Venture capitalist Fred Wilson is backpedaling after considered one of his many lame predictions blew up in his face. Again.
This time, Wilson dissed Ethereum whereas praising bitcoin and brown-nosing Facebook’s beleaguered Libra “cryptocurrency.”
The Union Square Ventures co-founder distanced himself from Ethereum, saying it disappoints him. “Ethereum, as many of you know, confounds me,” Wilson lamented on his weblog.
“It has shown the way to so many important things: smart contracts, programmable trust-free computing, potentially proof of stake, and a lot more. But it remains hard to build on, scaling issues abound, and many developers are looking elsewhere.”
Wilson in 2017: Ether will supplant bitcoin
Fred’s reversal on Ethereum is one other egg on his face in his failed profession as a prognosticator.
In 2017, Wilson laughably predicted that the market cap for Ethereum’s ether token would exceed bitcoin’s by the tip of that 12 months (see video).
Obviously, that by no means occurred.
Similarly, Wilson’s remark about Ethereum’s scaling points is hardly perceptive.
As CCN reported, Ethereum co-founder Vitalik Buterin admitted that “scalability is a big bottleneck because the Ethereum blockchain is almost full.”
Buterin then known as for upgrades to deal with ongoing scaling issues.
Fred Wilson: Bitcoin proves it’s Top Dog
As for bitcoin, Wilson gushed that it now makes up 70% of the entire market cap of your complete cryptocurrency sector. He additionally gleefully famous that bitcoin has advanced into “our digital gold.”
Wilson added that “in terms of a censorship-proof digital store of wealth, there is nothing that comes close to Bitcoin.”
Wilson: Libra is a ‘bright spot’ for trade
Wilson additionally praised Facebook’s flailing Libra, which is being assailed from all sides because the digital satan incarnate. “Stablecoins, including Facebook’s plans for Libra, are a bright spot,” he cooed.
Apparently, Wilson doesn’t learn the information. Far from being a “bright spot” for the budding trade, Libra has fomented volcanic backlash towards all cryptocurrencies.
U.S. Congresswoman Maxine Waters has declared struggle on Libra, saying she desires to ban it — earlier than it even launches.
Wilson: ‘I am long crypto’
Looking forward, Wilson believes the way forward for crypto is vibrant. However, he admits that many regulators and banks all over the world “are downright hostile to crypto.”
Wilson additionally expressed concern that crypto has nonetheless not gone mainstream. Specifically, he notes that only a few folks earn in crypto, spend in crypto, or use Dapps.
“Very few do anything with crypto other than buy, sell, and mostly hold.”
That mentioned, Fred Wilson is optimistic about the way forward for crypto. He says whereas it’s straightforward to be pessimistic, he’s satisfied that at the moment’s struggles will bear fruit over the subsequent few years.
Despite the “risks and setbacks” he’ll undoubtedly encounter, Wilson insists he’s “long crypto.” And so is his boutique enterprise capital agency.
To this finish, Wilson says he and his agency will proceed to put money into the sector.
Wilson’s epic failed prediction: Trump shall be faraway from workplace in 2019
Wilson’s “state of the industry” diary publish may supply some dejected crypto buyers a glimmer of hope. After all, these wealthy guys know every part, proper?
Reminder: At the start of this 12 months, Wilson predicted that President Donald Trump could be faraway from workplace in 2019.
In January, Wilson predicted that particular counsel Robert Mueller would ship “a devastating report.” In flip, Wilson claimed that the Democrat-led House of Representatives would react by voting to question Trump.
Wilson then breathlessly insisted that Trump would stand trial within the Republican-led Senate, which might drive his resignation.
“And Mike Pence will become the President of the United States sometime in 2019!” he triumphantly huffed.
Pssst…Earth to Fred Wilson: None of that occurred.
Last modified: January 10, 2020 3:34 PM UTC