Ethereum Explodes Above $30, Soars 35% In Past 24 Hours

Tyler Durden's picture

While much of the media and public attention has been understandably focused on Bitcoin in recent months, a far more dramatic move has taken place in Bitcoin's less popular peer, Ethereum. To be sure, one month ago, when we noticed the first tangible move higher in ETH since last summer's dramatic plunge following a highly public hacking scandal which involved a "forking" in the blockchain, we mused if China's furious momentum chasers were turning their attention from bitcoin to ethereum.

While the jury is still out on whether Chinese traders have shifted their attention to the less popular digital currency, this morning Ethereum surpassed all-time highs and was trading above $30. As of publication time, the blockchain-based unit had soared by over a third in just the past 24 hours according to Coinbase and CoinGecko ...

And had more than tripled since the start of the year.

 

The recent surge in Ethereum began on February 27, when as we reported the Enterprise Ethereum Alliance was launched, a project focussing on Blockchain propagation and innovation for international business which includes such members as JPM, Intel and Microsoft.

Curiously, another big move took place after the rejection of the Bitcoin ETF by the SEC late on Friday, when various "altcoins" experienced a slight drop followed by a sweeping comeback, as some speculated that public attention could now shift to various Bitcoin competitors.

That said, some have expressed skepticism if the current rally can persist, most notably leading Ethereum developer Vlad Zamfir, who last week wrote that Ethereum “euphoria” could soon end due to the prospect of another hard fork. “I am not feeling any euphoria anymore. I am mostly filled with concern about how everything could go horribly wrong,” he warned.

"I say it because I want you to understand where I’m coming from when I react to feeling euphoria in the Ethereum community. I felt euphoria for about the first eight to 12 months of becoming involved in Ethereum— I am not feeling any euphoria anymore. I am mostly filled with concern about how everything could go horribly wrong, with feelings of being overwhelmed, with being unable to keep up with everything that I feel requires my attention."

Zamfir wrote in his blog post that Blockchains are not toys, they are neither get rich quick schemes nor a shiny tool for automating business processes. "They are powerful technology that have the potential to do unspeakable harm. But they can also provide the basis for solutions to serious global problems," he pointed out. He claimed that he is not rubbishing Ethereum because it is not an exciting technology or he doesn't care about all the work the community is doing. He claims he is very optimistic about the future of the platform but troubled by the no room for opposition. Zamfir explained further:

"I didn’t make that tweet because Ethereum isn’t safe or scalable, really, I did it because I find the current level of euphoria quite offensive. Maybe it isn’t my place to keep euphoria in check. Maybe it is. I don’t know. But I will probably continue to express myself by turning my feelings into radical, unnuanced tweets nonetheless."

Cited by CoinTelegraph, the consultant then said that Ethereum is not safe and he cannot guarantee there won't be a 51% attack on the network unless there is a hard fork to minimize the damage. Likewise, on smart contracts, he has the same opinion. He did, however, concede that a lot of smart people in the Ethereum community are working hard to make Ethereum safe and secure with smart contract formal verification efforts and with proof-of-stake consensus protocol research.

"I think that we will continue to make steady and impressive progress on these safety problems," Zamfir acknowledged.

He is also optimistic Ethereum will get better:"Granted that all Blockchains suck. Is Ethereum at least more safe or scalable than other Blockchains? Maybe. But that is a nuanced discussion that won’t fit in this margin."

Since his post, Ethereum has nearly doubled in value.

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Douche McGoosh's picture
Douche McGoosh (not verified) Mar 13, 2017 10:58 AM

Buy Bitcoin! Ethereum == Bankster coin!

Douche McGoosh's picture
Douche McGoosh (not verified) espirit Mar 13, 2017 11:05 AM

What is "gone"? Where did it go?

Erek's picture

Nothing. It wasn't there to begin with.

Douche McGoosh's picture
Douche McGoosh (not verified) Erek Mar 13, 2017 11:18 AM

Is your brain stuck in the 3 century BCE? Where only things you can touch are "real"? Like oxygen, ozone, helium, etc....

Erek's picture

Where can I buy me a loaf of bread and a dozen eggs with Bitcoin?

Douche McGoosh's picture
Douche McGoosh (not verified) Erek Mar 13, 2017 11:24 AM

So you only adopt new technology after the slowest, non-technical idiots do? Gotcha....

Douche McGoosh's picture
Douche McGoosh (not verified) Erek Mar 13, 2017 11:26 AM

Yes and I have faith that more intelligent people can prepare my food safely too....

Erek's picture

So, in the future you will run to the store to get some bread and smokes for a Bitcoin with a presumed value of way more than the articles you are buying. How you gonna access Bitcoin in the cashier line? What about change?

Douche McGoosh's picture
Douche McGoosh (not verified) Erek Mar 13, 2017 11:31 AM

I'm not even going to debate with someone who has such stupid questions. If you are really that mentally lazy I highly recommend sticking to gold. It's a chunk that sits there and never changes, kind of like you guys.

Erek's picture

You ran out of arguments? Well, I guess you are living up to your applicable name "Douche", douche.

Douche McGoosh's picture
Douche McGoosh (not verified) Erek Mar 13, 2017 11:33 AM

There are no "arguments". Architects, engineers, etc don't need to run their designs past the dishwasher, janitor, etc...

kochevnik's picture

Indeed, where will you chemicals for your meth lab without Jew monooploy money?

Doña K's picture

These cryptocurrencies are designed to control the ascend of Gold and Silver which is practically finite.

If you Keep buying these cryptos, you may make a profit here and there but you are helping the banksters.

 

Weirdly's picture

No.  The bankers have created infinite gold and silver through their gold ETF's and their futures markets.  This is called the paper gold fraud.  They can create a year's gold production in paper gold and sell it into the fraudulant futures market at any time they wish pushing down the price.  Bitcoin is different; they can not create bitcoin out of thin air like they do paper gold and paper silver.  Bitcoin is honest currency and it neutralizes the corruption of the central banker scum and the theft of inflation and negative interest rates.

Stackers's picture

Up 100% since ZH's last ethereum artcl ;)

Golden Phoenix's picture

Only stupid people have investments up 100%. Oh...wait...

tmosley's picture

Where does it say you have to liquidate everything you have ever and will ever own to buy bitcoin?

Bitcoin is internet money. You don't use it to buy perishable goods. You can, however, use it to buy pretty much anything you can buy online. Let BTC ATMs proliferate and you might see more localized adoption. Open source versions of Applepay, for example, would be pretty simple to put in on a large scale. Just have to get the government out of the way.

Weirdly's picture

Tell your local organic farmer you want to buy this season CSA share in bitcoin (localharvest.org).  Or Get a Bitplastic Visa debit card.  That will handle the transition period until more more retailers start accepting bitcoin directly.  Or buy an Amazon gift card with bitcoin at gyft.com and use Amazon Prime Pantry. 

no ice's picture

You clearly have no idea how Bitcoin or other cryptocurrencies work.  Keep on enjoying your slave position in the fiat currency slave/debt world.  Your are the cabal's wet dream.  The rest of the world is and will evolve as we get away from the corrupted banking regime and move into our own world of currency.  The world will never change for people who think like you do.

BTW- You can easily link your Bitcoin or other cryptocurrency to a debit card, like the Shift Card, and pay as you usually do.  These cards work like Visa, Mastercard etc...and are accepted everywhere.  Gives some people peace of mind.  You can buy your bread and eggs that way.

And, like you people always say, "What if the grid goes down..."  Well then, we're all fucked because everything is online now including everyone's bank account.  In that case the people who grow their own food, have generators, clean water etc... are the ones who will be okay.

 

Michigander's picture

The same  place you can buy them with gold, silver, or anything else the clerk wont take...you fucking moron. You can, however, cash them in, at an exchange, for the 300% profit you made, like I did, and eat for free for a bit. Oh wait...you didnt buy any?  Too bad...fucking moron.

Crash Overide's picture

"Where can I buy me a loaf of bread and a dozen eggs with Bitcoin?"

 

Any store that allows you to swip or chip a payment from a plastic card.

They have BTC debit cards.

 

Where can I buy a loaf of bread and a dozen eggs with my silver stack? ...or with mutal funds, bonds, or stocks?

Hedge accordingly.

StopBeingstupid's picture

This may come as a surprise to you but there's lots of places you can spend bitcoin and u can even buy bread and eggs . I'll make it simple when Ccs first came out not every where accepted them but now most places do . Spend 2 seconds and Google where can i spend bitcoins and you might be surprised .

jthepapershredder's picture

Where can i buy a loaf of bread and some eggs with this gold coin?

E.F. Mutton's picture

I'm starting a new one, called Mutton Money

It's based on the concept where you send me money.  That's about it, really.  Brilliant eh?

ParkAveFlasher's picture

All you have to do is stay of the redemption curve, and VOILA you're a central banker!

Do you accept gold as deposit?

Erek's picture

Is the name based on your avatar or on the sheep who will "invest" in it?

Suleyman's picture

It is free market for money. Go for it.

 

Mustafa Kemal's picture

Hey Douche, make any money this last week? Im not getting rid of any of my coin, but the smug looks from my friends are starting to disappear.

Douche McGoosh's picture
Douche McGoosh (not verified) Mustafa Kemal Mar 13, 2017 11:32 AM

Yeah I picked some more BTC up on the last pull-back.

Mustafa Kemal's picture

Good for you. I wanted to buy that dip, but it was so short that my hangover hungover past the dip

38BWD22's picture

 

 

Well, Bitcoin is not gone yet: $1232

I know ZIP about ethereum (et al), and have no interest in making my life even more complicated by messing with alts.

 

Douche McGoosh's picture
Douche McGoosh (not verified) 38BWD22 Mar 13, 2017 11:11 AM

No and Bitcoin never will be gone either. But I'd be more interested in DASH and Monero than Ethereum.

dasein211's picture

Word. Dash is better suited against a 50% attack. Monero is more private. Dash has privacy option however. If everyone expects all problems will be solved immediately they are delusional. But I LOVE this huge wall of far/worry. Get ready to climb!!

wcvarones's picture

I don't know shit, but I traded a small portion of my BTC for some ETH.  Who knows, someday it might be worth something.

Diversification.

crazytechnician's picture

Bitcoin = Blockstream Slow & Expensive Cripple Coin.

 

Blockstream are decentralizing crypto by pushing users onto cheaper and faster chains.

Thanks for the massive Alt-Coin pump BlockstreamCore !

Douche McGoosh's picture
Douche McGoosh (not verified) crazytechnician Mar 13, 2017 11:15 AM

(Pssst... it's your old buddy!) BTW, I'm starting to change my tune on some altcoins. The truth is that Bitcoin is becoming useless for micro-transfers. Satoshi gave us 8 decimal places for a reason, so we can use them. Greedy miners don't seem to get this... and it's pushing people away.

38BWD22's picture

 

 

WHEN are the core developers and miners finally going to grow a set and lock themselves in a room and solve the BTC scaling problems?

I grow a little weary of their antics/non-action.

I hope it's not ordinary FUD to say that they may scare off users because they don't appear serious....

crazytechnician's picture

Core dev's are only inteststed in censorship and threats. They need to be ejected from the space. They have proved now that they are a$$holes paid off by Blockstream to wreck bitcoin and push new users into Alt coins.

crazytechnician's picture

Hey man , nice to hear from ya. Unfortunately the Core team have been captured , well 6 or 7 of them anyway. They have no intention of scaling bitcoin. bitcoin needs to fork these a$$holes off otherwise an Alt will usurp bitcoins market capitalization. Luckily some of the miners are making a stand and hopefully this will be resolved , otherwise it's time to dump bitcoin and move over into an Alt with large blocks size , meaning cheaper and faster tx.  www.xtnodes.com

 

Golden Phoenix's picture

Agreed, microtransfers have already become very problematic. Very valid criticism.

crazytechnician's picture

You lost your one bitcoin when Gox when up in flames ?

You better climb back down into your safe space where bitcoin don't exist. You can shovel down another can of your favorite 30 years old prepper food in the candle light.

Condition 1SQ's picture

Son, I own far more crypto than you ever will. GG

crazytechnician's picture

I bow down to your mighty stash of Auroracoin and Doge oh great one.

Disclosure: I have no crypto.