Ethereum is priority news nowadays after a spectacular revival that propelled him above $200 once again. Ethereum’s autopsy revealed that the bullet shot by the CEO of Bitmex, Arthur Hayes, struck Ethereum right when it was. Here are some excerpts of the controversial newsletter.
Read more: ETH is NOT dead! At least not on Twitter
The facts are clear:
You want to learn something, check out the latest piece from our Research desk. https://t.co/vTdZd9pGqK— Arthur Hayes (@CryptoHayes) August 20, 2018
“Ether, A Double Digit Sh*tcoin”
Hayes exposes his conviction that Ethereum pumped the market during 2017 and deflated the market in 2018. According to certain publications (e.g. Ethereum World News) he even advised BitMex users to trade using Bitcoin instead of Ethereum. In other words, He blames the bear market on Ethereum, largely.
“The real profit in 2017 was made by Ether holders, sh*tcoin projects, and promoters.”
“Today, Ether slides towards $200. At best, many token projects are down 50% from 2017.”
Many traders, including Venture Capitals (VC), don’t know how to close a position in the market
Hayes illustrated this with a story from his youth (2009), when he joined the “Mickey Mouse” market in Vietnam. The respective market had a very limited range of trading tools, therefore making a move as a trader determined the direction of several trades. If he bought a certain stock in the morning, he was not able to sell it in the afternoon - so he had to learn how to trade the hard way.
Hayes advises investors to follow the same tip his mentor gave him at that time: “everything was my fault as the trader.” Generally, VC don’t know when to sell and call it a day, he said. That’s what determined Ethereum to plunge, he argued.
Does Hayes affect Ethereum’s price?
It’s doubtful that any one person can turn the market around - but this is about Ethereum, which was already on the way down, losing traders’ trust and spreading anxiety all across the market. In case you were wondering, Ethereum did suffer a brief dip at the time when the respective email and tweet were shared - but it’s unlikely that it was Hayes’s effect, since he was already talking about “Ether sliding towards $200” that day.
At the same time, many members of the community criticize Hayes’s position and others who claim that Ethereum “inflated the crypto bubble”. It takes patience to follow this project’s development over the years - the current events do nothing but increase the FUD.