Morgan Creak CEO Mark Yusko Shares Ethereum Optimistm Despite ETH Price Plummet
In a meeting between Dion Rabouin of Yahoo Finance, Rick Newman, Dan Roberts, and Morgan Creek’s CEO Mark Yusko, the discussion turned to Ethereum’s recent downturn in the market. With the price dipping so low, they have managed to be down more than almost any altcoin in 2018.
Roberts claimed that a big concern that keeps happening with ETH is that there are many ICOs that create their foundation on the token, and a good fraction of those ICOs have been scams. However, the ones that are not scams have decided to cash out ETH with quick speed as well.
Yusko discussed if these situations are a bad sign for the Ethereum blockchain platform. Everything is a sequence of progression in technology. First, the internet opened the door to different technological possibilities in 1996 to promote digital commerce. Next, TrustNet has to be built up, which was supposed to be supported by ETH’s protocol.
Yusko expects this transition to happen in 2024, saying,
“People might say its six years from now well, it’s like 1993 or 1994 internet when Google was just being thought off and nobody thought it was important.”
Based on Yusko’s assessment, the difference that arises between the internet and TrustNet is that the application developers are the ones that made the majority of the money for the internet. However, TrustNet is mainly meant to profit developers. Furthermore, Ethereum’s work and progress in their technology could make them profitable for this type of application. While Bitcoin is an application with a superior network with the greatest amount of security in the world.
However, he says,
“Ethereum is different think of it as the World Wide Web of the TrustNet.”
Rabouin discussed the comments that Jordan Belfort made a while back, saying that Bitcoin and cryptocurrencies were just scams, despite Belfort also calling himself a scammer.
In response, Yusko said,
“The problem is he was talking about ICO’s, not Bitcoin neither Ethereum but he was talking about utility tokens and some of the utility tokens were a scam. Anywhere where there’s capital, Bad people are going to show up.”