[In an interview at the Bloomberg Industry summit on 8th September Vitalik Buterin,](https://www.bloomberg.com/news/articles/2018-09-08/crypto-growth-nears-ceiling-ethereum-co-founder-buterin-says?utm_campaign=socialflow-organic&utm_medium=social&cmpid=socialflow-twitter-business&utm_content=business&utm_source=twitter) the creator of Ethereum said that “There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.” he’s bang on the button but what he is not saying is that Ethereum and the F*&$$*^%&ing ICO model of raising funds created this situation. 

The recent crash and Ethereum death spiral was caused primarily by ICOs liquidating their Ethereum assets into fiat. [This article in Cryptoglobe](https://www.cryptoglobe.com/latest/2018/09/100-million-ico-projects-spent-over-500000-eth-in-the-last-30-days/) shows that over 500,000 Ethereum was spent over the past 30 days alone. Every time an ICO liquidates another large tranche of Ethereum the markets are going to go WWWWWHHHHHEEEEeeeeeeeee down. 

![eth:btc.png](https://cdn.steemitimages.com/DQmV2MT5HQsBrAWmmksJzWRcwEjLj4WzMV8qHmFkzV3mNrE/eth:btc.png)
*Ethereum vs BTC - It's no wonder Vitalik Butarin is so negative. His baby has been mauled*

Every ICO that sits on its Ethereum is going to see the value of its war chest reduced. That leaves a lot of potential for panic and that is an understatement. If you want to see how much more Ethereum is going to get dumped on the exchanges you only need to look at the [ICO wallets](https://app.santiment.net/projects/ethereum). That’s a lot. You’ll also notice that the Santiment project does not have every wallet listed so there is going to be a LOT more.

Now if crypto was readily spendable on the street there wouldn’t be a problem as ICOs would be able to pay staff and investors in crypto. Unfortunately it isn’t ......arg. Maybe in the future it will will work but it isn’t the future.....arg. We have to live with the present.....arg.

Who needs people spreading FUD when you can build it into the system. It will be a tribute to the Ethereum team if they survive this.

Now the same thing will happen to EOS (and Steem) if we allow app developers to run ICOs. We need to actively talk them out of it. We need to stress that it will harm them, us and the cryptosphere as a whole.


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[Try a very different post about crocodiles living forever](https://steemit.com/science/@sugarfix/crocodiles-can-live-forever-the-pros-and-cons-of-being-immortal)