Ethereum’s Amazing Day Is Somehow A “Painful Lesson”?
Author: David Seaman
Ethereum is doing well after yesterday’s vote of confidence from Coinbase: the price of Ether is up 12.6% today according to CoinMarketCap, while market leader Bitcoin is down 1.5%.
I have to say, some Bitcoiners have not been reacting well to the news that Coinbase has integrated Ether. They haven’t been good sports about it, in my view - they haven’t been unbiased enthusiasts of blockchain technology.
Some have been downright rude. As Ether users celebrated the big news yesterday, a minority of Bitcoiners spread a horribly written and poorly argued piece by a Forbes.com contributor, “A Painful Lesson For The Ethereum Community.”
If a 12.6% one day gain and acceptance on a platform used by 4.1 million cryptocurrency enthusiasts is a “painful lesson,” the currency would probably welcome even more profitable “painful lessons” in the future.
What a pathetic hatchet job. The contributor’s Forbes.com piece also refers to Ethereum creator Vitalik Buterin as an “Ethereum guru” - if the author isn’t even aware he is the creator, how nuanced is the rest of her analysis? (Hint: Not very.)
This would be like referring to Steve Jobs as an Apple hobbyist or Henry Ford as a Model T enthusiast... well, yes, but also...
If Ether continues to outperform and amaze, I suspect the poorly articulated “thought pieces” about why Ethereum is so bad have only begun. You’d think a blockchain that does far more than currency would be embraced, but that does not appear to be the case.
I would describe the reaction so far to Ethereum’s runaway success in 2016 as “bitter,” not congratulatory.
The Bitcoin community has some work to do - on itself, on its image, and on its manners.
Full disclosure: Not financial advice, provided for educational purposes only. Not intended as a recommendation to buy or sell any cryptocurrency or asset. At time of publication, I do hold some bitcoins and ethers in my long term portfolio.
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I agree. I had doubts about blockchain technology being nothing more than a currency. It is a solid principal but hard for people to get behind. Even though every $€£¥ is also not tied to everything, at least it's commonly accepted. Ether I bought into a little pre hardfork because I like the idea of this being used for more than a currency. There's real world practical value that had yet to be explored to its possible depth
Let's hope that maybe The DAO project will become alive, again....at some point.