The ethereum co-founder declared today that the actual decrease in value for all cryptocurrencies could not be called a bubble burst, in an interview with Bloomberg today. He also tackled the relationship of Ethereum and ICOs.
Joseph Lubin declared in the interview that due to the blockchain tech being still in its infant stages, calling this recent drop in the market a burst would be shortsighted. In addition to this, when he was questioned about ethereum and ICOs, and the regulatory onslaught against them, he stated:
We are extremely happy about how things are going with regulators. There are many jurisdictions that are excited about the tokenized security of the utility tokens that wouldn’t be considered securities”
About fraudulent ICOs, he declared that it is necessary for the industry to make a pause, and for all ICO to make their legal homework and issue their tokens according to laws and regulations. Most of ICOs are based on the Ethereum platform due to its “smart contracts”, that give versatility to this platform. “Smart contracts” are what makes Ethereum so important for ICO applications. They permit the programmer to apply a determined action depending on some condition, and to be confident that this action will be applied.
A lot has been said about the latest movements on the market. Some analysts call the past drop a bubble burst; others say that it is a natural answer to the latest announcements about the upcoming regulation of ICOs and the ban on advertising by three major players (Facebook, Twitter, and Google). It is interesting what the insiders of the industry have to say about where the market stands now, and why they think so.