Listen, Vitalik. You're a genious. You created something amazing. We all get that. But it is NOT your job to play regulator or moderator or bureaucrat. I'm sure you have some understanding of the markets as well, since you're a smart guy. But then you should know that you LEAVE THE MARKETS alone.
Yes traditional assets are perfectly safe lol. And Ford is a great investment. Just look at the stock performance since it hit highs in the late 1990's around $36 and dropped to $4 a decade later and has never gone higher than about $18 since. That sure looks like a downward channel the past 3 years and now the stocks is trading around $10. Sure looks like a promising chart doesn't it?
As for the German auto makers...well they make good cars but the "clean diesel" disaster that hit VW some years ago isn't just contained to VW and the fallout continues to this day although many don't realize it. Many auto companies manufacture these supposedly "clean emission vehicles" that are rigged with inspection-defeat devices to pass regulatory tests in a lab setting but pollute like crazy on the road. Surely that couldn't pose a risk to their stock prices if there were some headline to come out in the news about a similar incident to the one with VW years ago but for another auto maker.
Netflix's "dirty money" series details the whole emissions scandal in the first episode. Here's a little tidbit from the news awhile back regarding the documentary, the scandal, etc.
https://www.ft.com/content/e552fe80-086f-11e8-9650-9c0ad2d7c5b5
Buterin shouldn't be giving financial advice to people like this. Especially with it being questionable at best regarding the companies he mentioned investing in.
If you start looking at splits and dividends Ford didn’t do that bad. Also I don’t think anyone said stocks are safe. There’s things like bonds, precious metals, real estate, etc. that one, if smart, can use to maintain wealth.
Crypto is the wilds west. If you know tech, can run wallets, and make smart investments you’ll be fine(like with stock). However, there’s also bitconnect, fake icos, pump and dumps, hackers, etc. that the average unintelligent investor will probably fall victim to and lose their money(even icon had issues). If someone put their life savings in and lost it all they’d probably kill themselves.
Sure. I agree that caution is needed in the wild west of cryptos. BUT, Vitalik, the creator and "CEO" of Ethereum, the second largest crypto currency/token, is NOT the correct person to be telling us this. We hear this every goddamn day from the media and every "sensible" snowflake do-gooder on twitter and god knows where. No need for the core crypto people to spread more FUD. Cryptos are subjected to so much FUD it's ridiculous. It's a 500 billion market..half the size of Apple.
I don’t think this is FUD more a reasonable approach. Plus a lot of the people listening to him aren’t exactly following mainstream news.
Also I believe Apple has more users than crypto, but they’re completely different beasts.
Peaked around $4.22, dropped to $0.003, never gotten over $0.05 since...
There’s tons of failed cryptocurrencies too...
This
Thanks man, glad you liked my comment :)
I just wish I has some money to play the stock market.....not yet, let's hope soon
He's not trashing. He is just telling people not to dump their life saving into crypto. That's prudent. You should invest some, but because we are in a hyper volatile phase where we don't know who will survive or not you really should not invest more than you would can lose.
If too many people lose large amounts on inside investments in crypto, it will be bad for the longer term health of the system.
HE should not tell people to be prudent. Should Elon Musk tell people not to invest in Tesla? No. We have media and experts to tell us that..and guess what..they tell us that ALL THE F TIME :)
Vitalik should stfu and work on Ethereum. And get a PR agent to tell him exactly that.
I respectfully disagree. I think he has to think about the entire crypto ecosystem. People getting burnt in the short term is not a good thing for the long term development of decentralisation. People will run back, screaming for centralisation again. This would hobble the application of this technology (I'm more interested in the tech than the money).
I think Elon Musk can say what he wants to push his company, but he can run at a loss and take it out of his own money. Rich people can buy his car as a status symbol, and it is also a solid tangible product. Crypto and it's applications needs the support of the masses, the little people to succeed. For that to happen, we need to gain the trust in small steps. People risking their life savings in risky ventures that they have no understanding of will be counter productive. We need to play the long game.
I say all of this with my own investment in crypto. I want the system to succeed, and I have done alright out of it so far. But I would be crazy to dump my life savings into a single asset class. With the profits I have shifted some into stocks and mining stocks specifically. I know others are diversifying into real estate.
In the end, we want smart informed investors and backers. Not the ones that jumped on board at the end of last year.
Calm down dude, you might not like the message but he is completely right. Some people earn good money investing in crypto but in the end many more end up losing.
He is not dishing crypto-ideology, but cautions people on the risks of investing more than they can afford to lose.
Why is that his job? We hear about that all the time from the media.
He's the creator. His job is to be positive and enthusiastic,not a f shill.
Vitalik is a free man, he has the right to speak his mind. It would be a very sad day for crypto the day he stops speaking his mind and hires a PR consultancy to form messages that are specifically crafted for "promoting the growth of Ethereum market cap". Then he could as well have been working for BitConnect.
Another thing, "Group Think" and the "Echo Chamber Effect" is very strong nowadays. I think it's important not to bash people for having dissenting views, I think it's important with healthy discussion where all points of views are welcome. I also think it's a bad tendency when dissenting views are just dismissed as "FUD".
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?
I think it's scary that so many sees this as an attack on crypto. I do not think so - I think this is a warning not to go over the board and be reckless. I also find it a bit scary that he should not be allowed to speak his mind. Politicians and corrupt people tend to tell lies or shut up if it's good for their own case or the bottom line, honorable people tend to be honest and upfront even if it's not in their best short-term interest.
I think crypto currencies should be measured by their utility, usability and potential usecases, not by how much it was growing last week. I think it's very unfortunate and unhealthy that people seem to care only about the latter.
We've been seeing a trend now for a while that people are buying crypto currencies on exchanges, holding it there without caring a bit about anything else than their short-term gains. The price grows because people are buying, and people are buying because the price grows. This is a very unhealthy trend. It can unpredictably flip anytime; one whale sells out, market price falls, and sometimes it can cause a cascade of panic selling. This is what he's warning about. It's better to try damping the growth through such warnings than to go through extreme boom-and-burst cycles. Stable market prices is good for crypto as such, and we will never get stable market prices as long as people are recklessly throwing their life savings into crypto, hoping for a quick doubling of their life savings.
Today you're angry with Vitalik because of such a tweet. Such a tweet may indeed dampen the growth in market cap for a while - but for the true believers, crypto currencies was never about explosive growth of gaining market cap, but about revolutionizing finance. Came to think, many folks will probably be extremely upset with Vitalik if the market crashes and they have lost more than they can afford to lose. Some people have families to feed. There was quite many suicides in the post-MtGox-apocalypse. Would such a market crash be the fault of Vitalik? Of course, if the market crash is triggered by some exceptional bug or some exceptionally stupid tweet, then perhaps - but still, Vitalik is doing tech for the sake of tech, he never intended to be standing on the front stage in what possibly could be the biggest bubble since tulip market crash.
Another thing, he's speaking about all crypto, not ethereum specifically. Comparing it with a CEO of some car factory, it's not that he's recommending people alternative cars, it's more like he's warning people that the stock markets as such may be overheated, and recommending not to invest more than one can afford to lose into stocks.
Stock markets are heavily regulated, it for sure has plenty of disadvantages, but the purpose is to protect the investors. The regulations are far from fail-safe, but still - an amateur may pick twenty completely random stocks from a well-regulated stock market and the probability is high that he'll go in plus on such an investment. The same absolutely cannot be said about the crypto markets. Take up all the 1500+ coins and tokens listed on CoinMarketCap and throw some money on 20 completely randomly chosen tokens, and chances are that you'll lose at least half of your money on scams, and most probably the second half will shrink to a really insignificant value in just some few years. Yet, that's what many of the newcomers are doing - many are picking some seemingly underpriced tokens by random hoping that one of them will explode in value.
I do believe crypto currencies, tokens and blockchains may revolutionize the way we invest money - but the markets aren't mature, the time is not ripe yet.
By all means, keep buying cryptos, I'm even gaining from it personally, just be aware the good old saying "don't invest more than you can afford to lose" even applies more in the world of cryptos than stock markets and real estate!
100% with the viking.
Thanks!
What a twat! (not you, him) Unless hes now being paid to spread FUD..
He's the creator of one of the finest crypto currencies, he's not a twat.
Honorable people voice the truth and their belief even if it is not in their self interest, politicians and corrupt people are telling lies whenever it's good for their own case.
Yup! Imagine some CEO or creator of ANY company doing something like that? No, you cant, because no one is that stupid. He should know that he should stay the hell away from valuation and markets. It's not like Elon Musk interfer with how Tesla is doing in the market. He does his thing and promotes Tesla!
I am just as you on this. When I saw Vitalik's tweet yesterday I couldn't understand why he was telling something as obvious as that. I mean, as one of the leaders of the whole crypto space, his job should be something like informing the world why ethereum for example is going to take over and conquer the world.
But perhaps he feel so confident that he might just tell that because he knows this technology will succeed no matter what. Its certainly weird to see a crypto leader giving fuel to crypto haters so they can keep on bashing the technology...
Or perhaps Vitalik is so innocent he just say things without thinking?
Who knows, either way, I am sure people close to him have already told him he should be more careful with what he tweets. Specially in the coming months that will probably be the most important in crypto's history.
Cheers!
I think you're totally mistaken. He has said nothing that can be used for bashing on the technology.
Crypto currencies have countless legitimate usecases - and I don't see "get rich fast" as one of them. His warning is completely legitimate.
Now, if he would have been the leader of BitConnect rather than the chief developer of Ethereum, he would probably have tweeted the exact opposite.
In either case, it doesn't really matter.
Of course his warning is legitimate, but I still don't think making those comments 100% appropriate giving his position. Have you ever see a bankster saying something like "be aware if you have money saved with us, you could lose it all if we fuck up, as we usually do every X years"...
Everyone knows crypto is highly risky, I understand Vitalik wants to be honest, and perhaps the reason he makes this is because he is sure about the long term success of ETH.
Vitalik is not a bankster, and if he had been, I'd probably stay far away from Ethereum.
I believe honesty to be a great virtue; as for myself I would never sell a car without making sure the potential buyer is thoroughly informed about everything that is malfunctioning, even if it means I'll get a lower price for the car.
We do that at work also, we try to be as honest and upfront as possible when responding to questions from the customer, and we do raise flags if we see something that's wrong - even when we earn money on the things that are wrong.
In this case, I do think it's horrendously wrong that people are throwing all their life savings at "cryptos". It is a gamble, particularly if not doing proper due diligence on the coins or tokens one is investing into. Obviously Vitalik is earning money on this in the short term. I think it shows true integrity to warn about this madness.
Sometimes I think that some of these guys don't have the PR experience that is needed to talk to the public.... They just say whatever they are thinking and they don't understand (or care?) about the implications of doing so. They should be hiring a PR team like actual companies do and running it by them first. They are, after all representing hundreds of billions of dollars and they should be acting like it.
Agreed! Both he and Charlie Lee should learn something about what kind of impact the shit they say have on people. I mean, even I can't just throw FUD around. Some guy could take it serious and do something stupid. We all have a responsibility to make good decisions when it comes to giving advice, spreading news etc. And for someone like him, with 600k followers and probably one of THE most important voices in crypto, to start shitblasting cryptos? Not good. People start speculating very fast, and he is actually doing precisely what he accused the market of doing. He's creating FUD with comments like that..and the result? Volatility.
Maybe I'm putting too much into it this time..but that's just because I see how damaging it can be. Hopefully the market doesn't react to much on it.
Just hope mainstream media doesn't do an article based on that Tweet.
"Ethereum creator says crypto market is in a bubble. Urges people to leave the market and invest in traditional stocks"
That's basically what he said..
very good, friend! I came from twitter
Cool. Thanks :)
This is why I'm betting on EOS. It almost looks like this idiot savant joined the so called banker elite. I mean cryptos are the single best investment with lowest risk for max reward as long as you do your research and invest wisely. Even Technical Analysts say that cryptos are more pure and unmanipulated when it comes to charts.
I guess the end of ETH is near with much better tech like EOS, ADA and ENG around.
"Idiot savant"
Elon Musk should discourage us to drive any kind of car : too dangerous, too deadly !
Use your feet instead! Much safer!
He's partly right, but cryptocurrencies won't drop to zero just like that and it won't happen anytime soon. I'm definitely on your side.
Thanks, but I don't think he's right at all. Cryptos won't probably drop further than we saw in this correction. It's so weird to warn people at this early stage.
anyone who thinks that cryptos will go lower than the last months, definatly shouldnt be getting involved with crypto hahahaha
Crypto currencies as such will succeed when everyone gets involved. Getting involved does not necessary mean to put all the savings into crypto currencies.
Well... come on... he looks just as unstable as cryptocurrency.
lol. Fair point!
I also twitted this directly to Buterim! I hope he respond in some way ;)
He doesn't. He's not a cool cat like CrackAfee. :) He's a high on himself "sensible" millennial who's just too high up there to answer comments from mere peasants like us ;)
You make some very good points!! As The Ethereum creator, he should be promoting crypto, not trashing it as valueless. I’m with you on this one!!
Thanks! Appreciate it.
He's not thrashing crypto currencies as such, he's only thrashing the point of view that the primary use case for crypto currencies is investment.
I think that crypto currencies should shine from their usability, not from how much value they gained last week.
Someone needs to remind Vitalik to eat once in awhile... He can afford it.
I don't really have a problem with the first part of what he said. To be cautious when investing in crypto. I have told a few friends and family similar things when they start asking me about crypto. I always tell people to do their own research and start small. Maybe dollar cost average in.
The second part is WTF. A giant economic ponzi scheme in which you can still lose your ass in a market crash or have your bank accounts skimmed in a bail in situation is much safer? Please. He should be aware of this stuff. Isn't crypto supposed to be an alternative to a predatory economic system?
people will continue to be afraid of crypto for a long while.
but i highly doubt ALL crypto assets can go to 0 overnight. even if some gets banned from the gov that does not mean all will.
crypto is not just a 'currency' anymore it is legit products where their coin/token is used in it.
I agree with you and I support
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Guys, you( Vitalik) should dеfinitely invеst in Ethereum, its foundеr is the best man on the planet
Is he up to something?