u.today
- ‘ETH likely to break soon’
- Pomp states Ethereum is not money
- The community’s take
The second most valuable cryptocurrency, Ethereum, has not made much progress recently, after slumping from the $274 level on February 24. Since then, ETH has been fluctuating between $216 and $230.
Now, however, the situation may change.
‘ETH likely to break soon’
Crypto trader and ElevateUX co-founder, ‘Posty’, says that he expects the ETH price to break out soon. The majority of other traders seem to have their focus on Bitcoin at the moment.
Another trader, with the humble Twitter name ‘George’, offers a similar conclusion.
Pomp states Ethereum is not money
On March 2, Bitcoin advocate and venture investor from Morgan Creek Digital, Anthony Pompliano, punched Ethereum in his daily ‘Off the Chain’ newsletter. In it, Pomp stated that ‘the idea that ETH is money is fundamentally flawed’.
However, prior to that, Pomp made it clear that he wants all blockchain teams to succeed and, overall, you should encourage any innovative experiment. Even still, perhaps, you do not always believe in the positive outcome, he adds.
Digital assets director at VanEck, Gabor Gurbacs, has cited Pomp on his Twitter page and summarized what Pompliano believes are the things preventing Ethereum from being a form of money.
He tweets:
“The Off the Chain newsletter this morning by @APompliano explains why "#ETH is money" a "fundamentally flawed" idea. Per Pomp, ETH is not good money since: (a) no fixed supply (b) supply is inflationary (c) small group decides monetary policy. #Bitcoin on the other hand...”
The community’s take
Crypto YouTuber Brad Laurie criticized Pompliano for this attack against Ethereum, citing the blockchain educator and influencer Andreas Antonopoulos by posting a brief video. In it, the DLT educator explains why he likes Ethereum.
Given #Pomp's flawed idea that "#ETH Is No Different Than Fiat", I wanted to encourage you to listen to @aantonop to help better understand the tech value & potential of #ethereum. Andreas, like @ErikVoorhees, has expert knowledge.👍#crypto
— Brad Laurie (@Brad_Laurie) March 3, 2020
Full video: 👇https://t.co/by8xgfSBmH pic.twitter.com/4bQRivr1jF
Meanwhile, the famous cryptocommunity member Udi Wertheimer has stood up to him to defend Pompliano, saying that Pomp has an open mind and he has come to these conclusions after going deep into the matter.
@APompliano is right, ETH is fiat money.
— Udi Wertheimer〔🧱½🎉〕 (@udiWertheimer) March 3, 2020
People like Pomp did what Andreas teaches: they went in there and learned all they could. And that’s the conclusion they reached, with an open mind. That ETH is fiat.