What was the early sentiment around ETH like? What complications did it have early on and how has it grown from those? What do you or don’t you like about the current state of ETH?
Thanks!
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I bought ETH late 2017 at about $600 per. I rode it up to $1300, down to $100, up to almost $5000, back down and now it’s about $2000. After all that, I can’t say I have the faintest idea what it does or where it’s going. It could be worth $10000 in a year or back to $100. What I do know is that defi is, at least now, too insecure and unstable to be real. The idea that “smart contracts” would revolutionize commerce seems far fetched. The need for intermediaries for due diligence and compliance will always be there. I don’t know enough to comment on decentralized apps generally, except to say I’ve not seen any in action and would welcome any insight anyone could give. On the plus side, ETH is no longer inflating, seems to be deflating a bit, and could become, as some have suggested, ultra sound money. How long will I hold it? Beats me. So far greed has held off fear, but I guess we’ll see. I’m not getting any younger.
Great answer!
such a hard hodler.
Too unstable to be real? Surely it is real. It will naturally take time to solidify code to secure trillions of dollars of value. But we are already doing billions. You don’t think value on Ethereum is going to increase? I expect it will.
You’re much too concrete. Increase? Who knows. That’s the point.
I bought eth at 450 per coin and sold it after the pump at around 2k. It’s old tech now.
New chains are improved versions of eth. My wealth from eth has been split into low cap alt coins and audio equipment
The only thing Ethereum accomplished is becoming superior money. I wish we could say we had another significant use-case.
When i joined the crypto in 2016 ETH buying was one of my aim and which i achieve in later years because i was broke and couldn’t afford it . In later years 2020 i bought ETh and held it and later sold it again bought it . So its not easy to decide hold or sell because we have urges to fulfill , currently my portfolio contains ETH,DOT, TON, Shib.
We are 15 years into blockchain technology now, and still, there’s not a single thing it does better than existing non-blockchain tech. The functionality of Ethererum’s “smart contracts” makes a 10-year-old Wordpress site look like advanced alien technology.
It’s time to admit this was a fun experiement, that yielded nothing of value to society. I know everybody hopes to get rich, but that’s just not going to happen. It’s mathematically impossible for even a notable percentage of holders. It’s a shame so many people have to lose so much, to learn, and some of them will refuse to admit the reality of the situation and repeat their same mistakes over and over.
Play Doh has been around since the mid 50’s but there’s so many other children’s toys that it’s a shame parents still buy this stuff. Children just need to admit that Play Doh is no fun.
Maybe eth will be around longer than you think because people like using it more than your 10 year old WordPress.
Here’s a quote from Mitchell P. Krawiec-Thayer, PhD, since you don’t appear to understand what’s going on here:
The term “decentralized consensus” refers to a set of principles and techniques that allow participants on a distributed network to arrive at perfect agreement on a shared document or database. Systems built upon decentralized consensus methods are inherently tamper-proof, censorship-resistant, and permissionless.
I’m not aware of any tech that can do this quite as well as blockchain. Developers are certainly leveraging these features.
That “consensus” is not at all democratic. It’s an illusion. In the crypto world “consensus” translates to, “Whoever has the most resources has the most influence.” Which is ironic given that crypto seems to aspire to elevate itself above powerful special interests, but ironically, does nothing of the sort. In fact it merely trades one set of powerful special interests, with an even smaller, less accountable set of powerful special interests.
Right now on Ethereum there are 885,126 validators. It’s going to be difficult and prohibitively expensive for any one group to influence consensus. How about some facts instead of rhetoric.
Or are you seriously comparing the Fed to a decentralized protocol with 1,000,000s of members?
For the Fed to change monetary policy tomorrow, how many people need to agree? For Bitcoin to change its monetary policy tomorrow, how many people need to agree?
For you to alter the consensus on Ethereum would require nearly 100M ETH, 66% of all stake, about $300B, which is more than exists so good luck convincing all the others to sell. Beyond that if you’re doing such an attack then social consensus will agree to fork the chain without you part of it, and carry on as was before with you $300B poorer in your own a silo-chain.
There is power in numbers… Following your logic it would make better sense to have 1 authority dictate all laws instead of hearing what the masses want. Shit, why do we even vote at all if we can just have 1 Supreme leader do all the work for us?
The only thing 1M people will ever agree on is security, or other things that benefit everyone. You will never see a minority succeed in enriching just themselves in any largely decentralized cryptocurrency. What the Fed does with money is absolutely in the minority basket, extremist in some cases, and often goes against consensus to benefit select minority groups exclusively - the same goes for every centralized system, especially any financial.
Who keeps the Fed accountable? There is no accountability. Who do I call today to lodge a complaint about the Fed reducing rates to 0% during a bull market, against all of the core tenants of basic economics, only because Trump wanted to pump the stock market even higher? (fact)
At least with consensus we all agree to it, we all want this exactly, if anyone is upset after the fact they are the one who made their bed. People who grow out of specific coin’s ideologies and find themselves a minority are free to fork the chain to their taste or build on something else that resonates with them more. Because of this we end up with forks, competition, variety, success and failure, all happening at once. So much good research and many realworld breakthroughs have come from this competition. This choice that opens up when everyone does something they want, is very beneficial to consumers who also want those same things over other things…
The Fed seeing some competition, making them strive to do better or less worse, is precisely what the founding fathers would’ve wanted us to do to them. They would have done the same themselves given the tech - they truly hated banks more than anyone. It is what the US was built on, built for. Are you against capatalism…and for an oligarchy? Really? Lucky for you there are places which precisely serve that ideology - so hey you have the choice to live here or there, and so do I, and that’s great, because it makes both places a little better when everyone agrees to a consensus on their way of living…or other things.
You mean except for instantaneous money transfers to anyone. 7 days …. is how long it took to move money from E*trade to my bank account. 3 days … is how long it took to move money between my two bank accounts. 5 seconds is how long it took to move money between my two Eth wallets.
7 days …. is how long it took to move money from E*trade to my bank account.
How about a SWIFT wire getting stuck for 2 weeks - just to be bounced back 200$ short? Happened twice over 5 years. B2B From US to France. Respectable well known banks. No explanation from neither bank. Nobody reimbursed the lost money.
I think POS was the right move, we will see how it ends up. I think the ever decreasing volume is the biggest purchasing point for me
There was a massive amount of despondancy, then excitement as tech built out and then a plateu of emotions and then it all came crashing down.
These days I am out of eth, I feel that its become too centralized and regulated and that the promise of sharding came and went. its not vaporware, but its not delivering on what it should be.
On the other hands, there are otherprojects like INJ and avax that are making the deliverables. This last week, I got a taste of some of the old 2016 fomo feels, and it felt amazing. But more importantly they delivered on subnets and avax is what eth should have been.
Now as far as price action? Who tf knows. Eth has too much of an entrenched ecosystem. But in terms of cost per transactions, as well as scaling, swapping between subnets (shards) integration with dapps and just all around a good experience, eth is just not living up to its competitors. Eth will probably outperform avax in price for a long time, just from its incumbent position. But the tech has moved on. Eth is a zombie walking now. A big zombie to be sure, and one that may never be dethroned, but a zombie nevertheless.
Lido’s ongoing attack on the network is the only serious concern I currently have.
please everyone use rocketpool at a minimum. say no to LIDO
I don’t like how slow development got. Feels like ~95% of the functionality has been built in the first half of Ethereum’s existence.
What I like is how there’s a clear vision now how this can actually work at scale. There was a lot of question marks in the beginning how and if this is all going to work.
In the beginning , people knew it was gonna be the future . We all thought it would happen much sooner . The main difference is there are shit loads more scams and the boomers got involved. Which sucks because the boomers have all the money and are suppressing and directing the development of eth and other crypto indirectly.
Don’t like that it’s most likely controlled by the people that actively oppress us through finance.
Look into the ETC/ETH fork due to the DAO hack.
The ETH community here on Reddit felt a lot like the beginnings of the internet. It was a fun group to be involved with. The sentiment was that Ethereum would change finance and Bitcoin holders were actively angry about it calling it a shitcoin.
I’m in it for the money now, I feel like the idea of defi is impossible when it feels like Ethereum has been sold out.
Dude if you want the defi part and not the centralized shitcoin control part, go look at avax and monero. Those two projects took the mantles of eth and btc and have run with the vision.
what vision is that? Monero afaik is a privacy coin, not programmable smart contract. Yes, privacy is needed and it’s been trending in the crypto space for a reason. But the kind of privacy needed in the space is a programmable smart contract based privacy, the likes you can get on Ethereum L1, beyond what just Monero can offer.
I’ll always be a fan of Monero and what it stands for. I’ve not really looked into Avalanche, though I did swing trade AVAX in the recent months.