In a recent interview, Ran Neu-Ner, Crypto Trader, crypto-influencer, spoke to eminent personalities of crypto world including Moshe Hogeg the CEO of Sirin Labs, Yoni Assia Founder and CEO of eToro, Daniel Peled the CEO of Orbs and Yaniv Feldman the CEO of One Alpha about the chances of Ethereum in the wake of an ICO bust.
Ran Neu-Ner took off the interview by first stating the situation of ICO fundings in the month of August, the funding observed an overall rise from the July low of $417 million to over $500 million. The figures in August reveal that $100 million was raised for the hash graph and a $54 million for the tZero raise.
While the current bear market witnessed Bitcoin’s dominance over 53%, which raised questions upon long-term viability of the Ethereum network, the primary platform for raising money for ICOs.
When Ran Neu-Ner questioned Moshe Hogeg if the utility token market was dead, the latter stated that it is not. According to Hogeg, the ICOs raised a lot of money but they convert the Ethereum back into fiat currency as these projects need to pay salaries to their employees. He elaborated further:
“Actually supporting the industry, but fighting it at the same time, without understanding. But, this is what happens, the market started to go down a lot of people lost a lot of money.”
He also claims that this is the right time for investors to join the market because of the value the ICOs created in the last deal. Adding to the discussion Ran notes that Sirin Labs has raised a lot of money mainly in Bitcoin [BTC] and Ethereum [ETH], but has got advertising costs and development costs in U.S Dollars. He further asked Hogeg if the Sirin Labs was releasing ETH into the market at a value of $250 and the CEO of Sirin Labs, nodded in agreement. He said:
“We need to pay salaries, we need to pay suppliers. But, this money doesn’t go out of the market It goes back into the market by creating value.”
Moshe additionally stated that once their farm is launched in the next three months, all the converted fiat will come back into their token.
Daniel Peled, on the other hand, explains that the immature infrastructure layer is to be blamed for the negligible amount of utility tokens in the market. He noted that at the beginning of 2018 the utility tokens had a lot of hype and that by 2019, the primary focus would be to build a third generation blockchain on top of Layer 1 and 2 to solve problems like scalability, governance, and privacy,
Yaniv Feldman further points out that the Ethereum blockchain has fundamental problems in the way it uses ETH as gas, but that does not specifically signal the end of utilities.
Yoni Assia Founder and CEO of eToro revealed that he is bullish on Ethereum. For him, ETH is the most used smart contract platform. While Moshe and Daniel expressed theirs believes that Ethereum blockchain will have a lot of dApps built on them within the next five years or so. moreover, they claimed that at least a minimum of 10,000 daily users on the dApps and are even willing to take up a bet against Jimmy Song on the same.