RE: We are Seeing the Effect of ICOs on the Ethereum Price
If ETH dies, it won't be because ICO's killed it.
I take issue with its lack of issuance cap, the fact that its daily mining output is prodigious, the hand-waving explanations about storage of the rapidly-inflating blockchain, and generally the other "oopsies" along the way.
Such as the "Status" ICO bringing the ETH network to a crawling halt. That isn't something that instills long-term confidence. I know people that are trading ETH for a quick buck, and I understand that - its pretty volatile due to its low notional value.
But longer-term there are some pretty tough challenges that ETH will have to survive to be a "competitor" in any sense of the word. I'm also tired of the reckless abandon that every ETH supporter radiates. Its in the form usually of enshrining Vitalik Buterin as the second coming of ... whoever... and creating a cult of personality around someone who is just an average dude who can code.
But I suppose all of those shortcomings will be more apparent as time goes on. ETH is currently digging a salt-mine under its English Basement apartment, and we still don't know how far it will fall.
ICOs are the current main purpose of Ethereum. Also looking at the price weekly is stupid. No serious investor looks at weekly price movements. What matters is quarters, which usually are periods of 3 or 6 months.
Ethereum is way up from where it was 3 months ago or 6 months ago so no one can say it's dying. There are more projects in development and actual utility for the Ethereum network grows daily. The biggest issue for Ethereum is going to be scalability which by it's design might actually be an impossible problem to solve. Sharding doesn't even work in theory and proof of stake only buys some time.
You must be a newbie trader, because every professional I know uses multiple timeframes for their investment decisions.
You do realize, of course, that weekly data is simply a condensed version of daily data? It makes no sense that you'd disregard a given timeframe. Unless you are focused on the pump-and-dump short term -- which is a trap a lot of new traders fall into.
You also forget I began my post with "IF", which is a logical conditional statement. If you think I said Ethereum is dying - as a fact, then you haven't read what I wrote closely enough to tell the difference.
This is what I meant about ETH supporters. They are so focused on the get-rich aspect of trading that they ignore anything long term that conflicts with their views.
Sad....
Has a lot of reason in it but I think that it will reach a ceiling before it flies it will lose its value, now what is happening is a market action