I have not disagreed that it is possible to create an investment pump.
But the music only continues for as long as you can delude enough new fools. Eventually you've got to actually produce real adoption and value. And I can't see anything from Ethereum, Slock.it, Etherplan or anything I've seen from that crowd that will have any real adoption.
But the music only continues for as long as you can delude enough new fools. Eventually you've got to actually produce real adoption and value. And I can't see anything from Ethereum, Slock.it, Etherplan or anything I've seen from that crowd that will have any real adoption.
Barry Silbert says:
Although Silbert is excited about Ethereum, he does not agree with the vision held by some of Ethereum’s most-ardent supporters. He explained:
“I sense there’s a certain utopian view of society, which I may or may not agree with philosophically, that I just don’t see from a real-world application perspective happening anytime soon.”
Silbert went on to explain that a world where there is no regulation, lawyers, contracts, or SEC rules is not going to exist in the near future. He then clarified, “It may solve some problems. The idea of a decentralized autonomous organization, it’s super interesting.”
Silbert also noted that many of the earliest applications built on Ethereum are related to gambling, Ponzi schemes, or pyramid schemes, but he also admitted that this isn’t necessarily a problem. He added, “That’s OK because that’s an interesting way to experiment; it’s certainly what happened with Bitcoin.”
What Does the World Need from Ethereum?
One of the main criticisms of Ethereum up to this point has been the lack of useful applications that solve real-world problems. On a recent episode of Unconfirmed Transactions, host Dan Anderson and Wall Street veteran Tone Vays described how Ethereum supporters were unable to provide any use cases for the project to them at a recent meetup in New York.
During his panel appearance on day one of Consensus 2016, Silbert seemed sympathetic to the idea that practical applications of Ethereum are yet to be found. He stated: “I don’t think the world needs a decentralized Uber, which is one project. I don’t think the world needs a decentralized AirBnb, which is another project.”
Having said that, it’s important to remember that Ethereum is a platform on which a developer is essentially given the power to build any decentralized application they wish. It’s possible the best use cases of Ethereum have simply not been thought of at this point.
During his final comments on DAOs, Silbert questioned the role these decentralized organizations can play in the real world. He concluded:
“These DAOs that are raising money from the masses with — basically it’s a blank check. It’s a pool of capital that’s going to be deployed in a way that I think will be very democratic. I’m skeptical because I don’t know the role it needs to play in society. I don’t know, in the capital formation process, what’s wrong with our current system that it’s solving for. I’m philosophically supportive. I hope it’s successful, but I don’t see the problem it’s solving yet.”
“I sense there’s a certain utopian view of society, which I may or may not agree with philosophically, that I just don’t see from a real-world application perspective happening anytime soon.”
Silbert went on to explain that a world where there is no regulation, lawyers, contracts, or SEC rules is not going to exist in the near future. He then clarified, “It may solve some problems. The idea of a decentralized autonomous organization, it’s super interesting.”
Silbert also noted that many of the earliest applications built on Ethereum are related to gambling, Ponzi schemes, or pyramid schemes, but he also admitted that this isn’t necessarily a problem. He added, “That’s OK because that’s an interesting way to experiment; it’s certainly what happened with Bitcoin.”
What Does the World Need from Ethereum?
One of the main criticisms of Ethereum up to this point has been the lack of useful applications that solve real-world problems. On a recent episode of Unconfirmed Transactions, host Dan Anderson and Wall Street veteran Tone Vays described how Ethereum supporters were unable to provide any use cases for the project to them at a recent meetup in New York.
During his panel appearance on day one of Consensus 2016, Silbert seemed sympathetic to the idea that practical applications of Ethereum are yet to be found. He stated: “I don’t think the world needs a decentralized Uber, which is one project. I don’t think the world needs a decentralized AirBnb, which is another project.”
Having said that, it’s important to remember that Ethereum is a platform on which a developer is essentially given the power to build any decentralized application they wish. It’s possible the best use cases of Ethereum have simply not been thought of at this point.
During his final comments on DAOs, Silbert questioned the role these decentralized organizations can play in the real world. He concluded:
“These DAOs that are raising money from the masses with — basically it’s a blank check. It’s a pool of capital that’s going to be deployed in a way that I think will be very democratic. I’m skeptical because I don’t know the role it needs to play in society. I don’t know, in the capital formation process, what’s wrong with our current system that it’s solving for. I’m philosophically supportive. I hope it’s successful, but I don’t see the problem it’s solving yet.”
I called the temporary top at $6, I called it again at $15, I predicted in advance the bounce at $7 and the double-top at $15. My pricing calls on ETH have been extraordinary. Do we need to go quote posts to prove it to you? (please don't waste my time)
