ETH co-founder: "Crypto's potential hasn't increased as much as the cap"

HashieNewb

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Quote from: EvaGC on December 13, 2017, 10:53:33 AM

« The crypto market cap has increased by 200x, but I definitely don't feel like crypto's *potential* has increased by 200x. In some key sectors (eg. payments) it has even regressed »

Words by Vitalik Buterin, co-founder of ETHEREUM, today.

What do you think?

The potential for all these coins are low. Unless the co-founder was talking about the coins that been around for many years, then there is some serious potential there.

blozo

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Vitalik is a true genius , multi-millionaire, but still manages to remain realistic and down to earth. It's one of the reasons for which I believe in Ethereum success

Rexler

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Quote from: senin on December 14, 2017, 01:24:59 PM

Simply increasing the total capitalization by this amount, this does not mean that the amount of investment in the Crypto currency has increased by this amount. Based on this, we can not feel any changes in its potential. The potential of the crypto currency will increase if there is a significant expansion of the circle of users of crypto currency, there will be a good and loyal legal basis for its circulation in all countries and an extensive infrastructure has been introduced for the application and maintenance of the crypto currency, which is only now developing.

You're right. An increase in the total market capitalization doesn't actually equal that the adoption. I believe this is just a normal uptrend. It usually happens at this time of the year. However, Crypto has reached new heights though.

senin

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Simply increasing the total capitalization by this amount, this does not mean that the amount of investment in the Crypto currency has increased by this amount. Based on this, we can not feel any changes in its potential. The potential of the crypto currency will increase if there is a significant expansion of the circle of users of crypto currency, there will be a good and loyal legal basis for its circulation in all countries and an extensive infrastructure has been introduced for the application and maintenance of the crypto currency, which is only now developing.

jlanzago

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The comparison for me is not right. Because the crypto potential is infinite and prices should not only reflect the potential but the achievements as well. Remember that they are commodities or utility tokens (depending on what you invest). Not securities and therefore should be evaluated differently.

hatshepsut93

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Quote from: EvaGC on December 13, 2017, 10:53:33 AM

« The crypto market cap has increased by 200x, but I definitely don't feel like crypto's *potential* has increased by 200x. In some key sectors (eg. payments) it has even regressed »

Words by Vitalik Buterin, co-founder of ETHEREUM, today.

What do you think?

He didn't say potential, he said current use cases, check his original tweets:

https://twitter.com/VitalikButerin

That's two different things, Vitalik meant that cryptocurrencies are rarely used as currencies, and there are not much useful dapps, so crypto's are mostly used for speculation. The current marketcap reflects two things: expectations of investors for future improvements and adoption of cryptocurrencies and speculative value, driven by people who view cryptocurrencies as "get rich quick" schemes.
And I think this is true, there's a lot of speculation on the market, which might easily reverse and result in a bear market, but good crypto's like Bitcoin can't die because it's obvious that they have value because of their use cases and realistic potential.

dothebeats

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Completely agree with this. If there's something that remained stagnant with the supposed "bitcoin growth" and the "growth" of crypto in general, that is its actual usability with real-life applications. Using bitcoins for paying a small sum is at its worst right now, with a whopping $15.13 tx fee just to get your payment confirmed within the next block. As for the others, it might seem that everyone is supporting a certain coin but in reality, everyone in it is just for the money and not for the actual development of the coin. Growth in market capitalization =/ growth of the coin.

webtricks

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Quote from: EvaGC on December 13, 2017, 10:53:33 AM

« The crypto market cap has increased by 200x, but I definitely don't feel like crypto's *potential* has increased by 200x. In some key sectors (eg. payments) it has even regressed »

Words by Vitalik Buterin, co-founder of ETHEREUM, today.

What do you think?

He published a series of tweets about this yesterday and they showed exact picture of current crypto scenario.
I ain't able to understand why people making merry on reaching 0.5T when these 500 billions worth of assets have nothing to contribute in real world. If people really think they worth so high then they must have some utility else 0.5 trillion can turn 0.5 billion in no time if belief of people start shattering from cryptos. There is an urgent need to strengthen crypto market with some real world use.

OrcaTech

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The only thing that has increased in 200x is BTC price. I agree with Vitalik that the potential of crypto is huge and still has a lot of ways to grow.

Taki

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Everybody know that already, besides crypto newbies who make a panic on every bitcoin's fall and tell on every corner that bitcoin is a bubble and ponzi pyramid. I think all people who join to crypto world should to understand that crypto's potential is just in the beginning of it's raise, but at the same time nobody can't say when the pick is going to be.

ahmad21

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Quote from: EvaGC on December 13, 2017, 10:53:33 AM

« The crypto market cap has increased by 200x, but I definitely don't feel like crypto's *potential* has increased by 200x. In some key sectors (eg. payments) it has even regressed »

Words by Vitalik Buterin, co-founder of ETHEREUM, today.

What do you think?

He is absolutely correct. If you see the market every coin whose price increases or even market cap increases begins to charge high fees on the name of network congestion. This ultimately shows that are crypto networks aren't still ready for a mass adoption which is happening up currently. So despite of the fact that the market cap is increasing the potential isn't because coins and their networks are not being made with an aim of mass adoption.

bitvalak

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Quote from: EvaGC on December 13, 2017, 10:53:33 AM

« The crypto market cap has increased by 200x, but I definitely don't feel like crypto's *potential* has increased by 200x. In some key sectors (eg. payments) it has even regressed »

Words by Vitalik Buterin, co-founder of ETHEREUM, today.

What do you think?

there is a point too, but in my opinion not a setback, but the beginning of the crypto world. Small things such as many online service providers and also e-commerce that has received payment using bitcoin. For ethereum not so much, but for bitcoin I think has started a lot.

just a man

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Quote from: EvaGC on December 14, 2017, 07:18:36 AM

Yeah.

I think it takes a lot of guts to stand up and say that regarding his own industry. I admire his honesty.

Although he is probably only trying to pump up his own project he does have a point, Bitcoin and crypto is still young.

vainhaver

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Quote from: EvaGC on December 13, 2017, 10:53:33 AM

« The crypto market cap has increased by 200x, but I definitely don't feel like crypto's *potential* has increased by 200x. In some key sectors (eg. payments) it has even regressed »

Words by Vitalik Buterin, co-founder of ETHEREUM, today.

What do you think?

i agree with him crypto have massive crypto market cap and right to say only bump price or not real price

EvaGC

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Yeah.

I think it takes a lot of guts to stand up and say that regarding his own industry. I admire his honesty.

penig

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Quote from: Lipe490 on December 14, 2017, 05:00:47 AM

I am happy and worried with cryptos at the same time. Just remember the dot-com bubble when that period had a extreme growth in the usage and adaptation of the Internet, and people on wall street got crazy buying shares in stock changes of every enterprise "working" with internet. Then the bubble exploded making thousand of enterprise dissapear. I am not saying Bitcoin will follow the same path, but as much as I do not like the bs that Vitaliks says, I have to agree that we did not deserve this cap we see right now. So now I wonder, Bitcoin is speculation active or revolution of payment method and blockchain technology?

It will follow the dotcom craze, it's already following the path, there are so many similarities with ICOs and listings of the lat 90's. The questions are at what point in the ride are we, does the landscape of the internet compress the time and duration of the journey and which of the current coins are the future Amazon, which are Yahoo, and which are Pets.com.

sindikat

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Of course the number of payments will decrease. The main reason is the high price per transaction. Now, users of bitcoin are forced to collect a large amount of coins and cash them in for Fiat to cut their costs. I don't know of miners who do not want to solve this problem. They do not understand that it is better to confirm 100 deals every day for the price of 1 dollar each than to wait a week to confirm 1 deal for $ 100.

Lipe490

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I am happy and worried with cryptos at the same time. Just remember the dot-com bubble when that period had a extreme growth in the usage and adaptation of the Internet, and people on wall street got crazy buying shares in stock changes of every enterprise "working" with internet. Then the bubble exploded making thousand of enterprise dissapear. I am not saying Bitcoin will follow the same path, but as much as I do not like the bs that Vitaliks says, I have to agree that we did not deserve this cap we see right now. So now I wonder, Bitcoin is speculation active or revolution of payment method and blockchain technology?

Emissary White clerk

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He is right, and it won't change in the near future, not before this whole field gets a bit more accessible to the public. as long as the majority of people do not understand it, can't handle it and don't use it...

The_Dark_Knight

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Quote from: EvaGC on December 13, 2017, 10:53:33 AM

« The crypto market cap has increased by 200x, but I definitely don't feel like crypto's *potential* has increased by 200x. In some key sectors (eg. payments) it has even regressed »

Words by Vitalik Buterin, co-founder of ETHEREUM, today.

What do you think?

The potential is still there the biggest issue is not that, the biggest issues is how much of that potential has been realized and the answer to that is very little, bitcoin went up in price a lot but the fees are huge and the network is very slow, we still need to see if the lightning network improves some of those problems and if it does I will say that the price of bitcoin matches its reality but right now bitcoin and many other coins seems overvalued.

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