On 8th September, Yahoo Finance’s Dion Rabouin, Rick Newman, Dan Roberts, and Mark Yusko, CEO Morgan Creek Capital Managment spoke about Ethereum [ETH]’s downward slope in the market. The price of ETH has been down the most or at least close to most of all the altcoins in 2018.
Dan stated that many ICOs were either fraudulent or a scam and those ICOs which were not a scam have also rushed to cash out their ETH.
Mark Yusko was asked about such instances and whether it was bad news for the Ethereum blockchain platform. He said that the internet created opportunities in 1996 and allowed the digitization of commerce. The next step would be building up the TrustNet and ETH was a protocol designed to create the TrustNet, which could start in 2024. He added:
“People might say its six years from now well, It’s like 1993 or 1994 internet when Google was just being thought off and nobody thought it was important”
Mark also spoke about the internet protocols like TCP/IP, HTTP, and SMTP. These protocols enabled the world to create smartphones and other technologies.
He further added that Ethereum is just like another protocol which will help individuals in creating the TrustNet. The difference between the internet and TrustNet was that on the internet, the protocol developers, Tim Berner Lee the creator of TCP/IP was not a rich guy but the application developers like Zuckerberg and Sergei were the ones who made all the money, he said
Mark further explained that the protocols have more value thus making Ethereum very important and profitable in the future. According to him, the difference between Bitcoin and Ethereum is that Bitcoin is an application on the blockchain which is the most powerful supercomputer and also most secure network in the world. On the other hand, “Ethereum is different think of it as the World Wide Web of the TrustNet”.
Dion Rabouin spoke about Jordan Belfort’s comments on how Bitcoin was a scam and stated that Jordan was not a believer of the cryptocurrency space. Jordan also stated that he was a scammer and to him, the cryptocurrency space was a complete scam.
To this, Mark said:
“The problem is he was talking about ICO’s, not Bitcoin neither Ethereum but he was talking about utility tokens and some of the utility tokens were a scam. Anywhere where there’s capital, Bad people are going to show up”