I have about 20% of my portfolio in ETH but it’s not bc of Vitalik. This is him in Dec last time we were st this market cap:
Vitalik started by asking whether the crypto space has “earned” the $0.5 trillion cap, following it up with:
“How many unbanked people have we banked?
How much censorship-resistant commerce for the common people have we enabled?
How many dapps have we created that have substantial usage? Low added value per user for using a blockchain is fine, but then you have to make up for it in volume.
How much value is stored in smart contracts that actually do anything interesting?
How many Venezuelans have actually been protected by us from hyperinflation?
How much actual usage of micropayment channels is there actually in reality?”
Finally, answering his own questions, Vitalik pointed out that the level of activity is positive, but not significant enough to warrant the $0.5 trillion figure:
“The answer to all of these questions is definitely not zero, and in some cases it's quite significant. But not enough to say it's $0.5T levels of significant. Not enough.”
Anyway, the main reason I have my position in ETH is because of all the ERC20 tokens, if ETH fails then a lot of really solid coins fail and I just don’t see it happening. Remember also Vitalik is still super young and he may just be reacting to stress from daily comments from people expecting everything to moon all the time.
What's with this self-regulatory behavior by this snowflake? Is it because of the self-sceptic, self-hate narrative whites are going through these days? "Oh..we just created this amazing tech..but what does it really do? We're just hopelessly volatile white people. How many dark skinned people have we really saved so far? Like none..we're hopeless. Don't pump this shit any further now. We have to change the entire planet before the crypto market is worth half that of the company Apple" ..
Seriously..Just the fact that the technology exist should give it more mcap than 500 billion. I think he is way way off. And he should stop FUDDING himself and his cryptos. Just because he is stupidly rich no matter how low the market falls, doesnt mean that he should go around fudding it for everyone else. If he was making SENSE..sure..but he's not.
This tech is massively disruptive. More so than what happened during the dot.com bubble. We're not even close to that marketcap wise.
Only thing I can come up with is that as one of the biggest and original crypto, he feels so,e personal responsibility for market and doesn’t want people to blame him if market drops and people lose a lot of money. He’s right that you shouldn’t invest more than you can lose or that your life savings shouldn’t be in crypto, but I don’t think he realizes who he is turns those statements into FUD. Maybe it’s jist how he’s saying things it’s coming out more pessimistic than he intends, isn’t English his second language. Maybe it’s a language thing? Shrugs?