Saturday, May 30, 2020

Vitalik Believes That Ethereum Has Lost its Lead in the Crypto Market

Ethereum, the second most popular cryptocurrency based on its $18 billion market cap was reputably known in 2017 for being used to fund ICOs. However, some people have made comments of late that the virtual asset has lost its lead in the crypto market. Vitalik Buterin, Ethereum’s co-founder and CEO admitted that it was so “to an extent” and gave responses as to why it is so.

Buterin is Asked of His Opinion About Ethereum Losing the Lead

While in a recent live podcast at Columbia Journalism School, Laura Shin, Senior Contributor at Forbes asked Vitalik Buterin what he thought about people’s opinion that Ethereum has lost its lead or market share. An instance of this is a comment from Fred Wilson, a partner at Union Square Venture who noted that Ethereum is blowing it. 

As a response, the CEO said it was inevitable for Ethereum to lose its lead. He attributed this to a number of blockchain projects that have launched and these projects are all taking different approaches to arrive at the same goal as that of Ethereum. As such, it took some members of the Ethereum community.

Vitalik also made reference to the fact that when Bitcoin was created it had 100 percent market share, but as of today, it controls about 50 percent due to other projects like Litecoin, Dash etc. that have been set up. The CEO also asked if Bitcoin had been operated as a business if the virtual asset would’ve succeeded.

Buterin Disputes that Ethereum 2.0’s Road Map is Taking Too Long

The CEO also disputed that the Ethereum 2.0 road map is taking too long. According to him, every project is usually excited about its prospects at first, but in reality, these things are harder and take time to implement. Even after they have been launched, they are still harder than they seem.

On the other hand, Buterin stated that one of the reasons Ethereum’s co-founders have not placed major emphasis on Ether’s price is to avoid drawing financial regulatory scrutiny. It prevents the asset from being seen as something that should warrant financial regulation.

Buterin Lawyers Say Ethereum Co-founders Have Nothing to Worry About

The interviewer also made mention of the Securities and Exchange Commission’s indication that at the moment Ether is not a security. Laura Shin asked if he was concerned that it may draw regulatory concerns at a later time, but Buterin responded that the lawyers he consulted said the Ethereum’s co-founders have nothing to worry about.

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