Sirwin
Sirwin
Is Etherium a con that will eventually blow up like FTX?

Swan Bitcoin CEO Cory Klippsten: Etherium Will Eventually Blow Up


The founder and CEO of Swan Bitcoin Cory Klippsten sat down for a discussion with Michelle Makori, lead anchor and editor-in-chief at Kitco News. He had some choice words regarding Etherium. He suggests that altcoins like Ether and Solana are 'shitcoins' and have no hope of becoming forms of money.

This guy is smart and has a pretty good idea what he's talking about. He correctly predicted FTX's collapse, tweeting in July that, along with Luna / UST and Celcius, was nothing more than crypto schemes and scams, aka Ponzi schemes. 

I have to agree that most of the 12,000 or so cryptos floating around are only there to benefit its engineers. He compares it as, the one percent feeding off the other 99 percent.

But what about Etherium, which is second only to Bitcoin itself?

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Klippsten says that Etherium is a con that will eventually blow up. He suggests that someone behind the scenes "can issue and control the supply and change code whenever they want". He says it is increasingly growing more complicated and politicized. He states, "Etherium is a long con. This thing is sort of broken theoretically from the beginning, trying to pack way too much functionality into a Layer One Protocol. All proof-of-stake networks are doomed to fail from the start and are just basically fiat".

He believes that Bitcoin will one day replace the U.S. dollar as the primary form of money and sees the latest Bitcoin price decline as an opportunity and doesn't mind the setbacks caused by the collapse of FTX and others as it simply washes out scam coins. He does not see Bitcoin going below $13,800.

There's more in the interview. Link is below:

KITCO NEWS: Ethereum is a 'con', will eventually 'blow up' like FTX as Bitcoin becomes primary global form of money

Share your comments below. Do you agree or disagree with Klippsten's views? Does Etherium have a future? I'm hoping this fuels a healthy discussion.

Peace and love to everyone.

 

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SweptOverNiagara
SweptOverNiagara

Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.


The Brave New World
The Brave New World

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