CRYPTOCURRENCY

Remember Ethereum, the Other Big Cryptocurrency?

January 5, 2021



We’ve all been reading and seeing a lot of news about Bitcoin’s historic price increase, but not so much about Ethereum’s, which has been even more dramatic.

Ethereum is up even more than Bitcoin

Ethereum is up from $134 in January 2020 to $1,016 on January 4, 2021, which is a price increase of around 758%. 

Bitcoin is up from $7,345 on January 4, 2020 to $31,532 yesterday, a price increase of around 429%.

Of course, ETH probably would not have increased without the rise of Bitcoin, but nonetheless, ETH is hardly getting the headlines that BTC is. So hey, we thought we should write something about it. 

Vitalik Buterin’s take

The cofounder of Ethereum and a respected cryptocurrency authority, Vitalik recently wrote a blog post about the ‘underrated’ Bitcoin and cryptocurrency case.

One of Vitalik’s proclamations from the blog post (our personal favorite):

"One of the more underrated bull cases for cryptocurrency that I have always believed is simply the fact that gold is lame, the younger generations realize that it's lame, and that $9 trillion has to go somewhere."

The $9 trillion is the total value of the world's mined gold.  These are the kinds of observations you will get in the rest of the post as well, so it’s probably worth a read, if for nothing more than the originality of its ideas. We’ve laid out a few more gems from the post below.

The beginning of the blog

Here is another excerpt from the beginning of the post:

“After months of fighting what may perhaps even be humanity's first boss-level enemy since 1945, the city itself is close to normal, though the world as a whole and its 7.8 billion inhabitants, normally so close by, continue to be so far away. Many other parts of the world have done less well and suffered more, though there is now a light at the end of the tunnel, as hopefully rapid deployment of vaccines will help humanity as a whole overcome this great challenge.”

Boss-level enemy…classic that he is comparing the global chaos to a tough bad guy from a video game.

And the conclusion of the blog is similarly legend

“So we have a world where:

  • One-to-one interactions are less important, one-to-many and many-to-many interactions are more important.
  • The environment is much more chaotic, and difficult to model with clean and simple equations. Many-to-many interactions particularly follow strange rules that we still do not understand well.
  • The environment is dense, and different categories of powerful actors are forced to live quite closely side by side with each other.

And finally it's a very multidisciplinary world, one that is much harder to break up into layers and analyze each layer separately. You may need to switch from one style of analysis to another style of analysis in mid-sentence. Things happen for strange and inscrutable reasons, and there are always surprises. The question that remains is: how do we adapt to it?”

How is it that the media is not covering this guy, and more importantly, the massive price rally of ETH more?


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