in bitcoin •  2 years ago 

As I remain a HARSH critic and ever skeptic of the Crypto world, it is news like we see recently surrounding ETH that makes the hair on your neck stand on end.  My mind is open (slightly) to the utility and application/employment of cryptocurrency into the global economy, having cautiously approached it over 10 years so as not to be bitten.  Yet, when one sees Mt. Gox occur, ETH imploding and money vanishing into "wallets" never to be accessed again ($280,000,000+ is not chump change), one has to take heed.  

Crap like this:

Scares the crap out of me still. 

ETH is done:

Incidents such as the above will cause setbacks in the crypto world as an already hesitant population hears of such occurrences.  

Bitcoin appears to continue to be the unchallenged, reigning champion at the moment.  Let's just tread with caution friends - nobody needs to get their wealth vaporized. 

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I think Ethereum will be fine. Definitely needs to fix these issues, but it is a popular platform. Bitcoin is king and I believe the most secure, but ETH serves a purpose.


Looking at the sell orders and prices as well as the current chart, it looks like it will have a hard time pulling out of this, especially if unmeasurable psychological toll on users is as bad as it will likely be. Perhaps you will be right. It will likely survive, however at what valuation? I sit on only 0.1 ETH and that is the last I will own of it. I have a sell order out on it for 0.04435319 BTC. As soon as that ETH is out of the trading wallet, no more ETH is coming in. This is how these currencies will die. You break trust - you are done - dead to me. ETH is dead. Any flaw that weak, leaving that much of other peoples wealth exposed is paramount to wanton negligence. How could someone "accidentally" cause $280,000,000 worth of ETH to be locked away? It blows my mind. If I had some serious exposure to ETH, I would bounce fast.

Interesting that Ethereum only dropped $17 on the news and has since recovered $7 of that. Ethereum is newer technology than bitcoin. There will be setbacks as there are with anything groundbreaking and revolutionary. I believe it is a little early to call for the demise of ethereum.

Hopefully the bug will be corrected and the lost funds can be recovered.


Not being sarcastic at all, please let me ask what you think will happen if the funds are not recovered?


It already happened. The price drop and continueing recovery in the price of ethereum. The Mt. Gox incident was 850 thousand coins valued at $450 million lost at the time. That puts the price of bitcoin at the time at roughly $529. Based on the current value of bitcoin, Mt. Gox appears to be a setback now. JMHO.

My first reaction to this post was, "darn it, I missed the dip". I think ethereum will be fine. Ethereum will reach $500 in 2018 and $1,000 within the next 3 years although EOS be may try to do something about that.

This article may be a FUD attempt as well. Maybe the writer is trying to pull a Jaime Dimon on ethereum.