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RE: All are welcome, Step into the hype. Buy Ethereum! Buy Litecoin! NO, you say?

in #blockchain7 years ago

Yes, I brought up the POS in my article and at the end I talked about the tokens on top of the network, or ICOs, and I have current investments in both. However coming from a background in Bitshares, I have seen similar arguments made. In particular I had a friend who was an advocate and lost a large majority of his BTC in Protoshares and Angelshares. He refused to look at the concerning aspects because he was drinking the kool-aid.

I think a major flaw of Bitshares was the development centralization, when the developers wanted something done, they did it without real concern to the original bargain made with the founding investors. This will be somewhat true in Ethereum as well, POS centralizes the power to make decisions, and the older developers have a ton of ETH. Your mention of a third split also somewhat shows this problem IMO. What ever the devs decided to do in Bitshares or in this case Ethereum will be done to the developers liking. Additionally lets say that the development was completely agnostic, the POS system will allow and attract wall street or other bad actors to take over a POS system.

Your video also mentioned comparing it with gold, visa, and financial instruments. I think that it's centralized control, lack of privacy, and uncertain safety will be a huge barrier to overtaking current cryptocurrency alternatives for payments and store of value. I enjoy the discussion, and hearing your viewpoints.

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Ethereum will likely reach $100 next month, probably in the next week.

I agree, however the point is if you buy now and a gox/major bug type event happens, you may not see the price return to that level maybe ever if inflation/supply is too high.

That is why you hedge and diversify your assets. You don't want to go all in on anything.

Listen, I don't do that, but you do have people ask you about this sort of thing who know nothing and they are just trying to put in money now at the top of the market.

I have even had family members who own no crypto asking me at the top of the markets if they should buy, and they only look to buy one type of crypto. These people who are buying at the top often lose because they soon sell off, since they have no faith or understanding of the cryptoworld.

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