Troubles With Ethereum ETH Growth
So whats the deal with ethereum lately? Why is it crashing so hard? Why are trade networks issuing temp blocks on trading it?
All of these answered right here!
Today we saw some major crashes in crypto with many issues now coming up such as block size, high transaction costs and just recently some news which has shaken up bitcoin and reduced confidence in the coin.
The Block Chain
101 on block chains and what some of the issues are we are seeing is the recent huge bump in market cap on bitcoin and other coins such as ethereum means more transactions in trading and apps puts a increased demand on the blockchain. A block can only hold so many transactions this is why you either currently wait a long time paying a lower fee or you pay a higher fee so your transaction gets shoved somewhere near the top. This fee is what is paid out to the miners the people the run the hardware to process and secure the network. Since these blockchains are filling up we are seeing very high gas (ethereum) and fees when moving coin.
Ethereum Issues
Ethereum was designed to be a system in which apps where built on and those apps would have the blockchain on the backend to secure transactions and allow their systems to run quickly and efficiently. However owner Vitalik Buterin says many of these apps have been poorly written and are causing many of these bottle necks.
ICO Mayham
Unless you have been living under a rock you have seen in recent days ICO after ICO many of which have no backing in terms of a real product or what the mission is. People just got crazy and wanted to jump on the next big thing. These massive ICOs have really locked down much of the transactions being processing on the ETH blockchain. In fact one person payed over $2,000 in fees just to make sure they got in on the ICO they wanted!
Vitalik Buterin Dead?
NOPE! A hokes happened today claiming the owner of Ethereum passed away. This caused a quick sell off I show a picture of it below. But Vitalik Buterin proved he is very much alive by using his own blockchain!
*Image provided by twitter - https://twitter.com/VitalikButerin/status/879127496024772610
Good News
The good news is this... Ethereum is able to adapt and overcome these issues. Just like with any business their are growing pains. Ethereum has shown to overcome many of these already and I believe will continue to do so.
Like what I post? Resteem, follow and vote up thank you! @bitcoinflood
Image 1 source - ethereum.org Image 2 source - twitter - https://twitter.com/VitalikButerin/status/879127496024772610
Ethereum showed us that it has technical and even worse, architectural issues. If a single DAPP can get the platform on its knees... it's pretty bad. Vitalik may very well say that it was the apps fault... but a proper platform just cant let that happen. The crypto space is all about trust. I reckon that a lot of people lost trust.
I'm rooting for Stratis now myself. And this is a pretty good moment to strenghten your position in Stratis or get on board. Stratis has sidechains as supposed to the single one Ethereum has. Major difference there. Also, developers can code in their long loved and trusted C# as opposed to some new untested language on Ethereum. I would say that's 2-0 for Stratis. I've written a few posts on Stratis which may interest you: https://steemit.com/cryptocurrency/@valderrama/will-stratis-overtake-ethereum
And to follow up I wrote a more 'provocative' post: https://steemit.com/cryptocurrency/@valderrama/stratis-will-beat-ethereum-in-2018
Maybe it sounds a bit crazy, but what is 'crazy' in the crypto space. Seems like anything can happen.
Stratis was just upgraded last week or the week before I believe. It caused it to get a nice bump in capital and does look promising. POS also helps out ;) Will check out the post thanks
You're welcome and thank you as well.
I don´t think that this has something to do with it... The whole market is in the red... if it´s 19% or 21... It´s the same. Ethereum has major support at 200... and at the moment it seems that it´s a lot of volume which is coming in but we will see how this goes. I´ll check out your posts on Sratis because I like it as well.
Please follow the rules in the facebook group before to post in it !
Disclaimer: I am just a bot trying to be helpful.
Am wondering too.. my value keeps dropping
Congratulations @bitcoinflood! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!
Nice post. I was about to start a similair discussion. The biggest group of uneducated investors in mankind get's a shot to determine the price of a crypto. It's an interesting world we live in. I found this great website: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. See: https://www.coincheckup.com/coins/Ethereum#analysis For a complete Ethereum Research report