Ethereum Co-Founder says that Crypto is Stronger than ever
Joseph Lubin, Co-Founder of Ethereum recently said that the Crypto space is not on the brink of collapse but in fact is now stronger than ever.
The price of almost all the Cryptocurrencies especially Ethereum has taken a plunge since January this year. Amidst the brutal bear market, most of the speculators and traders may be on the verge of panic but Lubin says a different story.
Crypto Stronger than ever!
Different people have different ways to measure how the Crypto space is doing. Economists like Nouriel Roubini view the price plunge as a collapse of the entire bubble whereas developers and entrepreneurs are viewing it the exact opposite way.
Lubin suggests that boom and bust cycles are nothing new to the Crypto space, there have already been 4 boom and bust cycles with Bitcoin in the past 10 years. Lubin says that the number of people that have entered this space is a good measure to judge where it’s going, and in terms of that it has never been better.
He said on CNBC:
“Digital currencies are not on the edge of collapse, we have seen lots of booms and bust in our ecosystem over the last nearly 10 years and our ecosystem has never been stronger… And I measure that in terms of the number of projects, the number of people who have been drawn into this space… entrepreneurs, developers, its orders of magnitude is bigger.”
Ethereum acts as fuel and resembles a commodity more than currency
Cryptocurrency regulation is a topic where there is not much clarity, but the SEC has provided hints about Bitcoin and Ethereum not being securities but more like commodities because of their decentralized nature.
When asked about regulation Lubin suggested that there is no need to regulate decentralized application Platforms/Protocols just like one does not regulate the MYSQL database, but the regulators have to focus on the different use cases that are built on the protocols to regulate.
So with respect to this Ethereum resembles a fuel that will help power the network making it a Crypto commodity.
“Bitcoin is a cryptocurrency, Ether has some characteristics of cryptocurrencies… it is a crypto fuel or crypto commodity”
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