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Bitcoin prices have been hitting close to $ 20,000 per Bitcoin level, down 70% from its November all-time high, while Ethereum’s price has dropped below $ 1,000 per ether – erasing 80% of the network’s value. Other Top Ten Cryptocurrencies BNB
Now, Ethereum co-creator Vitalik Buterin, generally regarded as the spiritual leader of the project, has warned that the controversial stock-to-flow bitcoin price forecast model is “not really looking good” now.
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“I know that doing and everything is rude, but I think the economic models and the future that give people a false sense of certainty are harmful and deserve all the ridicule they get,” Buterin posted on Twitter. Responding to a tweet by Anthony Sassano, co-founder of Ethereum information site EthHub, who described the stock-to-flow as an “epic failure”.
The stock-to-flow bitcoin price prediction model was developed by anonymous financial analysts using the pseudonym PlanB, which attempts to calculate the future price of bitcoin based on the current supply for how many bitcoins are created. Bitcoin supply is designed to decrease over time, a mechanism known as “halving” that reduces the number of new coins produced every four years by 50%.
The stock-to-flow came under considerable criticism late last year after Bitcoin failed to reach $ 100,000 as predicted by Planby in September. Telling At that point the price of bitcoin should increase [to above] $ 100,000 or stock-to-flow is dead. ”
The price forecast model shows that bitcoin should trade between $ 100,000 and $ 110,000 per bitcoin by 2022. With the recent crypto crash, bitcoin has been pushed to less than $ 20,000, further creating doubts on the model’s validity.
Last week, Buterin criticized the stock-to-flow bitcoin price forecast model, suggesting that known reductions in asset supply would be priced out of the market ahead of time.
“The ‘Halwings’ theory of BTC price rise is not false: did it rise before the half? Then did it ‘rise in the expectation of half a year?’ From ‘after half?’ Post To Twitter.
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Plan b Struck again Against the latest attacks by Ethereum creators, the $ 2 trillion crypto collapse claims to be “looking for some victims.”
“After the accident, some people are looking for victims for their failed projects or wrong investment decisions,” wrote an anonymous analyst. “Not just newcomers, but even ‘heroes’ are victims of blaming others and playing the victim. Remember those who blame others and stand strong after the crash.”
Ethereum prices have fallen more than Bitcoin this year because of the long-awaited upgrade, which fundamentally changes the way Ethereum secures its network.
Ethereum has been planning to switch from Bitcoin’s proof-of-work model to proof-of-stock for years, a move that would see miners receiving fresh ether coins instead of directing the computing power of the network to the user. “Stacking” their ether.