Joseph Lubin: Tether Trouble Will Have Implications For The Crypto Industry As A Whole
Founder of blockchain company ConsenSys and co-founder of Ethereum Joseph Lubin expects the situation around Bitfinex and Tether to have negative consequences for the cryptocurrency industry.
Speaking at this week’s Fluidity Summit, Lubin said: “It looks like this is a really big nuisance, and it may not go away by itself. Tether has some relevance to this ecosystem because it is being used by various institutions to enable smoother trading. “.
At the same time, Lubin expects that Tether’s problems will catalyze the growth of other stablecoins: “There are other tokens with a stable price – many others. I believe that they will rise against this background, and this is good “.
He also raised the issue of manipulation in the cryptocurrency market: “All prices on this planet are being manipulated. When a participant with sufficient resources can connect to the market, appropriate action should be expected from him. Therefore, we need to create a better system “.
Despite certain negative factors, the co-founder of Ethereum continues to believe in the prospects for the crypto industry: “Since the price correction, the system has experienced a period of significant growth, because the people who improve it, who were attracted by the price increase, stay here. If someone saw the potential in this industry, it becomes impossible to uncover it ”.
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