One of the most successful CEOs and the former chairman of Google is in the latest crypto news. Eric Schmidt, who is a well-known billionaire and a budding Bitcoin and blockchain enthusiast, recently pointed out to Ethereum and its potential for success.
He made the remarks during a live event with the economist Tyler Cowen by his side, hosted by Village Global in San Francisco. In the wide-ranging conversation, Schmidt talked about the future of blockchain, the governance reforms, Google’s hiring practices and other topics.
When asked whether he thinks that blockchain was overrated, Eric said:
“In the public format, overrated. In its technical use, underrated. Today, blockchain is a great platform for bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other.”
Schmidt also believes that Ethereum could revolutionize business and security. As he stated:
“I think the most interesting stuff that’s going on are the beginning of execution on top of blockchain — the most obvious example being the capability of ethereum. And if ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.”
What’s interesting is the fact that Schmidt was an early believer in Bitcoin. In 2014, he praised the technology and labeled it “a remarkable cryptographic achievement which has enormous value.”
The whole speech can be seen on the video below.
ETH Nosedives 15%, Crypto Market Value Drops To $28 Billion
“Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:
“Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:
“$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.
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“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started," the statement said.Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.
“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future," Fletcher-Hill wrote in the altcoin news.
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“They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”As noted in the latest cryptocurrency news, Buterin is one of the very few people to criticize exchange listing fees but Binance was not named directly. He added:
“We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
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