[2017-07-15] Bitcoin Millionaire Teen Not Convinced About Ethereum

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: TraderTimm on July 16, 2017, 10:03:22 AM

Smart kid.

ETH is honestly a "cult of personality" thanks to Vitalik.

The pump will ultimately end in a massive dump - and its ongoing. 130.26 reported as a low today on Coinbase.

No amount of China roadshows fluffing investors is going to bring that valuation back. Nor does it help that a "misconfigured" ICO can bring the ETH network to its knees.

The dump has been ongoing for the last months or so. After reaching a ATH, the price dip so strong that the price is currently at $150++. A lot has been put up on this coin and some even think that it can overtook bitcoin in the long run. And the so called "flippening" did not occur. The hype has died down, and they are making a publicity stunt like Vitalik is dead and even a fake Vitalik that says is scamming people. LoL. It is just surviving because ICO who is showing like mushroom to take Ethereum as for of investment, otherwise, I wouldn't surprise if the price goes down below $100.

TraderTimm

legendary

Activity: 2408

Merit: 1121

Smart kid.

ETH is honestly a "cult of personality" thanks to Vitalik.

The pump will ultimately end in a massive dump - and its ongoing. 130.26 reported as a low today on Coinbase.

No amount of China roadshows fluffing investors is going to bring that valuation back. Nor does it help that a "misconfigured" ICO can bring the ETH network to its knees.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote

Erik Finman, a millionaire teenager who initially invested in bitcoin in May 2011 at the age of 12, recently explained in an interview with Mic that he is not convinced about Ethereum.

Six years ago, Finman’s parents, Stanford PhDs, agreed to allow Finman to skip college and pursue his education elsewhere, outside the traditional realm of college and university ecosystem, if he could turn $1,000 in cash granted by his grandmother into $1 million.

Within a six-year period, Finman acquired $1,000 worth of bitcoin at around $12 per bitcoin and also obtained other cryptocurrencies such as Ethereum’s native token Ether. Finman revealed during his interview with Mic that he currently holds more than 600 bitcoin, which is worth just about $1 million.

Although Finman does maintain a portfolio of cryptocurrencies including Ethereum, he explained that he’d encourage other traders to go short on Ethereum. There is a lot of money to be made in the short-term but at the moment, the market cap of Ethereum is difficult to justify, considering the lack of viable products that emerged within the ICO market.

In regard to ICOs, Finman also stated that newer cryptocurrencies are susceptible to pump and dump schemes.

Read more here.

I was made to believe that Ethereum can be the next in line for Bitcoin and even if it will not really replace Bitcoin then playing a second placer can be good enough. However, lately there are those who are expressing some dismay and disappointment with Ethereum, and this is now also reflected in its value. I lost almost 50% of the money I invested with Ethereum because I bought some when it peaked at $340...that was a very bad decision on my part.

Is there really a bright future ahead for Ethereum?

Topic: [2017-07-15] Bitcoin Millionaire Teen Not Convinced About Ethereum (Read 3533 times)