11/09/2018/11:20CET
Wow #altcoins are getting clobbered today! But #Bitcoin is resisting a further correction.
As I look at CMC this morning, I see all the #altcoin positions being eviscerated.
Of the top 10 (tether is not counted)coins by market cap, too many are showing double digit losses.
Of note is the resilience of bitcoin vs the weakness of the alts. Ripple Stellar and EOS are the only ones that seem to be fighting back. The rest are getting flushed!
I will skip the analysis on btc because it is boring and there is nothing much happening.
But probably of the most note in the general crypto space is #Ethereum.
Standing at the low 170 usd valuation, #Ether has not been this cheap since mid July last year...
In its #BTC comparative it looks pretty bad too.
Ether has broken the 3mill sats level and trades at press time at 2.73mill sats.
I have highlighted that we have reached an intersting level of technical support. Ether was at this bitcoin comparative price just before the rocket move it had at the end of 2017.
Could this be the technical catalyst for a halt to the bloodletting in the altcoin space?
Ether vs protocols
When Ethereum was created, it took a massive bold forward from where Bitcoin landed. Bitcoin's premis is (relatively) rather easy to grasp. Ethereum on the other hand adopted many assumptions with no idea of what the future would hold. In a way its failures have been the benefit to the later protocol plays such as EOS and Cardano, just to mention some interesting ones.
The big question will be if Ethereum can reform and adopt the lessons learnt before it loses its #1 spot in the protocol wars.
Also despite having a lot of respect for the intellect and abilities of Vitalik Buterin, his personality presence in this project may be becoming counterproductive. A little like Elon Musk has become a net liability to Tesla as a company.
I can see the dilemma for coins. They need a strong leader for a community to rally around, but at some point in the future, the strong leader will be a liability to the community leading the coin as a truly decentralised entity.
How is that transition handled is something we have never seen before. Dan Larimer (EOS), and Charles Hoskinson (Cardano ADA) will also face this sooner or later.
On a more notorious vein, the #bcash (and yes I mean to denigrate Bitcoin cash by using this name) front man has done much damage to the overall space with his divisive and devious behaviour. Is he a net benefit to the fortunes of bcash?
Conversely, Bitcoin's anonymous creator Satoshi Nakamoto endows it with a somewhat unique quality. Having absolutely no person and any point in its history as the strong leader behind it, has given bitcoin a pure decentralisation that may be more elusive to create than many imagine.
I have ranted enough about this, but i'd like to open a discussion here about this. Please share your thoughts.
As always guys, leave comments, have fun and trade safe.