The Ether Dump: What Happened?
So, Ethereum kicked off its trading debut on major exchanges over the August 8 weekend, and boy, did it have a dramatic entrance! Traders quickly dubbed this event the “Ether dump” as the price plummeted from around $2.50 to a staggering low of $0.75. Imagine dropping your favorite ice cream cone—so sad!
Exchange Chaos: Kraken, Gatecoin, and Poloniex
As platforms like Kraken and Poloniex started allowing deposits, the Ethereum developers urged them to hold off for 24 hours to confirm network stability. Gatecoin and Poloniex played nice, while Kraken decided to let some verified traders sell Ether early—without a warning, of course! This led to a wild ride of price disparities of up to 100% between Kraken and Poloniex. Not exactly what you’d call a friendly competition, is it?
Price Correction: Are We in the Clear?
Despite all the chaos, Ether is still trading significantly above its IPO price of $0.30 from last summer. So, while the ether may have dumped, it’s still a pretty sweet deal for many traders. It’s like finding a designer jacket at a yard sale—you might just get lucky!
Trading Platforms: The Good, the Bad, and the Not Trading Yet
If you’re wondering where to find Ethereum now, here’s the rundown:
- Gatecoin.com
- ShapeShift.io
- Kraken.com
- Poloniex.com
- Bitmex.com
- Bittrex.com
- NXT asset exchange (as SuperEther)
And for those on the edges of their seats, sorry, but Yunbi and Crypsy are still twiddling their thumbs and haven’t opened their trading floors yet.
Ethereum Development: Building and Breaking
As traders fretted over prices, Ethereum developers were busy experimenting. A redditor named aedigix claimed to purchase the first Papa John’s Pizza card with Ether—a nod to the legendary 10,000 Bitcoin Pizza incident from 2010. He also boasted about executing the first transactions and contracts on the Ethereum blockchain. Talk about a pizza party!
Meanwhile, more smart contracts followed, including a few decentralized pyramid schemes and a quirky gambling game that crowned the latest “king of the hill”. The reward? A tasty 25% of whatever money is in the contract. It’s basically a blockchain version of tag, with millions at stake!
Long-Term Prospects: The Future Looks Bright?
With big names like IBM and Samsung throwing their hats in the Ethereum ring, things are looking up. If nothing else, the price should stabilize in the long run. So, stay tuned for the hype and maybe grab some popcorn—this digital roller coaster isn’t slowing down!
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