There's a theory going around that Ethereum crashed the entire altcoin market because ICOs panicked. Development teams, worrying that they would run out of money to fund their blockchain, made a run on the bank of Ethereum. This caused it to crash from $460 to $250 in two weeks.
This may or may not be true to a certain extent, but this event has re-sparked the age old comparison to the dot com bubble.
Shitcoin Ethereum will fall to double digits.
Market facing extinction level event.
First of all, calling Ethereum a shitcoin is laughable, because it implies that every coin is a shitcoin except Bitcoin. This kind of purist attitude has no place in a decentralized cooperative environment. The investors of the blockchain seem to try to promote competition at every turn while the actual developers scoff at such a notion. Brains over brawn.
Secondly, calling Ethereum a shitcoin is unfair because it's better than Bitcoin in almost every way. The idea that Ethereum is churning out a bunch of shitcoins, and therefore must be a shitcoin itself, is utterly ridiculous. Smart contracts, and in turn smart money, are the way of the future. Technologically speaking, Bitcoin is already a dinosaur. Unfortunately, because the tech is so complicated, the general public won't realize this fact until smart contracts start developing killer apps that people actually want to use.
Real-world application
People like Dan Laramer and Vitalik Buterin are not geniuses. They are mules. They are building the foundation. They are the backbone. Smart contracts are the programming language of money itself. Would you call the developers of C++ or Java geniuses? Probably not, because they aren't rich AF. It's funny how Americans idolize money so fervently that we assume that anyone that has a lot of it is a genius.
I don't even believe in the word genius. There are many forms of intelligence. Everyone's brain works differently. Humanity is a hive. The distribution of people that we get seems to work out quite well as communities get formed.
A while back I was interacting with a person who I didn't think was very smart. All of their political arguments were spoon-fed to them by the establishment. Try thinking for yourself, I thought. Anyway, the group wanted food, and he offered to pick it up. He took ten orders without writing anything down. I would be hard pressed to remember 2 orders. Everyone's brain is tailored to different strengths and weaknesses. People like Einstein get stranded at the bus stop if their wife doesn't put money in the correct pocket.
Killer Apps
The real innovation above this blockchain foundation will be the structures on top of it. The real innovation will be rebuilding the economy and creating jobs. This complicated technology has to be simplified and re-simplified over and over again so that anyone can interact with it and contribute to proof-of-brain. Because that's what we want right? We want to create real value, over the Internet, and pay people fairly for their work. Imagine the freedom that such a marvel would provide? Anyone could live anywhere, and anyone could change jobs on a whim.
Conclusion
The goal of blockchain is to free humanity from the invisible chains we've been tangled in. Fleeting price action is of little importance. An "extinction level event" is impossible, as has already been illustrated by this recent crash. No coins have been declared dead. In fact, the crash happened to ensure they would live even longer. The comparison of blockchain to corporation is one of great folly.
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