Ethereum [ETH] has been fighting hard in the cryptocurrency market trying to fend off XRP from taking over its position as the second-placed cryptocurrency on the charts. Just recently, XRP had taken over Ethereum to become the cryptocurrency with the second most market cap on the charts, after which ETH regained its dominance.
Ethereum also made news recently when Glen Weyl, the Principal Researcher, Political Economy and Social Technology at Microsoft Research New York talked about the Ethereum blockchain and its Co-Founder Vitalik Buteruin. He stated:
“It seems to me that in the same way, the “use case” of @ethereum is less any particular technical question and more offering a vision of the future that can save us from returning to the 1930’s next time we hit a recession. I wonder what @VitalikButerin thinks of that.”
Vitalik Buterin was not someone to shy away from the use cases of the Ethereum network, saying that Ethereum 2.0 will be 1000 times more scalable than its predecessor. The Co-Founder of Ethereum banked upon the latest version of Ethereum called ‘Serenity’ and said that it is aimed to be more secure. Buterin also said that Serenity will be able to perform a multitude of operations while consuming very little energy. He added:
“Serenity is the world computer as it’s really meant to be, and not a smartphone from 1999 that can process only 20 transactions a second.”
Vitalik Buterin had also spoken about the Ethereum 2.0 upgrade by calling it a marked step up from the already established network. He said:
“It is a combination of a bunch of different features that we have been talking about for the past several years. We have been actively researching, building, and now, finally getting them all together.”
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Bitcoin: Would you rather HODL Bitcoin or trade? ex-CTO of Coinbase opines on investing in cryptos
With the inception of Bitcoin and the advent of altcoins, there has never been a good chance to make quick money by simply investing. The last time such an opportunity was seen during the DotCom bubble. However, scams are also a part of this opportunity which became more than evident during the ICO frenzy of 2017.
Millions, if not billions were lost to the ICO scams, which caused the regulatory bodies like SEC, CFTC, and others to step in to protect investors. As the space matured over time, so did the actual number of projects in the ecosystem; there are more than 3000 cryptocurrencies with different and implied use-cases, which is confusing to most of people in the crypto industry and to the people outside of this space as well.
The ex-CTO of Coinbase, Balaji Srinivasan tweeted in support of the above; how an investor who is not familiar with the crypto space should go about investing. Srinivasan said that there were a few people who can be profitable and can beat the market, however, he added that “buying BTC in crypto” was like “buying vanguard in traditional equities”.
Investing in traditional assets or Bitcoin, for people who are inexperienced should be a longterm investment, hence the best thing to do with Bitcoin is to stack and/or HODL.
The DotCom bubble pushed the innovation to its maximum which led to the birth of massive companies like Google, Amazon, Uber, etc. The same can be said for Bitcoin, which led to the development of Ethereum [ETH], which is the second largest cryptocurrency in terms of market cap. However, Ethereum brought smart contracts to the world, which has further led to the development of dApps and other use-cases.
1) ETH is/was also both a phenomenal investment and a major technological breakthrough.
2) Some other digital assets are very promising; I don’t believe innovation ends with BTC and ETH.
But for the person outside the space who wants exposure, just buy BTC.
— Balaji S. Srinivasan (@balajis) June 22, 2019
The bottom line with the Srinivasn’s tweet thread for the people who are inexperienced with crypto space was to just buy Bitcoins and hold it rather than trading it.
A Twitter user @mskvsk, reflected Srinivasn’s tweet as he replied:
“Buying BTC, dollar-cost averaging, forgetting about it for several years. This is the soundest strategy for most people. #stackingsats”
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