Ethereum co-founder Joseph Lubin: the decline in the cryptocurrency market will not stop the development of the industry
Ethereum co-founder Joseph Lubin said he believes the recent decline in the prices of cryptocurrencies slowing market growth. In a recent interview with Bloomberg Lubin said that the collapse of prices is not a brake to new development, as it is always present in the “blockchain ecosystem since 2009, when Bitcoin was invented”.
He noted that despite the decline in prices, price bubbles will seem “small dots on the chart,” because “the growth was exponential”.
“People are in a hurry, because I see the future of technology. When we build more basic infrastructure, we see correction potential becomes even more impressive…I’m sure there is a strong correlation between price growth and development of basic infrastructure in the ecosystem”.
Lubin, Ethereum left to run the ConsenSys, an organization that helps start-UPS on the basis of Ethereum, said that each bubble has led to a “huge surge”.
For Lubin bubbles are part of the ecosystem with positive and negative properties.
“Each of putera tested by the market, attracted greater attention to this ecosystem, he explained. Bubble drew attention to the industry that attracted entrepreneurs, developers, and investment, and the term “create a fundamental infrastructure” and greater value”.
The industry is developing, despite a short-term decline
Constant volatility of cryptocurrency prices was due to the “types of traders”, but Lubin insists that the recent decline in prices will slow down the adoption or development of basic infrastructure for the ecosystem.
“We feel an exponential increase in activity in our ecosystem. Stunning that happens from the point of view of different projects, from the point of view of new technologies scalability, new teams and projects, and developers that enter into our ecosystem, major new companies that have received the additional convenience of using the ecosystem”.
Earlier this week, the cost atheroma fell below $300 for the first time since November 2017. ETH was eventually dropped to $249 before recovered to current cost of $287.
Author: Olga Novikova, analyst Freedman Club Crypto News
Image from Fotolia