"cryptocurrencies Could Drop To 'near-zero' Any Moment," Ethereum Founder Vitalik Buterin Warns
I dont mean to scare you but if you are thinking of investing a good chunk of your savings in some booming cryptocurrency, consider once more. The founder of Ethereum, Vitalik Buterin, has warned that the cryptocurrencies could drop to zero any time. He put this message out in the form of a tweet. It said that cryptocurrencies are a new and hyper-volatile category of assets. So, its sensible to put only as much money that you can afford to lose. If youre trying to figure out where to store your life savings, traditional assets are still your safest bet, the 24-year-oldRussian-Canadian programmer added. For those who are already dealing with cryptocurrencies, this volatile nature should be a common knowledge. A year ago, one Ether coin was worth $13, and today its about $1,000. It has also gone as low as $580 in the past one month. Same is the case of other cryptocurrencies. Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don't put in more money than you can afford to lose. If you're trying to figure out where to store your life savings, traditional assets are still your safest bet. Vitalik Buterin (@VitalikButerin) February 17, 2018 The reaction toButerins advice on Twitter seems mixed. While some have called it a good advice for any kind of investment, others have bashed him for creating unnecessary panic among the investors and enthusiasts. It should also be noted thatButerin has warned the investors about such risks in the past as well. What are your views onButerins advice? Share your thoughts in the comments section and keep reading Fossbytes. Continue reading >>
Who Created Ethereum?
CoinDesk Launches 2017 Year in Review Opinion and Analysis Series In 2008, an unknown developer (or developer group) invented bitcoin as a new way to send value over the internet. Four years later, a 19-year-old dreamed up a new platform based off of this innovation in an effort to transform the internet entirely. Vitalik Buterin, a programmer from Toronto, first grew interested in bitcoin in 2011. He co-founded the online news website Bitcoin Magazine in the same year, writing hundreds of articles on the cryptocurrency world. He went on to code for the privacy-minded Dark Wallet and the marketplace Egora. Along the way, he came up with the idea of a platform that would go beyond the financial use cases allowed by bitcoin. He released a white paper in 2013 describing an alternative platform designed for any type of decentralized application developers would want to build. The system was called ethereum. Ethereummakes it easy to create smart contracts, self-enforcing code that developers can tap for a range of applications. For his work, Buterin was named a 2014 Thiel fellow , a contest that awards winners $100,000. After Buterin unveiled the ethereum white paper, other developers joined ranks. Co-founder Dr Gavin Wood wrote the ethereum yellow paper, the "technical bible" that outlines the specification for the ethereum virtual machine (EVM) that handles the state of the ledger and runs smart contracts, for example (see: How Ethereum Works ). Co-founder Joseph Lubin went on to found the Brooklyn-based ConsenSys, a startup that focuses on building decentralized apps. To get the project off the ground, Buterin and the other founders launched a crowdfunding campaign in July 2014 where participants purchased ether, or the ethereum tokens that function as shares in the proj Continue reading >>
How Rich Are The Founders Of Ripple And Ethereum?
How Rich Are the Founders of Ripple and Ethereum? Ethereum cofounder Vitalik Buterin. (Image: Getty) Today marks two records in the altcoin world: Ethereums per-coin value broke $1,000, and the rising value of Ripple supposedly boosted its co-founder Chris Larsen to an estimated net worth of $59.9 billion. Despite a very real speculation bubble around cryptocurrency, these financial gains are mostly on paper, and the two coins couldnt be more different. Unlike the recently cratering Bitcoin, which cant decide if its a currency or a store of value, Ethereum bills itself as a blockchain app platform where transactions are used to pay for decentralized computing power. (The most visible of these apps so far has involved the breeding and trading of digital cats .) Despite its intentions, the coins skyrocketing value has much less to do with enabling trustless apps than the sort of wild speculation that drove a nearly 20x increase in bitcoin over last year. Ripple is significantly less public-facing. Its core proposal is to facilitate fast, cheap transactions, mainly between banks, through a separate but related entity called Ripple Connect. The Ripple coin (XRP) exists independently in the hopes that banks will someday use it via Ripple Connect. It cant be mined as other currencies can, and its worth per coindespite holding the second largest market cap behind bitcoinhas yet to top $4. The stark differences dont end there. Larsen, a man in his late 50s, has a background in financial startups, and Ripples other now-departed cofounder Jed McCaleb is known for p2p software like eDonkey as well as being the original owner of Bitcoin exchange Mt. Gox. Ethereums cofounder Vitalik Buterin is only 23 years old, and dropped out of college after receiving a Thiel Fellowship. More ge Continue reading >>
Ethereum Founder Vitalik Buterin: Cryptocurrency Could Drop To Near-zero Anytime
Founder of Ethereum Vitalik Buterin during TechCrunch Disrupt London 2015. John Phillips/Getty Images for TechCrunch When Bitcoin and its cousins lost half of their value within two weeks last month, most people thought that the Bitcoin bubble was finally starting to burst. Just a week later, however, as Bitcoin steadily crawled from $6,000 on its way back to $10,000, investors seemed to have already forgotten the pain. Instead of saying the Bitcoin boom will end in tears , some are now calling Bitcoin a long-term asset . In that regard,Vitalik Buterin, the inventor of Ethereum, would strongly disagree. Over the weekend, Buterin warned cryptocurrency investorsonce againof the high risk of cryptocurrency trading. Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time, he posted on Twitter. Dont put in more money than you can afford to lose. If youre trying to figure out where to store your life savings, traditional assets are still your safest bet, he added. Buterins message came as a scammer who had impersonated him on Twitter promoted cryptocurrency offers. In response, Buterin warned his followers in multiple tweets not to trust anyone who asks or offers money on Twitter. Time that it takes for scammers to copy my new profile picture: 10 minutes. DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER. DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER. DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER. Vitalik Buterin (@VitalikButerin) February 18, 2018 Cryptocurrency scammers on Twitter have also been found to impersonate other influential figures likeTeslaCEOElon Muskand J. Christopher Giancarlo , chairman of the Commodity Futures Trading Commission (CFTC). This isnt the first time the Continue reading >>
Vitalik Buterin - Wikipedia
Vitalik Buterin (Born January 31, 1994. Russian : ) is a Russian - Canadian programmer and writer primarily known as a co-founder of Ethereum and as a co-founder of Bitcoin Magazine .    Buterin was born in Kolomna , Moscow Oblast , Russia to Dmitry Buterin, a computer scientist and Natalia Ameline (ne Chistyakova).[ citation needed ] He lived in the area until the age of six when his parents emigrated to Canada in search of better employment opportunities. While in grade three of elementary school in Canada, Buterin was placed into a class for gifted children and started to understand that he was drawn to math, programming, and economics. He also had the ability to add three digit numbers in his head at twice the speed of his peers.  . Buterin attended the Abelard School, a private high school in Toronto, for four years  , which he said "proved to be among the most interesting and productive years of my life; the closer connection between students and teachers [and] the level of depth at which the material was taught, made me want to learn, and to focus on learning as my primary goal"  . Buterin has written that although he was "never particularly inspired by the traditional education system"  , when subjects were presented with "dedication and focus on intellectual inquiry", he "noticed my attitude and my results almost immediately and drastically change. Education is ultimately much more than simply memorizing individual facts, or even learning individual concepts. [What] matters most: learning how to think, learning how to reason and learning how to learn."  Buterin learned about Bitcoin from his father at 19.  In 2012, he obtained a Bronze Medal in the International Olympiad in Informatics.  In 2013 he visited developers in other cou Continue reading >>
Be Wary Of Cryptocurrencies: Ethereum Founder
Be Wary of Cryptocurrencies: Ethereum Founder By Shoshanna Delventhal | February 20, 2018 1:52 PM EST "If you're trying to figure out where to store your life savings, traditional assets are still your safest bet," warned the co-founder of a major cryptocurrency .Vitalik Buterin, responsible for creating the ethereum blockchain and its associated digital coin took to his Twitteraccount this weekend, urging people to think twice about throwing all of their money behind the hyper- volatile asset class.(See also: Bitcoin Will Hit $320,000: Winkelvoss Twins. ) "Don't put in more money than you can afford to lose," he wrote. The surge in digital currencies, particularly bitcoin , the world's largest cryptocurrency by market capitalization , has led some retail investors to make impulsive decisions in order to get in on the action. As bitcoin reached record highs near $20,000 in December, it was common to see people taking out mortgages or opening credit cards and equity lines to fuel the mania. Discount brokerages such as TD Ameritrade , E-Trade and Charles Schwab also reported surging trading volume, as access to products such as bitcoin futures drove a record number new account openings. Cryptocurrencies crashed earlier this year, withbitcoin falling below $7,000 and recovering to above $11,600as of Tuesday afternoon. Bitcoin investors have become accustomed to major price swings, given thatcryptocurrencyhas lost 80% of its value on at least six different occasions over the past few years. Ethereum has seen an equally volatile run, currently trading at $931.99, up more than7,000%over 12 months ago, when the digital currency traded below $13. In just the past few months,ethereum has spiked as high at $1,400 and as low as $580. Earlier this year, Buterin criticized some cry Continue reading >>
Ethereum Founder Warns Cryptocurrencies Could Drop To Near-zero At Any Time
If you're trying to figure out where to store your life savings, traditional assets are still your safest bet, Buterin added. Digital currencies managed to recover slightly after a massive sell-off earlier this year that washed nearly $100 billion out of the market in a single day. Bitcoin, the worlds number one cryptocurrency, recovered to $11,000 this week after falling below $6,000 earlier in the month. Other digital currencies also rose after posting steep losses last month. Ethereum, the second-largest crypto by market value, was trading at $946, while third-ranked ripple climbed to $1.15. Time that it takes for scammers to copy my new profile picture: 10 minutes. DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER. DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER. DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER. Vitalik Buterin (@VitalikButerin) February 18, 2018 In December, the ethereum creator compared the enormous investment in the crypto market to the record sum paid for the world's most-expensive painting, Leonardo Da Vinci's Salvator Mundi. Buterin, one of the best-known figures in crypto investing, has been impersonated on Twitter by scammers promoting dubious cryptocurrency offers. The accounts commonly offer users to send an amount of cryptocurrency in exchange for a larger amount. The programmer had to issue a warning for users, urging them not to trust people offering cryptocurrency on Twitter. For more stories on economy & finance visit RT's business section Continue reading >>
Ethereum Founder Buterin: Cryptocurrencies "could Drop To Near-zero At Any Time"
Ethereum Price Could Hit 'near Zero'founder Vitalik Buterin | Fortune
Vitalik Buterin (@VitalikButerin) February 17, 2018 Buterin isnt kidding about the volatility. One Ether coin was worth around $13 a year ago but currently costs $950. In the last couple months alone, its gone as high as $1,400 and as low as $580. Bitcoin, meanwhile, has undergone multiple crashes over the same period, although it is currently heading north again (at $11,050, its up 5% on the day). While it may seem unusual to see a major cryptocurrency player adopting a note of caution more readily associated with Wall Street giants and financial regulators , rather than making wild claims about future growth , Buterin is a relatively cautious figure on the scene. More than once, Buterin has warned investors about bubbles and volatility in the cryptocurrency world. In December, he criticized some players for being obsessed with flaunting their cryptocurrency-derived wealth, arguing that they should instead be thinking about how to use the technology for achieving something meaningful for society. Cryptocurrency media is now, even if out of ignorance/stupidity, complicit in making twitter scams look more legit. Also, the ECF is *not* an EF initiative; it's an independent community organization with some EF participants as advisors. Vitalik Buterin (@VitalikButerin) February 18, 2018 At the moment, he is also deeply annoyed about people impersonating him on Twitter in order to defraud others of their Ethereum. Continue reading >>
Ethereum Founder Buterin: Traditional Assets Are Safest Bet For Life Savings
Ethereum Founder Buterin: Traditional Assets Are Safest Bet for Life Savings Join our community of 10 000 traders on Hacked.com for just $39 per month. Editors note: The article has been amended to remove previously erroneous reporting of a Twitter scammer purporting to be Vitalik Buterin. We sincerely apologize to Mr.Buterin and our readers for the flagrant mistake. Blockchain veteran Vitalik Buterin, co-founder of the Ethereum network behind No. 2 cryptocurrency by market cap ETH, is a realist. While last year may have put cryptocurrencies on the map, Buterinbrings upthe risk/reward profile. Hedoesnt want investors to have false illusions about pie-in-the-sky returns without identifying any of the risks. Meanwhile, the ETH price has advanced nearly 40% since Feb. 5. Buterin took to Twitter, which is often his soapbox platform of choice, to seemingly tout the merits of traditional investments at the expense of cryptocurrencies but only in the event when an investors life savings are at stake. Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don't put in more money than you can afford to lose. If you're trying to figure out where to store your life savings, traditional assets are still your safest bet. Vitalik Buterin (@VitalikButerin) February 17, 2018 He doesnt offer specific investment advice though stocks and bonds are about as traditional as securities get.His comments echo the sentiment of regulators around the world that dont want to see investors risk it all on an emerging asset class. Meanwhile, even traditional asset managers tout the merits of diversification. Buterins advice to not invest more money than you can afford to lose isnt the first time hes addressed cryptocurrency prices. Previous Continue reading >>
The Founder Of Ethereum: Vitalik Buterin
After discovering cryptocurrencies while still at school, Vitalik Buterin dropped out of university to travel the world and explore crypto projects. He then realised he could take the blockchain technology far beyond financial applications. I went around the world, explored many crypto projects, and finally realised that they were all too concerned about specific applications and not being sufficiently general - hence the birth ofEthereum, which has been taking up my life ever since. Vitalik Buterin Born in Russia in 1994, he emigrated to Toronto in Canada in 2000 with his parents Dmitry Buterin, a computer scientist, and Natalia Ameline. Subsequent to quitting his hobby of playing the hugely popular online multiplayer role-playing game, World of Warcraft, after realising what horrors centralised services can bring, the 17-year old schoolboy started to search for a new purpose in life in 2011. 2012: graduated from The Aberlard School, a Toronto-based private school Grade 11: placed in top Honour Roll category for the Canadian Computing Competition, Junior division Grade 12: won bronze at the International Mathematical Olympiad in Italy 2012 2013: studied and dropped out of Computer Science at the University of Waterloo July 2012 August 2012: internship as a developer at NextThought LLC, programming python server side code for technology-assisted education software 2011 2014: co-founded Bitcoin Magazine with Mihai Alisie November 2013 present: founded Ethereum with other developers At first, I was sceptical, and did not understand how it could possibly have value without physical backing. But slowly I became more and more interested. Vitalik Buterin This led to his discovery of bitcoin , which gradually introduced him to cryptocurrencies and the blockchain technology un Continue reading >>
Ethereum Founder Vitalik Buterin Warns That Cryptocurrencies Could Drop To 'near-zero'
Ethereum Founder Vitalik Buterin Warns That Cryptocurrencies Could Drop to 'Near-Zero' Vitalik Buterin, the co-founder of the Ethereum blockchain and its associated cryptocurrency, does not want people throwing their life savings into virtual coins just yet. Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time, he tweeted this weekend. Dont put in more money than you can afford to lose. If youre trying to figure out where to store your life savings, traditional assets are still your safest bet. Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don't put in more money than you can afford to lose. If you're trying to figure out where to store your life savings, traditional assets are still your safest bet. Vitalik Buterin (@VitalikButerin) February 17, 2018 Buterin isnt kidding about the volatility. One Ether coin was worth around $13 a year ago but currently costs $950. In the last couple months alone, its gone as high as $1,400 and as low as $580. Bitcoin, meanwhile, has undergone multiple crashes over the same period, although it is currently heading north again (at $11,050, its up 5% on the day). While it may seem unusual to see a major cryptocurrency player adopting a note of caution more readily associated with Wall Street giants and financial regulators , rather than making wild claims about future growth , Buterin is a relatively cautious figure on the scene. More than once, Buterin has warned investors about bubbles and volatility in the cryptocurrency world. In December, he criticized some players for being obsessed with flaunting their cryptocurrency-derived wealth, arguing that they should instead be thinking about how to use the tec Continue reading >>
Ethereum Will Soon Test Sharding Tech To Fix Scaling Issues, Vitalik Buterin Hints
Vitalik Buterin has made it clear that designing more efficient scaling solutions is one of the biggest challenges for the Ethereum blockchain and it seems the company is gearing up take on this hurdle head-on. Buterin has indicated the company will soon begin testing its new scaling tech better known as sharding . Talking about the cryptocurrency scam epidemic on Twitter, the young co-founder strongly hinted that Ethereum is close to launching its sharding testnet. While Buterin did not offer a clear timeline, he said that Leeroy a decentralized Twitter rival will be a suitable candidate for the experiment. I hope they can participate in the sharding testnet soon when its ready, the founder responded to a comment asking about a verified Twitter on the blockchain. Buterin has since purged the tweet, but you can still see the full response here: Buterin and lead developer Nick Johnson have often stressed the central role sharding could play in Ethereums plan to move from proof-of-work to proof-of-stake system for verifying transactions on its network. During a talk in Taipei in November last year, Buterin laid out the companys intention to reach Visa levels of scalability within the next three to five years, as reported by Trustnodes. Sharding was painted as a crucial part towards accomplishing this goal. For context, Visa processes upward of 1,500 transactions per second, while Ethereum roughly handles between 10 and 30. The way Ethereum is currently setup requires that a transaction is verified by every single validator on the blockchain, which makes the network inherently more secure but also significantly slower. Sharding basically splits the network into small partitions known as shards, with each piece containing its own independent state and transaction history. Continue reading >>
Vitalik Buterin, Creator Of Ethereum, On The Big Guy Vs. The Little Guy
Vitalik Buterin, Creator Of Ethereum, On The Big Guy Vs. The Little Guy These are the show notes for the Unchained podcast , availableon Google Play , iTunes , iHeartRadio , Stitcher or TuneIn Radio , and sponsored by OnRamp . When Vitalik Buterin first conceived of Ethereum, he initially thought that after getting the project off the ground, he would go back to writing for Bitcoin Magazine, and maybe head back to university. Considering that Ethereum now has a market capitalization of about $120 billion, that seems almost unbelievable. But, "the first version of Ethereum I conceptualized was much less ambitious than what I ended up coming up with a few months later and definitely not as ambitious as what Im thinking of right now," he sayson the latest episode of my podcast, Unchained (on Google Play , iTunes , iHeartRadio , Stitcher or TuneIn Radio ). Buterin also didn't anticipate a number of challenges Ethereum has faced so far, including setting up the Ethereum Foundation, a Swiss entity that stewards the development of Ethereum; the DAO, a $50 million theft of a decentralized autonomous venture fund set up on Ethereum that then caused a split in the Ethereum network, resulting in a competing coin called Ethereum Classic; denial-of-service attacks; and scaling challenges. Plus, he says, he initially thought Ethereum would be used for fairly limited purposes: "if X happened, then send $5 to account Y, if Z happens, send $5 to account B. Thats what I thought Ethereum would be used for. Over time people starting talking about, Oh, lets use Ethereum for IoT [Internet of Things] stuff, oh, lets use Ethereum to implement democracy on the blockchain, Oh, lets use Ethereum to implement identity systems, supply chain stuff, internet infrastructure, domain name stuff -- and Continue reading >>
Ethereum Co-founder Vitalik Buterin Has Left Vc Firm Fenbushi Capital
Vitalik Buterin , the high-profile co-founder of Ethereum, has quietly left China-based investment firm Fenbushi Capital , TechCrunch understands. Fenbushi was founded in 2015 and its $50 million fund was one of the first to actively put capital into blockchain companies through seed investments and participation in ICOs. As one of the most visible funds, it picked up stakes in dozens of firms no doubt helped by its connection to Buterin, who is synonymous with Ethereum. Buterin was never full-time as he juggled the role with his work for the Ethereum Foundation. Heis still listed as a general partner on the firms website, but he confirmed to TechCrunch that he is no longer involved full-time. He will, however, retain a role as an advisor. Fenbushi did not respond to a request for comment. In a lengthy statement released to TechCrunch, Buterin explained that he plans to spend more time ensuring that Ethereum fulfills its potential as a platform. 2017 really has been the year where hype in crypto, including financial hype and social hype in general has far exceeded the reality of what existing blockchain systems can offer. There is a lot of attention, and a lot of eager expectation, but as far as reality goes the practical usability of blockchains has in some cases even regressed due to rising transaction fees. I expect 2018, at least within the Ethereum space that Im best able to speak about, will be the year of action. It will be the year where all of the ideas around scalability, Plasma, proof-of-stake, and privacy that we have painstakingly worked on and refined over the last four years are finally going to turn into real, live working code that you can play around in a highly mature form in some cases on testnets, and in some key cases even on the public mainnet. E Continue reading >>