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7 years ago in #ethereum by rok-sivante (77)
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First off I really dig your style of writing, hard hitting on point, elegant yet when you start cussing I totally jump on board, you definitely get your point across. So in response, yes Ethereum is a hype machine, I do not have any and never will, ETH is an insult to blockchain, it makes people learn stupid shit for lame reasons, for example if you do not set your gas high enough to get into an ICO your funds will not go through because a bunch of wealthier vestors who are willing to pay thousands of dollars to get their transactions through are given priority processing. Then when the coin or token hits exchanges they sell it all off to do it again with the next one, they are not vesting in tech substance, they are vesting in greed and hype. For me the DAO event clearly shows, ETH was willing to sacrifice their primary principle, immutabily, for staying out of prison for publishing flawed code. What we all really need is coders to share with people how they feel about these projects because regardless of what the hype is, code is puddin. I see ETH falling in a blaze of glory, for selling out to corporate interests and lacking any substantial integrity, POS is a pipe dream, their platform will break when attempting to scale large enough then they will be replaced in market cap by antshares, who already has sidechain, so EOS to flop and fizzle as well.
Is the ICO and downfall of ethereum price related?
We have seen several panic selling in the recent past, the last one in this month, i remember, was related to the coinbase server problem but then the price started growing back.
Now with the ICO huge amount has come in into projects like Bancor and several others. Though roughly 20-30 % of this money raised goes to the developer and some amount to marketing and development . But i feel the ICO and eth price fall are related some way. What do you think?
I even read somewhere that this price fall is once again due to panic selling that triggered from the death hoax of Vitalik Buterin - co founder of Ethereum
well, people do need to buy ETH to invest in ICOs requiring ETH.
and once an ICO is finished, some of that ETH raised might be converted back into fiat or other crypto. though you can never be sure how much, and whether that drop in the bucket would affect ETH price that greatly...
It's too big to wrap your mind around all at once.....once contracts start calling other contracts in an object oriented style, major innovations will begin to congeal....the problem now is that everybody is trying to build something that can stand alone....imagine something like the Augur contract calls the Bancor contract (Joey Krug was working on a similar tether formula) which utilizes the Golem network which then again reports back to the Augur oracle....Once somebody comes along and connects the individual contracts (building blocks---"objects") in an innovative way, the worm will turn....wait for it because it's too big to see at the moment! https://dapps.ethercasts.com/
Contracts calling other contracts - this will be commonplace, nobody doubts it. But the main problem is that this thing does not scale. It can process no more than 20-30 transactions per second before it stalls. Just for comparison Steem, with less than 20k active users, already needs 8-9 transactions per second.
According to well-informed people like Vlad we are at least 2 years away from a solution that may fix this. Or it may not - it's still subject of research.
agreed - it's going to get very interesting when different dapps start interconnecting...
Your content is fire. I have so much faith in Ethereum. I also take the small coin strategy!
https://steemit.com/cryptocurrency/@jrose1010/the-small-coin-strategy-potential-to-make-hundreds-of-thousands-maybe-millions#comments
It's clear that Ethereum isn't a scam - Vtalik's contributions to the blockchain space are impossible to argue against. Not only did he build one of the most influential projects in the whole space, he's clarified his thinking and made it accessible to others via the great work on his blog.
You raise great points re: the fact that, whether or not Ethereum remains one of the top blockchains, it's a legitimate and important project. I think the situation right now is more of a temporary problem: Ethereum-based ICOs are just out of control.
The main example of this is the Bancor ICO, which is just horrifying. $140 million for a poorly defined project, it's the definition of hype and bubbling and all that. People are jumping onto a bandwagon. This project, and many smaller ones besides, are artificially inflating Ethereum through no real fault of its own.
Vtalik seems to be learning - he's stated on Twitter that he will be much more careful about who he lets use his name for projects. In the past, whenever he met with a blockchain founder, he'd end up on a nominal "advisory board." I've seen Nick Szabo the victim of other such instances - he publicly admonished a project the other day via Twitter when they added his name to their site unasked.
What I'm trying to say is, the future is bright for Ethereum compared to the $12 price you bought in at - but right now, at $250 or whatever, it's probably still due for a correction downwards, at least in my eyes. The bubble hasn't really popped quite yet.
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I got in on ETH very early and been riding its wave. Recently I been losing confidence and cashing out my ETH so I can power up. STEEMIT is a great investment that has a real working product used by many people and potentially as many developers as Ethereum.
I think its only a matter of time before Ethereum experiences another DAO moment because of the amount of new code from ICO's .
?? People donot realize that many products are already in ethereum block chain example storj its live and working with paid customers ... and there are more example. I think there is an investment world and there is a reality world
keep it up
The more ICO's that use ETH the more these wild swings will happen. They companies have to cash some in to have working capital. Instead of bemoaning the swings be ready to POUNCE! Following. resteemed! #whalepower
Great to read your thoughts and with very different views on where ethereum is heading everywhere, I'm still keeping my fingers and toes crossed that it will see better days :)
Only time will tell :)
Excellent ending with a classic picture of Einstein.
Great post! I loved reading it. I don't know what to expect. #EOS is coming and I'm very anxious.
That's Art 😄
@rok-sivante believe me bro btc is scared of etc
these are normal corrections im very very sure the price is gonna go to the moon
I think a lot of us are wondering what the heck is going on?
only the future will tell us... ;)
Updated:28 June
I'm going to HODL to see if ETH rebounds.
From what I can tell, virtual every crypto took a big dump this week (profit taking, normal cyclical action? IDK).
The 7 day charts on the right look almost identical, this clearly isn't panic selling because of some flaw in ETH.
But I can exert a lot more control over my Steemit wallet than any other currency, where I'm left waiting like an expectant dad in the maternity waiting room.
If it drops back to near where I bought in, I'll cash out the ETH and convert it to SP but today it looks like it has bottomed out.
Brilliant post, brill pics too, cheers.
Though I did not invest in ethereum until a couple months ago, the plan was to scale into a position as pull backs occurred. However, I started to discover much of what you have share here and decided I will just hold my initial position. My confidence is not nearly as high as at first discovery.
follow me
Flagged for spam.
Thanks for flagging. It seems like the account still is going full out :/