Venture capitalist Fred Wilson is backpedaling after certainly 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 blog.
“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 commentary about Ethereum’s scaling points is hardly perceptive.
As CCN reported, Ethereum co-founder Vitalik Buterin admitted that “scalability is a giant bottleneck as a result of the Ethereum blockchain is sort of full.”
Buterin then known as for upgrades to deal with ongoing scaling issues.
Fred Wilson: Bitcoin proves it is Top Dog
As for bitcoin, Wilson gushed that it now makes up 70% of the full market cap of the whole cryptocurrency sector. He additionally gleefully famous that bitcoin has advanced into “our digital gold.”
Wilson added that “when it comes to a censorship-proof digital retailer of wealth, there’s nothing that comes near Bitcoin.”
Wilson: Libra is a ‘shiny spot’ for business
Wilson additionally praised Facebook’s flailing Libra, which is being assailed from all sides because the digital devil incarnate. “Stablecoins, together with Facebook’s plans for Libra, are a shiny spot,” he cooed.
Apparently, Wilson would not learn the information. Far from being a “shiny spot” for the budding business, Libra has fomented volcanic backlash towards all cryptocurrencies.
U.S. Congresswoman Maxine Waters has declared warfare on Libra, saying she needs to ban it — earlier than it even launches.
Today in Congress Rep. Sherman known as for a invoice to ban all cryptocurrencies.
This is why Coin Center is required in DC now greater than ever. pic.twitter.com/jgikm7z8bI
— Coin Center (@coincenter) May 9, 2019
Wilson: ‘I’m lengthy crypto’
Looking forward, Wilson believes the way forward for crypto is shiny. 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 individuals earn in crypto, spend in crypto, or use Dapps.
“Very few do something with crypto apart from purchase, promote, and principally maintain.”
That stated, Fred Wilson is optimistic about the way forward for crypto. He says whereas it is simple to be pessimistic, he is satisfied that right this moment’s struggles will bear fruit over the following few years.
Despite the “dangers and setbacks” he’ll undoubtedly encounter, Wilson insists he’s “lengthy crypto.” And so is his boutique enterprise capital agency, which manages about $1 billion.
To this finish, Wilson says he and his agency will proceed to spend money on the sector.
Wilson’s epic failed prediction: Trump will likely be faraway from workplace in 2019
Wilson’s “state of the business” diary publish would possibly provide some dejected crypto traders a glimmer of hope. After all, these wealthy guys know all the pieces, proper?
Reminder: At the start of this 12 months, Wilson predicted that President Donald Trump would be removed from office 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 power his resignation. “And Mike Pence will change into the President of the United States someday in 2019!” he triumphantly huffed.
Pssst…Earth to Fred Wilson: None of that occurred.