Ethereum co-founder Joseph Lubin talks about price manipulation by speculators, each price bubble leading to a surge in development, and a massive wave of adoption coming on.
Each price bubble leads to an increase in development activity
Joseph Lubin, the co-founder of Ethereum and the founder of ConsenSys Inc. shares that despite the prices getting tanked, the market is only growing and becoming stronger as the mass adoption is coming on as he further comments, “This is what it feels like to be living in exponential times.”
In an interview with Bloomberg, he talked about the prices,
“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart.”
He further added,
“What we have noticed is that with each of these bubbles we have a tremendous surge in activity and that’s what we’re seeing now… I think we’re now back to November, December prices, which we thought were incredibly high. And since then we’ve probably seen two orders of magnitude increase in development activity, increase in scalability technology. So it’s actually going quite well.”
During the bears’ chase, Ethereum lost over 80 percent of its value as it plunged to $254 yesterday. However, today, the crypto market is seeing the greens as ETH is up by 5.47% at $282 (at press time). The world’s second largest cryptocurrency has a market cap of $28 billion while managing the trading volume of $1.9 billion.
Speculators manipulating prices, but it doesn’t matter
He shares that the prices are being manipulated by the traders but he isn’t concerned about it. And the bear market was just the part of the course as the next rally is coming:
“The thing about the internet, the dot-com bubble, is that things were so slow back then that there was sort of one rise, one collapse and then steady growth over time. Things are moving so fast and the development is so quick right now that building on these technologies we can see a quick rise and then we see a correction because there’s a fear and greed cycle. People are rushing in because they see the promise of the technology. But then, we build more fundamental infrastructure, we see a correction and then the potential gets even more impressive.”
“So I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude bigger as a developer community than we were eight or ten months ago.”
Lubin believes Ethereum will play a significant part in the future along with hundreds of other protocols, but a number of coins will take a hit as well.
“It’s not all that will survive. I think the future of the decentralized world wide web is hundreds or thousands of decentralized protocols. Some of them will be like Ethereum, and Ethereum is orders of magnitude bigger than anything else, and it’s growing faster than everything else. So it will be significant going forward…
This all will lead to massive adoption which according to him:
“Massive adoption everywhere. So the banking industry, supply chain is huge. There’s one prong, which is sort of corporate and another prong which is building up the decentralized world wide web. Both are growing tremendously. The startup ecosystem is exploding.”
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.