ETHEREUM IS A SUCCESSFUL MULTI-CIRCLE ASSET
It is very bad from a fundamentals perspective and the market point of view. It is just like the early days of MtGox got hacked and had its issues. The market just lost confidence, you have a lot of information that people got flushed out. What differentiates Ethereum from all other networks is that Ethereum is a successful multi-circle asset. Ethereum is a network that has proven itself over time and continues to gain users and developers. Of course, interest is down during this bearish period but Ethereum is not going anywhere. I feel most confident about Ethereum and Ether than I did in 2019.
That was a rough time and there were some existential questions like, Was Ethereum going to survive? I feel like with Ether and Ethereum now, that surety is much stronger. I am not saying all other networks are going to die but most of them are first-cycle assets. Most of them hardly deliver something of value this cycle but when I look at Ether and Ethereum, I think it emerges with much stronger and more unique value propositions. Ether right now is the most decentralized programmable asset in the world. They have taken an incredible step of moving it to proof of stake which was one of the big clouds hanging over Ether and Ethereum. This made people consider if they would successfully do it but they did it without a hitch.
They have moved Ethereum to become a network that is economically secured by Ether which is very interesting. I suspect in the next circle that Ether is going to get more market interest. It's going to be financial types who want to earn yield from the staking. It is going to be sought after by people who want an alternative store of value to Bitcoin which is secure by proof of work. It going to be a popular medium of exchange for this like NFTs and other digital goods and services.
https://twitter.com/Prime1322/status/1610257022083006466?s=20&t=I02iIGJG2wEV73zyypROXQ
I enjoyed reading it👍🏼
Everything was well explained.
Well done 👏