Ethereum has quickly recovered from a flash crash last week, in which the cryptocurrency went from the price of $317 to $0.10 in a few seconds. 。
But now, after several unsubstantiated -- or just plain old -- news reports over the weekend, Ethereum seems to be experiencing a real correction. 。
SEE ALSO:This ethereum-based project could change how we think about digital art 。Ethereum is a cryptocurrency and a payment system, just like the better-known Bitcoin, but it's also a decentralized platform that allows developers to build and run applications. Its currency, ETH or Ether, soared in value in the last six months or so, jumping from about $10 per ETH token to about $380 last week. 。
But ETH is currently trading at about $263, according to Coindesk, losing about 20% of its value in the last 24 hours alone. 。
The drop in price is likely fueled by several erroneous news reports. The first one apparently originated on the anonymous messaging board 4chan, where Vitalik Buterin, co-founder of Ethereum, was proclaimed dead after a car crash. 。
Buterin squashed that rumor by posting a blockchain-based proof of him being alive on Twitter early Monday, but that didn't stop the Ether price from falling. 。
Thanks for signing up! 。
Another day, another blockchain use case. pic.twitter.com/OyHzdhEeGR。
— Vitalik Buterin (VitalikButerin) June 26, 2017 。The Times 。added fuel to the fire by posting a statement from entrepreneur Brock Pierce, who'd apparently said ( 。The Time 。
s offered no source or context for the quote) that it was British programmer Gavin Wood, and not Buterin, who'd written “100% of the code” for Ethereum. 。
But this is not exactly news. Wood is a co-founder and was at one point a lead developer and CTO of Ethereum, so it would make sense that he'd written the bulk of the code. Wood, who is also the founder of browser-based Ethereum client Parity, states on his personal website that he "coded the first functional implementation of Ethereum (...) in late January 2014, invented the Solidity contract language and wrote the Yellow Paper, the first formal specification of any blockchain protocol and one of the key ways Ethereum distinguishes itself from other blockchain-based systems." 。
However, Buterin is far more prominent in the media (and active on Twitter) as the principal brain behind Ethereum, and he's the one all eyes are pointed to when something goes awry. While those who've followed the development of Ethereum from the early days are likely well aware of Wood's contributions, for some investors the realization that Buterin is not the only mastermind behind the project might be troubling. 。
There's a third, possibly the most important reason behind Ethereum's price slump: It's a simple correction after an intense period of growth. All Ethereum experts I spoke to in the last month or so told me the same thing: A correction is not only likely, it's probable and much-needed. Even Buterin himself chimed in a few weeks ago, saying that the only way to cure bubbles is to "let them run their course and pop." 。
There's no "cure" for bubbles except to let them run their course and pop, unfortunately. 。
There's no "cure" for bubbles except to let them run their course and pop, unfortunately.。
— Vitalik Buterin (VitalikButerin) June 13, 2017 。
While it's impossible to judge where Ethereum's price is headed right now, the cryptocurrency is still several thousand percent up from just six months ago, and its recent growth has been spurred by several successful initial coin offerings (ICOs), which are a way to fund projects by selling digital tokens on the Ethereum network to the crowds. These projects will eventually determine a big part of Ethereum's real value, and many of them are still in their infancy, so we'll probably see many more sudden rises and slumps before the price of Ether stabilizes.。
Featured Video For You 。
(责任编辑：休閑)
Darth Vader is back. Why do we still care?
8 podcasts that talk honestly about mental health
'Mainstream' reviews don't subscribe to Gia Coppola's social satire
'Halo Infinite' delayed until 2021, Xbox Series X set for November
Teacher absolutely nails it with new homework policyNate Parker is finally thinking about the woman who accused him of rape
Nate Parker is getting a crash course in male privilege after, in his own words, not thinking about
...[详细]Batman (and the Riddler) can now give you directions in Waze
Next time you use Waze, you can make Batman give you directions. Starting Monday, the app will get a
...[详细]Hurricane Laura has strengthened into a beast
Hurricane Laura intensified into a potent storm over Tuesday night — and then continued streng
...[详细]Why California lawmaker Buffy Wicks voted with her crying baby
UPDATE: Sept. 1, 2020, 8:32 p.m. PT Assembly Speaker Anthony Rendon issued a statement on Tuesday ev
...[详细]Balloon fanatic Tim Kaine is also, of course, very good at harmonica
You know the old saying: the people want a president they can drink a beer with and they also want a
...[详细]#ChallengeAccepted is messy as hell, but we have bigger things to worry about
Much like the internet itself, I am old and exhausted, and I’ve seen too much to really get wo
...[详细]Modder makes a portable Wii out of the body of a GameBoy Color
Ever wonder what it would look like if the Nintendo Wii and GameBoy Color had a baby? Well, now you
...[详细]Revel electric mopeds pulled in NYC after two riders killed
After a second fatal crash in just over a week, Revel is shutting down in New York City.Earlier this
...[详细]Uber's $100M settlement over drivers as contractors may not be enough
UPDATE: Sept. 7, 2016, 4:41 p.m. EDT 。 A ruling in a different case on Wednesday, Sept. 7 may have ch
...[详细]Popular wildlife cam just became a dreadful California fire cam
Hundreds of fires are burning in California.One of these many blazes, the Dolan Fire, is a grim scen
...[详细]Chinese gymnastics team horrifies crowd with human jump rope
TikTok will reportedly sell to Oracle after Microsoft bid rejected
