Ethereum core developer, economist, self proclaimed hacker and entrepreneur, Lane Rettig, made some intriguing comments about the state of the cryptoverse in a recent interview with CryptoGlobe. He spoke about crypto market valuations and how they for the time being and the near future will be disconnected from reality.
According to Rettig said that in his opinion the crypto market will remain for some time “nonsensical and decoupled from reality.” “That’s a roundabout way of saying that I don’t think valuation and usage really have anything to do with each other right now, which is why I tend to ignore valuation and focus on the fundamentals.”
Why does he say that?
Well for starters, Rettig is of the opinion that “prices and usage were completely decoupled in 2017 and into last year.” He added that this might still be largely true today.
He jots this iea down to the fact that to this day there are quite a few blockchain based projects that have “zero usage, zero dApps”, and that there are some projects that have yet to be launched but their valuations are unbelievably high.
I'm not the smartest. I'm not the best coder or researcher. I'm not the best with people, the best in marketing, writing or speaking, or the most productive. My superpower is that I'm willing to get on a flight anywhere, anytime and talk to anyone about how much I love Ethereum.
— Lane Rettig (@lrettig) March 11, 2019
And we love that! It opens up space for healthy and constructive discussion around the blockverse, instead of the norm of all hype and no substance.
Rettig was positive about the way things are being handled currently;
‘We need to continue doing what we are doing: 1. Keep building out the infrastructure, scaling the base layer, etc. 2. Focus on UX (user experience), usability, and onboarding. In Ethereum, I think recent UX trends such as gasless meta transactions and universal login, and projects like Austin Griffith’s Burner Wallet will massively improve the UX of Ethereum dApps and lead to greater adoption. 3. Keep focusing on things like community and developer tools, which are awesome and improving rapidly in Ethereum.’
When questioned why the world needed decentralized solutions for problems that already had pretty functional and totally centralized solutions, he added,
“The vast majority of all applications are better served by centralized solutions. There is a very narrow set of applications that benefit from decentralization, and it tends to be applications that require things like censorship resistance, trust minimization, or in some cases strong privacy. But in these cases decentralization makes a massive difference–and in many cases it makes things possible that simply were not possible before.”
He even went so far as to add that in it’s present form, he thinks Ethereum is quite useful as he uses it daily himself;
“I use it every day to do things that weren’t possible before and that would not be possible without Ethereum. Ethereum has already found at least two killer apps: self-sovereign money (tokens) and self-sovereign organizations (DAOs).”