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As co-founder of Ethereum – the second largest cryptocurrency in the world by market capitalization and number 1 competitor for Bitcoin – Joseph Lubin is one of the largest cryptocurrent bulls.
In competition with Tom Lee of the fame of Fundstrat and venture capitalist Tim Draper, Lubin is not so enthusiastic about coin prices, but rather the fundamentals and protocols they have developed over the years.
I do not believe in manipulation
Lubin was one of the first figures in the cryptocurrency space to defend Tether, a supposedly stable currency supported by US dollars. The University of Texas finance professor John Griffin emerged several months ago with a new relationship suggesting that Tether was used to manipulate bitcoin prices in 2017, which explains why the currency exploded to nearly $ 20,000 last December.
Griffin has suggested that whenever bitcoin has dropped even just a small margin, Tether was used to buy the coin in spades, linking it to the fiat in this way and pushing its price higher. It was labeled "manipulation 101", although Lubin – along with a few others – remained unconvinced.
Giving his grip on the subject
In a interview last August, Lubin It went against most investors affirming him does to believe that Tether is supported by a one-to-one relationship; one coin for every dollar.
He has declared:
Tether is an interesting project. Based on our analysis, which consists of talking to a group of people in space, we believe that the heels are supported 1 to 1 from US dollars in bank accounts … As for market manipulations, I'm not sure the market the manipulations are linked directly to the Tether, if they exist.
He added:
It's been a set of unregulated market exchanges that allows big players to do what they want to do … Ideally, we'll get a little more regulation than those centralized exchanges at least.
Crypto & # 39; s Not Dead: it's frozen!
While talking on "First on CNBC"Lubin has assured listeners that cryptocurrencies are not in the last days and has maintained a relatively bullish attitude during the interview, he said with confidence that the cryptocurrency, as he did before, is simply going through a cycle, and that the Digital money is prone to "boom and busts." We find ourselves right in the middle of this last.
He also said that while prices may not be where we would prefer at this time, "the fundamentals are booming" and the industries of cryptocurrency and blockchain are stronger than they have ever been. The current conditions gave the cryptocurrency arena the ability to "clean house", so to speak.
As prices have continued to fall, non-believers or investors who simply seek to get rich quick, have all picked up and moved, while loyalists and blockchain innovation fans have set themselves up again to give opportunities. to the market to legitimize it further.
Rolling and Chugging Along
He also declares that the cryptographic space has witnessed an extended growth of his projects and the entrepreneurial presence, and with more Wall Street players trying to get involved, he thinks the future is bright:
It is an order of magnitude bigger than it was, and the basic infrastructure is being built.
While he believes that cryptocurrency is lagging behind regulation, he says that most of the industry is designed to be decentralized and that several cryptographic and blockchain companies are learning to administrate without government intervention. Thus, he affirms that regulatory uncertainty is starting to become a "thing of the past".
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