So, yesterday I read a story where one of the cofounders of Ethereum predicts that the entire market will crash. He goes on to talk about how he is "concerned" about all of the "unrealistic" cryptocurrency projects going on. I'm quite certain he owns a large number of Ethereum. He's is casting doubt at the vast majority of the altcoins and putting a bug in people's ear that Etherum will be the only surviving block chain.
Everything I've ever read said Etherum has been plagued with complications since day one. They may have the best mind in the business on their team, but that does not mean for any reason that one of these other alt coins are unable to, or better yet, haven't already written a block chain that is actually the next market leading coin. It seems like they have the support of their government and their community, whereas cryptocrurrency is still frowned upon by the big players in American society. I'm not certain that is the only thing pushing this price incline, but it certainly seemed to be a catalyst. Ripple and Bitcoin both dropped significantly today, as well as did a large number of other alt coins on the market.
Do you think this is blatant manipulation on the part of Ethereum? Is Hoskinson padding his own pockets and intentionally feeding the world disinformation? For the time being, many of these coins have over 200 million dollars invested in them and tiny annual budgets. Without serious manipulation or regulations against them, a large number of them should have bright and shiny futures. Even the head of JP Morgan finally admitted he was wrong yesterday and that Block chain technology was here to stay. Most of those who bring forth the technology that their initial coin coffering (ico) funding was collected on, should continue to flourish as their ideas and codes are used in more applications. Even the ones that don't end up building the idea they designed could possibly succeed. People and business adapt to moving markets. These company's are no different. There are new coins coming out almost daily. Each one doing it's best to top the last and create a faster, more secure block chain.
Who will win this race? I'm not sure. It looks to me like Ethereum just pulled a Tonya Harding on the market. We will see if that gives them the leverage they need to take the first position of if this upward move is just the result of the panic that Hoskinson inspired in the uneducated. He may be right about an eventual crash, but there is little evidence that any of these coins and block chains will need to immediately terminate their projects. I used this dip in price as an opportunity to buy a few extra Tron. When the dust clears, this market is going no where but up unless one of the more powerful world governments does something to stop it. 