider this: Pretend he didn’t say anything at all. Do you really think we are going to see another bubble in the next 1-2 years? The traditional markets enter bubble status when some new development happens to catch on and gain mass popularity (house flipping in 2006 for example)

    Even if he said nothing, the ebbs and flows of the market will prevail, and the crypto space would likely still not enter another bubble for a few more years to come.

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Zcash Price Analysis: $100 Bargain Buying

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  • ZEC/USD is running at four consecutive daily sessions closing in the red.
  • Chunky buying interest looks healthy within the $100 price region.

ZEC/USD is currently stuck within a very stubborn bearish trend, as seen across the crypto market wide. Several key areas have been breached, however the ZEC/USD bulls are heavily defending vital support territories. The price is running at its fourth consecutive session in the red, having lost over 25% within this trading period.

Recent Bull Failure

As covered in the previous article, the bulls were penetrating near-term stubborn resistance, seen just above $140 territory. Six solid sessions, ZEC/USD had tried to break above, but very much so failed, as a result, the price headed deeply south. Large spikes in volumes were seen with the move lower. It was forced to its lowest levels in over nine weeks.

Downside Targets

ZEC/USD daily chart

First of all, looking to the downside, there is much cover in terms of safety nets for the falling price. Chunky areas of demand are seen tracking from $108 all the way down to $96. In the latest moves lower, buyers have heavy defended a total free-fall. The mentioned demand region did prove its reliability back in the middle of September, during a heavy bear market.

ZEC/USD weekly chart

Observations from the weekly chart look potentially dangerous, should the bearish momentum maintain its current course. A firm breach through the $100 buying area could be devastating. The next firm area, given this is very much uncharted, can be seen at the round $90 level, which is a weekly support area. Further to the downside, $75 is the next target. This is a consolidation area, which was seen prior to the chunky bull run from the back end of April to June.

Above all, price behavior still points to further potential heavy moves lower. Following the weighted pressure on Wednesday and Thursday, price action has stabilized, trading in a consolidation nature. The range has narrowed, moving within $114 – 107. As a result, the current formation can be perceived as a bearish flag pattern, which is subject to extended moves south.

ZEC/USD 4-hour chart

Upside Targets

The $100 territory is very much attractive, as detailed above, historically for buyers. Should bullish momentum kick in around these levels, there is opportunity for a strong upside run. The ZEC/USD bulls will need to retest $140 area; given the number of times this has been tested, it wouldn’t be surprising to see a fast breach. Finally, looking further north, $160 could come quickly into play, high area of early September.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 54 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Litecoin Price Analysis: LTC/USD Has Fallen Through Vital Support; Where Next?

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  • Critical support for LTC/USD was breached just under the $50 area, leaving the door open to further downside pressure.
  • LTC/USD is moving within a range/consolidation block, subject to another explosive move.

LTC/USD has remained firmly within a downside trend, showing no signs of that shifting anytime soon. Out of the last ten sessions, LTC/USD has closed on the daily in the red for nine of those. Litecoin having lost as much as 27% within this trading period, a move which is generally inline with the rest of the greater market. The focus is now on where LTC/USD will find its feet on some firm ground.

Daily Chart View

LTC/USD daily chart

Looking via the daily time frame, the price has extended through a known touted demand area. This was seen tracking from the big psychological $50 mark, down to $47.50. LTC/USD has previously been comforted by this zone on several occasions. It proved support in August, September and October. This area has always having proven to see decent buyers come in to send the price back on its way north.

4-Hour Chart View

LTC/USD 4-hour chart

Current price behavior remains somewhat worrying via the 4-hour, after the deep drop, LTC/USD has entered a small range block. It is currently licking its wounds, following the bears vicious attack. The price is moving tightly, between $45.00 to $42.50 at the time of writing. Given this technical move being observed, it would not be too surprising if this takes another stab lower. Typically range blocks tend to be broken in an explosive manner.

Next Major Support Areas

LTC/USD weekly chart

The weekly chart view can provide some insight into downside levels to be aware of. In terms of support, the next major level would be eyed at $38 territory. The price has not been seen here since July 2017. LTC/USD had bounced around this area for 7 weeks, between 19th June to 31st July. This move was being observed during a period of consolidation, prior to the big bull run seen in August 2017.

Deeper to the downside, eyes would then be on $33 another vital weekly support level. Price last bounced here in September 2017, requiring support before resuming a bull run. A breach here could be very much catastrophic. There isn’t much support, other than psychological round number areas for LTC/USD. This fall to the downside is very much uncharted territory. If the bearish momentum retains its current course, then $20 or even a return to $10 cannot be ruled out.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 54 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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TRON Price Analysis: TRX/USD Moves Within Proven Buying Area

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  • TRX/USD flirting with a huge buying area, historically proven to see buyers swoop in.
  • Justin Sun sings praises on 100 million $TRX trading volume for Tron DEX.

TRX/USD has been suffering heavily, in line with a large bearish reversal seen across the board. The price is running sharply lower, closing on the daily in the red. After TRX/USD had broken out to the downside from a supporting ascending trend line and retested, selling pressure has been consistent. Within the current trend, the price today – Thursday 15th November, was forced to drop to its lowest level seen in around nine weeks.

TRON News Flow

The TRON foundation has not been shy on the update front of late, continuing to push out positive developments from the camp. It was only recent that a new Tron decentralized exchange, DEX was launched.  Over the past few days it has seen a large amount of popularity. Tronscan.org was acknowledged by Tron’s founder, Justin Sun, via Twitter, which heavily contributed to a further pick up in trading volumes.

Justin Sun tweeted, “trx.market  breaks 100 million $TRX trading volume! Next milestone is 500 million”. The founder continues to be very much supportive of these TRON based projects, given his active recognition via social media. Despite the protracted bear market, Sun disregarded this in a recent tweet, showing a screenshot of the double-digit losses seen on Wednesday across the crypto market. He then quite comically compared the Coinmarketcap view with the Tron DEX, showing TRX related pairs trading in the green.

Technical Review – TRX/USD

TRX/USD daily chart

The TRX/USD bears have in the session been testing a vital area of demand. This is seen tracking from $0.01800 down to 0.01700. Previously in August and September, the mentioned area provided firm support in propping up the price. Most recently, the price had dipped into this territory on 12th September, where TRX/USD gradually went on to gain over 60%. Earlier, on August 14th, buyers pilled in, seeing the price gradually gaining over 70% over a period of time.

Given the history of buyers camped in this area, bulls should come back into play imminently. If this does prove to be the case for TRX/USD, eyes will be on another retest of the broken ascending trend line. This is seen tracking around $0.02550. The bears had initially breached this area of support, on 29th October. TRX/USD was supported in its move higher, from 12th September, by this trend line, before the break lower.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 54 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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