Is This The Beginning Of A Huge Ethereum Sell-Off?
Hackers stole 32 million in Ethereum, other people have hacked it and now things are getting worse. Right now there are some vulnerabilities with Ethereum and with Bitcoin making a change soon, there is a lot of turmoil. To me, I'm losing confidence in Ethereum and I hate to say it, but is the beginning of a huge Ethereum Sell-Off?
I watched a really great video about the $32 million hack and the other hacks that is starting to put Ethereum into the doubt category for me.
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Look, I'm not financial planner so make your own decisions, but when the creator of LightCoin sends out a tweet like this...
To be honest, I am losing some confidence in Ethereum and gaining confidence in LightCoin. It isn't the fact that we just lost over 50% of Ethereum's value from a month ago. I think Ethereum found some of its footing above the $200 mark. The thing that really bothers me, I feel some of the people that hold a lot of money in Ethereum are going to get spooked and jump to something else during this time. After all, who wants to lose millions to a hack? With no way to get it back?
This puts the trust factor into question with crypto right now and it isn't a good time with Bitcoin deciding what to do. It could cause more havoc in the marketplace and we could see Ethereum drop significantly over a short amount of time if some whales pull out over security concerns. That bothers me. Should I be worried or forget about it?
Is it just me you are you starting to get nervous holding Ethereum in your portfolio? Let me know in the comments below. (Price of Ethereum when I posted: $212)
To my followers, you are the energy that light's my creative world.
I think a lot of people are losing faith in Ethereum.
I know I am. Thanks for reading.
This is really sad. But it will help the othe digital currencies so that they increase their security.
It is sad... I never got my lambo. It could also mean they come back with a vengeance but I don't know. I switched my Ethereum to LTC before the big drop and glad I did. I almost bought back in at $200 but I'm waiting until after August 1st to do anything right now. lol you got a new follower. Nice to meet you.
This hack is not really Ethereums fault is it ? Its like blaming bitcoin for mtgox
Yup, I think some alt coins are taking advantage of the news. It's not good, but not Ethereum's fault. Great article - again @walkingkeys.
yeah sell because 21 billion usd marketcap software never improves and should never be updated.
We're in the wild west! No one knows what will come. Just get some EOS.
I agree about the wild wild west. Why should I get EOS? I'm curious your thoughts.
@walkingkeys Hackers are the biggest threats posed to crypto currencies and crypto exchange platforms... The earlier they step things up the better.
I think there will be issues with most (if not all cryptos) over time as they grow and have to overcome the various issues that they face. I still believe in Ethereum and have confidence in it long-term. I really like Litecoin too and hold both Ethereum and Litecoin.
I agree in the longterm scope, but there is so much competition. We'll see what happens. I fully expect to buy back into Ethereum, I'm just holding off right now.Thanks for the great reply.
How things change, only a couple of months ago Ethereum was going to oust Bitcoin as number 1 and now it is full of problems. My guess is anything could happen, it could rebound or it could flop either way the investors have to make their choice.
I agree 100%. I'm just a little guy, lol, so I'm trying avoid major crashes... and I think we might be in for another one with Ethereum. Thanks for the read and reply.
Oh Cheese Louise. I think people are overreacting to what is still basically Alpha software and an Alpha ecosystem.
News flash people! ETH wasn't meant to scale this quickly, so fast. Rome was definitely NOT built in a day. ETH has so much promise that people are adopting it well ahead of its true Beta: Metropolis and well ahead of its final form: Casper.
All these criticisms of ETH are valid, however you all are basically doing the equivalent of judging an All-Pro caliber player while he's still in High School, instead of judging the player by what he does in the NFL. The fact that we're seeing these problems at this Alpha stage is NOT a friggin surprise if you've been in the R&D world like I have since 2004. Progress is never a linear straight path up. If y'all can't handle volatility and buggy software that needs fixes, you really should NOT be investing in any cryptos.
And if your headline does somehow come true even after the EEA3 news: Ima just buying more secondhand ETH from more weak hands. So: go ahead, sell your ETH and make my day. :D
I made a very nice profit on Ether and moved it to LTC before it dropped 50%. I'm still holding it in LTC, and will buy back in, but I don't want to do it now. I'm going to wait to let the market bottom out and buy back. I'll be with you buying back in.
You make great points and I agree with you and like the analogy. This blog is definitly mean in the short term to shift some money around to avoid another big sell-off? If I thought Ethereum was over, the title would have been "Is This The End Of Ethereum? lol. I know what you are saying and you are right, but I'm thinking through the August 1st Bitcoin deadline. Just shifting coins around to avoid losses in short-term. I believe in the long term, but I play in the short-term.
It's not Ethereum fault but a fault in some smart contract. In essence I understand functions in the code were made public (=default setting) while they should have been private (=default setting in most programming languages).
This exploit basically let anybody just go and add themselves to multi-sig wallets,after which they can sign to remove funds by calling the initialization script. Classic human coding error.
Or better said: no testing, unexpected code behaviour.
You may be right, but confidence drives the markets, not common sense. Money stolen out of wallets, only happening to Ethereum... It may be that Ethereum is fine and this doesn't matter. I just think with so many issues, some may be rethinking that whole... HODL concept. Thanks for taking the time to reply.
Where's that food bank video?! You promised @walkingkeys! You said...
Thanks again for the gift of gif posting!! Hope all is well with you.
lol, I swear it's coming. I've been slammed at work this week. Even trying to catch up now when I should be Steeming. I promise it is coming. Thanks for keeping me honest, lol, It's coming
Most of your followers are a balm to your burn, I am the pain in your arse :) I like you, just wondered if you were being real deal. Glad you seem to be.