in

Ethereum Founder Warns Cryptocurrencies Could Drop to Zero

Ethereum Founder Warns Cryptocurrencies Could Drop to Zero

Vitalik Buterin, founder of the Ethereum blockchain warns people not to trust cryptocurrencies as they could drop to near-zero anytime.

“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, Saturday. “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.”

Ethereum is a blockchain that maintains ethereum transactions across a decentralized network. Its digital token is called ether but is also referred as Ethereum.

Though it may seem unusual that the founder of one of the major cryptocurrencies warns about the volatility associated with the crypto prices, he is not joking at all. For instance, a single ether coin was worth $13 a year ago then reached ATH $14,000 months ago and currently costs $955.

Similarly, Bitcoin after hovering near $20,000 in December, fell as low as $5,947 last month. Last week, the coin recovered to a price above $10,000 and is currently heading upwards again with a price of $11,030.

This is not the first time that Buterin has discussed cryptocurrency volatility and it is a bubble. In December, the Ethereum founder criticized some crypto investors who flaunt their newfound crypto-derived wealth instead of using the technology in a better way that could benefit the society.

“*All* crypto communities, ethereum included, should heed these words of warning. Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society,” Buterin tweeted.

Crypto scammers on Twitter

It looks like careless investors are not the only ones bothering Buterin at the moment. He is really annoyed by various scammers impersonating him on Twitter in an attempt to defraud cryptocurrency holders.

Buterin publicly warned users on Twitter not to trust anyone offering or asking for cryptocurrency on the social platform.

“DON’T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER” he repeated the sentence again and again.

Also Read: How scammers are taking advantage of Telegram’s upcoming ICO

What do you think?

0 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Comments

Loading…

Telegram raises investment of $850M for billion-dollar ICO

Telegram raises investment of $850M for billion-dollar ICO

Virgin Hyperloop One is coming to India

Virgin Hyperloop One is coming to India