It's often believe that there is no loyalty in crypto and while this comes with some element of truth, I do believe it doesn't entirely cover the whole narrative.
For example, profit is the primary reason why people remain in business: they devote their time, effort, and contributions, including providing value.
However, when they do not make a profit, we tend to question the value and money invested in the game. No matter how much we claim to love technology and all that, without a nice profit to cap it all, it is completely useless and has no meaning.
One of the biggest question in this cycle is whether or not there will be an alt season. There are strong arguments on crypto Twitter about why there won't be an alt season, and this narrative have become so strong to the extent that even those who are faithful to alts are beginning to believe this as well.
Many have sold their alts bags over the years; they will tell you they are loyal and true, but when there is no prospect of profit, loyalty becomes stupidity.
Ethereum
For example, the Ethereum Blockchain is in trouble, and the majority of Vitalik's followers are turning against the Ethereum wizard. They are starting to wonder why the Blockchain is lagging behind while chains like SUI and SOLANA are dominating the competition.
Over the years, many Blockchains have been dubbed "the Ethereum killer", but many have died and failed to meet expectations. However this cycle looks like one where Ethereum faithfuls are beginning to get worried.
The majority of these reasons are technical. These guys are concerned that no one anymore values it (eth), and projects would prefer to launch on Solana.
Some argue that it is because Eth has transitioned from PoW to PoS, while others believe it is because Vitalik is selling the coin and using it to pay incompetent DEVS, and some believe that everyone has discovered that Ethereum is not so special in the first place.
Vitalik Buterin
At the moment, it is extremely difficult for Eth MAXIs; these guys are all over Twitter, lamenting why they did not abandon the coin and chain when they had the opportunity, and so on, and somehow these things are reaching Vitalik.
He has been venting his frustrations on Twitter. For someone who only posts memes or pictures with fans from his vacations or summits, he is been tweeting differently lately, and you can tell he is been under a lot of pressure to do something.
Nobody cares; everyone wants him to do something, and you can tell that most of the time, the loyalty that motivates people is based on the price. I do not think Ethereum is broken; I just believe that there has not been much development on the chain over the years.
It is a solid Blockchain that is still functional and operational, and the obsession with how poorly the coin has performed is primarily related to how allegedly poor the chain has been.
Remember how we always blame the DHF and valueplan when Hive prices fall, or how we believe we have not gotten our marketing right, which is why we have not gone mainstream?
Yeah. The market does crazy things to the mind, and this is starting to happen with Ethereum. The price has been depressing, and it appears that it either drives the alt market, or that the alt market takes its cue from it to begin an alt season, which has occurred in two cycles already.
If Ether Fails, Will Alts Fail?
So, is this the cycle in which the alt season fails because Ethereum fails to lead the charge?
This is more of a rhetorical question because I do not have an answer for it. I believe we have new shiny kids on the block, and there is plenty of competition everywhere.
I think BTC is the only one without a competition so except you're only holding BTC and not involved with other chains or projects, then you'll have that period in each cycle where you'll always wish you choose BTC and nothing else.
The crisis in Ethereum is caused by those who are FUDing the chain due to its price. However, if ether breaks 4k, everything will change quickly.
Until the alt market moves, most people will continue to doubt, and perhaps there will be some mind-bending dump that gives the impression that this bull cycle is toast
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Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
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From what I read there is now some in-fighting at the Ethereum Foundation for control. That may be what prompted Vitalik to say he is the one who makes decisions at EF. The interesting part is that the previous alt market started with a scandal inside the Ethereum community too, from what I read... I wonder if that means that the alt market is close, lol.
Yeah I saw that tweet where Vitalik talked about being the one who makes all the decisions and I think it gained a lot of attention. I like to see how this EF scandal unfolds.
On the surface I felt it was really bad, but I didn't know something of thos nature occurred previously in the last alt market. Maybe it's a signal.
I'm looking towards what will happen in February, as I think January is wrapped up.
Who is Vitalik?
Well, i don't really know much about Ethereum.
Vitalik is the founder of Ethereum.
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I think that Ethereum just took too long and lost it's "first mover's advantage". The other chains simply grew up and caught up. Most of Ethereum's problems have also been solved by other chains now, and chains like Solana, even though not as secure and Ethereum, are good enough for the needs of people. Personally I believe both XRP and Solana will flip Ethereum in market cap this year. It's funny to think we used to believe Ethereum would flip Bitcoin.. and it just took too long.
I think crypto is primarily an incentive driven game and when the future prospects, especially in terms of price are not looking good, people will look for something to blame just to ease the pain. I can understand where Vitalik is coming from with his recent style of tweets lol, even some top VCs have lost hope in Ethereum, stating that it lacks a North Star.
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Things have changed a lot at the moment and we are seeing many more blockchains come up that are competing with Ethereum at the moment which is why we are not seeing money pouring into Ethereum this time and people who are believing in other coins, that's why their prices are going up, but don't worry, as soon as the money comes out of BTC, the altcoins will definitely pump.
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Well, I really hope ethereum picks up and continues to lead the charge so that alts can follow ... hopefully the technical issue gets sorted out because for real, I want to experience my first ever bull run in the crypto space
I don't think ETH will fail, but I also don't see as much upside. After the changes to ETH 2.0, I think it lost part of its appeal because a bunch of the miners just left. Those miners were a part of the ecosystem and losing them also meant that they gave space for other cryptos to grow.