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 Click on the blue words "Shilian Finance" above to follow us  The recent trend of the currency circle and strength explain a truth: there is no worst, only worse. It is said that when a person is unlucky, drinking cold water will cause the gap between his teeth. It seems to be the same in the currency circle where he is not in good luck. For several consecutive months, the bear market in the currency circle has remained, and bad news has come one after another, forcing us to see the reality clearly: it will take a long time for the currency circle to fully recover, and it will take a long time for the currency circle to fully revive. On the evening of September 5th, friends in the currency circle experienced another cool experience. Everyone witnessed with their own eyes a cliff-like drop in the cryptocurrency market.  There are mixed opinions on this drop, with many saying it stems from Goldman Sachs shelving its plans to open a cryptocurrency desk. Although such reports have no direct impact on the cryptocurrency community, they will undoubtedly undermine people’s confidence in cryptocurrency as an asset class. But we have seen too many things that are not real. “"Temporarily put on hold" does not mean "Permanently cancelled". Goldman Sachs officials also stated that they are currently studying cryptocurrency custody services, which in a good sense is the first step towards big league trading. But the news about ShapeShift cannot be viewed so optimistically. It seems that this is the main source of this cliff fall.  First, let me educate you about what ShapeShift is. ShapeShift is a popular anonymous exchange among cryptocurrency traders. Without registration, users can exchange altcoins for Bitcoin, or Bitcoin for altcoins. However, ShapShift recently announced that it would cancel the anonymity feature and force users to register. They tried to make it part of a "premium loyalty program", but anyone with a discerning eye could tell that this was an attempt to combat illegal activity and money laundering.  On the one hand, this regulation of ShapeShift caters to the doubts about the security and authority of digital cryptocurrency around the world today. On the other hand, it also aims to avoid various risks caused by "anonymity" as much as possible. For users who value anonymous use and own altcoins, this is certainly not good news, and the market quickly gave feedback, that is, many altcoins were sold off in large quantities, and the digital currency market fell off a cliff. Will Ethereum be destined to return to zero? In the falling digital currency index, we are accustomed to observing the trend of mainstream currencies. After all, this is an important indicator of whether it is strong. Unfortunately, in this decline, the mainstream currencies ETH and EOS were not spared. The decline seemed to exceed 20%. Bitcoin was relatively stronger, but the decline also exceeded 12%. ETH suffered the most severe losses, falling to the RMB 1,500 mark overnight. For ETH, which just suffered a waterloo drop last month, this is undoubtedly adding insult to injury. All the decline makes people sigh, is ETH going to be completely GG?  What is intriguing is that not long before this crash, some foreign experts were pessimistic about ETH. Unexpectedly, they actually had a prophecy. Jeremy Rubin, a Bitcoin core wallet developer and Stellar technical advisor, directly stated in an interview with TechCrunch that the Ethereum asset will be worthless. He bluntly pointed out that due to scalability issues, Ethereum failed to expand in scale and be adopted by the mainstream. This will naturally and inevitably lead to a plunge in market prices. The 33% plunge of ETH in August this year is a bloody example. He believes that ETH will become as worthless as waste paper. One of the important arguments is that there is no need to use ETH to pay for gas fees. Let's first explain the concept of GAS. If the Ethereum network is compared to a shared car. When a contract wants to be driven by a shared car, the car consumes fuel and you have to pay the driver. And the amount you owe in fuel depends on how long you need to drive and what you have left in the car. However, according to Jeremy's theoretical support, users do not need to use ETH to pay GAS fees. Decentralized applications (DApps) can create their own ERC20 tokens. In other words, if app developers start using their own issued tokens to pay for large amounts of gas, the demand for ether will go to zero. In the end, Jeremy came to the conclusion: Ethereum has the possibility and potential of great success, but the fate of Ethereum will eventually be zero.  Buterin agreed and gave you a like. The emergence of such sharp remarks naturally pushed the founder of Ethereum, V God, to the forefront, and this recognized genius in the currency circle had to respond. Surprisingly, V God did not refute Jeremy’s point of view, but strongly agreed with his analysis and conclusion.  Buterin officially responded on his Twitter: "I have always believed in two points: every day, blockchains, including Ethereum and Bitcoin, perform badly.； Proof of stake is required. I really don't understand why anyone would make such a fuss about this. ” It can be seen from this that he admitted that the recent performance of Ethereum has been very poor, and he also recognized that Jeremy's conclusion above was true. I have to say that this pattern of having the courage to admit ETH’s existing flaws and shortcomings is still very admirable. But the arrogant V God seems to have his own "little temper", and then argued in a post that "we will consider imposing mandatory Ethereum fees on block producers and DApps. That is, every time a new block is generated, miners must pay GAS fees in the form of Ether coins, and there are also fees for storing DApps data on the Ethereum blockchain." ”  The currency circle is in decline, and even ETH, which is considered a mainstream digital currency and has always been strong, is not immune. Exactly in response to the sentence: Under the overturned nest, are there any eggs left intact? Recalling the heyday of ETH's skyrocketing rise, it can't help but make people sigh. ETH, which was favored by people at the time and regarded as a powerful horse, also created miracles in the digital currency market. There were also breathtaking operations such as "it was bought for 84 yuan 2 years ago and is now worth 6 million yuan."  We cannot tell whether ETH will inevitably return to zero in the future, but the recent decline seems to be really unable to be reversed. But if we can keep our feet on the ground and do more practical things in the bear market, maybe the next counterattack moment will not be known in the near future. Past highlights Hotspot || Is it difficult to get back the deposit of Ofo because it wants to enter the blockchain? Blockchain doesn’t want to bear this responsibility! Hotspot || Wang Xin, founder of Qvod, established a blockchain company! Can heroes of the past achieve mutual success with blockchain? Analysis || Why is the currency circle in decline? Please keep this in mind! Hotspots|| Baidu establishes degree chain! Traditional Internet giants have entered the blockchain industry Hotspots || Anniversary of the "September 1994" in the currency circle: Rumors are rampant and the future is confusing Swordsman Swordsman is a place for people in the currency circle. Here, we would like to discuss heroes with you, and experience the charm and ups and downs of the big guys in the currency circle. If you want to know more stories about big guys, please follow the Shilian Finance official account and click on historical news to learn more. Free registration for Blockchain Conference WeChat: yym7538 We will hold conference activities in more than 30 cities across the country, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Suzhou, Wuhan, Chengdu, Chongqing, Xi'an, Wenzhou, Fuzhou, Xiamen, Ningbo, Zhengzhou, Changsha, Nanjing, Guiyang, Hefei, Nanchang, and Nanning. Registration is free.  Business cooperation, project cooperation, blockchain conference cooperation WeChat: yxyan18  |
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