Cryptocurrencies ‘could drop to near-zero at any time,’ Ethereum founder warns
Nickie Louise
Posted On February 20, 2018
Bitcoin price has been going up lately, from under $6,000 about two weeks ago to over $11,000 today. However, that does not stop Ethereum founder, Vitalik Buterin, from warning people about the danger of cryptocurrencies. In a tweet over the weekend, Buterin warned: “Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time,” Vitalik Buterin said on Twitter. “Don’t put in more money than you can afford to lose.” Buterin added: “If you’re 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.eth (@VitalikButerin) February 17, 2018
This is not the first time Buterin warned cryptocurrency investors. Back in December 2017, he warned investors about bubbles and volatility in the cryptocurrency world. He also criticized some crypto players for showing off their crypto wealth. He said they should instead be thinking about how to use the technology for “achieving something meaningful for society.”
That said, Buterin likes the idea of faircoin. In his tweet back in January, he stated: “IMO the most market-defensible faircoin would be one that gains a competitive advantage over non-fair coins with a similar structure *precisely because* it has a very wide distribution. That is, the “give everyone $5 for free to get network effect” Paypal model.”
Vitalik Buterin is a Russian-Canadian programmer. He is the genius behind Ethereum, the world’s second-most valuable cryptocurrency network behind Bitcoin. He is the co-founder of Ethereum and Bitcoin. He is one of many popular people who has been impersonated on Twitter by scammers that promote questionable cryptocurrency offers. These scammers often ask users to send an amount of cryptocurrency in exchange for a larger amount. Bitcoin also warned users not to trust people offering cryptocurrency 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. https://t.co/wcDAJoh6jD— vitalik.eth (@VitalikButerin) February 18, 2018
