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  • Adam Back has compared Ethereum with the now-defunct biotech startup Theranos.  
  • Ethereum’s supposed exaggerating promises could be put under the same light as the failures of Theranos. 
  • Startup Theranos has now gained somewhat holy renown due to the precocity of its founder

Adam Back, the CEO of Blockstream has just recently compared Ethereum with the now-defunct biotech startup Theranos.  

Back took to Twitter earlier this week where he claimed that Ethereum’s supposed exaggerating promises could be put under the same light as the failures of Theranos. 

He argued:

“Theranos had several generations of medical testing devices, and pushed their engineers extremely hard. The management just went too far into overselling what it could do and misrepresentation about the state of the tech. Uncannily ethereum-like.”

Startup Theranos has now gained somewhat holy renown due to the precocity of its founder and its confusing path of both hype and its fall. 

The startup was seen and praised for its revolutionary promises to completely change the biomedical space with a brand new style of blood sample testing.

As per CoinTelegraph:

“From her acme as the world’s youngest self-made female billionaire, Holmes ended her public career in disgrace when Theranos came under investigation by the United States Securities and Exchange Commission. In charges settled in 2018, the regulator agency judged the enterprise — once valued at $9 billion — as a secretive and “elaborate, years-long fraud.””

Beyond Ethereum

Bitcoin Core developer Peter Todd extended the lessons of Theranos beyond Ethereum, arguing:

“Theranos was a successful scam because they really were developing new technology. The scam was in lying about what that technology could actually do and covering up failures.So much of blockchain tech does this: ETH, Teechan, Tierion, Ripple, even Zcash to a degree.”

Nevertheless, it will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

Robert Johnson , 2019-11-27 17:30:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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