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Ethereum Founder Vitalik Voices His Displeasure On The Current State Of Cryptocurrencies Industry

Over the last two years and a little more, there have been an increase in the rate of cryptocurrency permutations and shuffling, aimed at profit actualization by users. This seems to be drastically leading to a shift in the supposed purpose for the creation of cryptocurrencies and the fundamental need for the blockchain technology. These profit generation from speculative behaviors on the different cryptocurrencies are the things that culminate in the purpose for which cryptocurrency Exchange Traded Funds (ETFs) are created. Thus, when people talk about the need for the creation of ETFs, they may be implying a need for people to leverage on cryptocurrency price fluctuations.
On this note, Vitalik Buterin, the founder of Ethereum Blockchain protocol and cryptocurrency in a recent tweet showed his displeasure on the direction of the cryptocurrency industry. His tweet read,

“I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”

Why Cryptocurrencies and the Blockchain Technology were Created

Some cryptocurrency developers and analysts are still very much in support of the opinion that all cryptocurrencies should be allowed to play the primary natural roles for which they were invented. Although the secondary roles must eventually come on the scene, it should not be exchanged for the former.
According to the explanation made by the anonymous Bitcoin inventor “Satoshi Nakamoto,” Bitcoin (and consequently other cryptocurrencies – the altcoins), were created in a bid to ease payment transaction processes in a manner that is of advantage over the regular banking systems.

The Contrast Between Then and Now

The volatility of bitcoin and its relatives is one trait that has continually persisted. Consequently, stakeholders on the decentralized currency network have been apt in starting up active cryptocurrency exchange trades.
Now, the contrast lies in the fact that cryptocurrency users and investors have become more concerned with the speculative trade of cryptocurrency, other than efforts to increase adoption and use amongst people. Recent developments have shown that a lot more intending enterprise with an objective of cryptocurrency trading, is in the offing. So far, some have even approached the Security and Exchanges Commission (SEC) in a bid to get approval and legal backings. Examples of this are the Bitcoin Exchange Traded Funds project of the Winklevoss twins that have so far been declined. Others yet in the approval tussle is the CBOE global equity market.

How the Exchange Traded Funds Affects Cryptocurrency Use

The advantage in the creation of exchange-traded funds is more directed towards profit-making properties of the crypto assets. If this becomes the general opinion over time, then there would be a rather unhealthy attitude towards cryptocurrency use as means of transaction payment. This would ultimately affect the prospective chances for massive cryptocurrency use.
In the long run, this would also affect the exchange activities bothering around their use.
Blockchain developers and analysts have continually raised concern over the rising trend, and have called on cryptocurrency stakeholders to possibly shift back to the status quo; at least, in a prioritized manner. This is a necessary action if the cryptocurrency networks would experience any reasonable development in the next few years; especially according to a perceived initial overall forecast.

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