Bitcoin competitor Ethereum built on SAND: 'I don't see a business plan!' Expert's WARNING

BITCOIN’S biggest competitor ethereum has failed to reveal it has a viable business model, according to Aswath Damodaran of New York University.
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Bitcoin’s competitor, ethereum, has been accused of failing to be transparent about the company’s business plan, making it impossible to be evaluated by investors.

Speaking in an interview with CNBC, New York University professor Aswath Damodaran said: “When the evaluation time comes, some of these crypto investments are not going to hold up.

“Right now I don’t think anybody is valuing the cryptocurrencies, they are all pricing.”

The academic was asked to give a rough estimation of the value of ethereum compared to bitcoin but he refused to do so.

He replied: “I’ll tell you what’s holding me back, I don’t see a business model yet from ethereum.

“They’re talking the talk but they’re not walking the walk yet.”

In an interview with Bloomberg, Ethereum’s co-founder Joseph Lubin said: “This is an incredibly exciting time, we’re about to enter into an explosive growth regime for the global economy.

“The nature of the way companies are delivering services on the internet currently, we have walled gardens, we have siloed systems.

“We have this new invention called the destruction of net neutrality which is I think going to be an interesting driver for decentralisation.”

According to Coindesk at 12:16 pm on January 11, ethereum price is $1,202.26 against bitcoin’s $13,705.82.