Vitalik clarifies his “no room for growth” comment with no room for price increases while Binance CEO Changpeng Zhao and Tron founder Justin Sun disagree on his stance.
Vitalik clarifies his “no room for growth”, Changpeng Zhao & Justin Sun disagree
Ethereum co-founder Vitalik Buterin took to Twitter to clarify that he never meant crypto industry doesn’t have any room for growth stating:
“To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.”
He further said instead of attention, actual usage is the key:
“What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention.”
But Binance CEO Changpeng Zhao doesn’t agree with Vitalik as he comments:
Zhao further mentioned:
“You also can’t use traditional market size to measure the potential for new technologies or industries. If you used (and people have) taxi market size to estimate Uber’s potential, you would be off by quite a bit.”
He concluded it with:
To finish this on a positive note. This part, I agree with 100%. Depth will come. Chains with more use-cases. https://t.co/IbmECwaIyd
— CZ Binance (@cz_binance) September 12, 2018
Moreover, his comment on Justin Tron, had the Tron founder speak out:
Meanwhile, Ethereum price takes a serious hit
It all started a few days back when Vitalik in an interview with Bloomberg at the Ethereum Industry Summit Conference in Hong Kong has been quoted as saying,
“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
Moreover, he has stated that dependence on marketing for crypto growth, “That strategy is getting close to hitting a dead end.”
However, he did share the next step which is to be involved in more in-depth stating, “Go from just people being interested in real applications of real economic activity.”
Vitalik had also commented on the institutional interest in crypto factor:
“I honestly don’t think this stuff matters much. There’s honestly a part of me that would be happier if institutional trading of cryptocurrencies did not happen at all for another five years. Ultimately if all that cryptocurrency is, is this thing that millionaires keep buying and selling to each other, then what have we really accomplished?”
All of this has certainly raised the hackles of the crypto community. With Ethereum continuously bleeding red and sliding below $200, it keeps on even doing worse. In the last seven days, Ethereum (ETH) has lost 38% of its value, currently trading at $175, down over 87% from its all-time high (ATH).
The world’s 2nd largest cryptocurrency with a market cap of $18 billion is currently going through tough times with its prices even expected to further decline in the near-term.