Wednesday, June 7, 2023

ETH will go to zero!


Earlier, we wrote that ETH was called a shitcoin and its price was estimated below $100. It seems that that opinion was quite optimistic.

Jeremy Rubin, one of the inspirers of the MIT Digital Currency Initiative’s cryptocurrency initiative aimed at disseminating objective information about crypto coins, spoke about the fate of Ethereum. According to his estimates, the cryptocurrency, which now ranks second in terms of capitalization after Bitcoin, will be completely depreciated, and such a fact will not lead to the fact that the network of cryptocurrency will no longer be in demand.

Rubin believes that various cryptocurrency projects and decentralized applications will develop on the Ethereum blockchain, but the demand for Vitalik Buterin’s cryptocurrency creation will drop to zero. The expert noted that Ethetreum failed in its attempts to significantly expand the network capacity. In addition, there was no transition to a safer method of concluding transactions. Finally, Ethereum loses to competitors who bypass this cryptocurrency in a number of parameters.

Rubin also criticized the practice of charging payments on the Ethereum network in GAS tokens, whose value is tied to ETH: due to the fact that ETH has significantly depreciated since the beginning of the year, entrepreneurs working on the Ethereum network will optimally refuse from GAS, and hence from this cryptocurrency, and this leads to its depreciation. At the same time, the expert is sure that assurances that there may be a contrary, do not work, since there is not enough force in the cryptocurrency market to force its participants to pay for anything in Ethereum. Rubin concludes that the replacement of Ethereum with other tokens is beneficial to everyone, in accordance with the principle of Pareto-efficiency, but it hits the interests of those who currently hold significant volumes of Ethereum crypto coins.

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