Please elaborate what you mean by "this goes against bitcoin".
Bitcoin has more traction and more people are involved. Ethereum is just try to be main part of this crypto revolution. Why would anyone use ethereum blockchain in the long term when more secured is bitcoin blockchain.
If 51% people are driving right and 49% left soon 100 % will be driving right and 0 left. I believe this is the same with blockchains. Why to be part of the small blockchain if everybody is using standart (bitcoin blockchain)?
I would like to restate the message of this thread.
When I say that Ethereum looks like it is going to pull a Cloak I am simply pointing out that the price movements of the coin seem similar to what Cloak did in 2014.
Now from a speculation standpoint this has nothing to do with what the coin can do long term.
Back in July 2014 Cloak went from .0004 all the way to .0033 on July 30th according to coinmarketcap.com (
http://coinmarketcap.com/currencies/cloakcoin/)
That is a multiplication factor of about 8.
Since then the coins price has been less than attractive and we don't hear much from that coin anymore.
I believe that Ethereum may pull the same thing.
In the case of Ethereum I see it currently sitting in the same type of bottom that Cloak was in back in the beginning of July 2014.
So it is currently at .0026 or so and I am saying that it may pump up x8 and peak on November 15th.
As long as the coin is functional investors can trade the coin on an exchange.
All of this has nothing to do with the point you are making about it going against Bitcoin.
Don't get me wrong, your point may be valid but it has no bearing on speculation and investment.
Ideology and investment are two different machines that are not always in lockstep.
CLOAK's pump happened in a VERY different market than the one we have right now, and CLOAK didn't have nearly the marketcap of ETH nor did it have to deal with loads of new POW coins being dumped onto the market daily. Going from 0.0004 to 0.0033 isn't even a ten-bagger. There is nothing unique about CLOAK's pump and I see nothing to suggest ETH is going to pull a similar rise this quickly. I think even the ETH devs have openly admitted that ETH has many years more development ahead of it before the project really comes together. I suspect the next run up will come whenever the ETH team announces they are ready to move to POS. When that happens, I will buy a fuckton, ride it up and then dump 24 hours before the switch to POS. Rebuy once the buzz dies down and price falls then stabilizes, stake until next hype cycle starts.