Ethereum Price Dropped to 13%! Wait What?

in ethereum •  2 years ago  (edited)

I woke up today with a bang news that ether dropped by 13% in an instant. I have a mining pool from ether mining, so it is not a good news for me. Ether price plummeted to 13% on GDAX. The price shocked the entire system whereby resulting in Coinbase opted to disable trading of the ETH/USD pair and block withdrawals of ether.

Well what just happened here?

It all got to do with the Bancor ICO token where investors clogged the ethereum network. The Bancor ICO was single-handedly responsible for congesting the Ethereum networks as users scrambled to get their ICO orders in time. ETH being sold off to BTC in many exchanges making message like that popping up.

Mind you Bancor ICO token was backed by Tim Draper. Follow this link.

Well Tim, you really make a mess of investors head do you. You obviously can sell a pen to me. :) :)

Ether, come back soon!

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The current blocksize of ethereum really limits its potential as a decentralised computer. You should also consider that the current crash was caused by large trade volume. Once the smart contracts really kicks in, the current computing power of ethereum couldn't handle the computations required to run the while network.

Let's just hope that the switch to pos would go smoothly without hiccups. 😀

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