RE: Crypto Crash... And Vitalik Buterin Death Hoax Brings To Light Risks In Ethereum
My thrust in Ethereum is gone. The fact that the price rose so much after the banks got on board combined with the fact that they will go to POS makes me suspicious. What if they already own more than 50 %? Then they can manage ETH after the change, the inflation e.g. After this crash they could buy up even more, maybe they made up this rumor about Vitalic.
What if the banking consortium who were investigating how to use blockchain also were investigating how to destroy Bitcoin. It could be that they didn't find a way. Maybe the only option they found was to take over and hype the 2nd cryptocurrency that is far less secure and decentralized and let it overtake Bitcoin and call it the new Bitcoin?
But there are many more reasons that I don't believe in ETH at the moment. Happily I sold halve of my stack 2 days ago and wrote here why:
hmm, but is your thrust reallygone, though? I mean - why didn't you trade all of your ETH for BTC, then?
That said - you make some great points in your linked article. I recently put my foot in my mouth when I was speaking to how ETH is like 'BTC 2.0' - but little did I know that it's not entirely decentralized like BTC is, until someone else pointed that out to me. Whoops.... that's definitely a concern for me. That said, its smart contract capabilities are a nice step ahead in terms of BTC.
Looking in the future is never 100% sure, so I never sell a full stack of an asset. Beside this, when my suspicion is right and the banks are hyping it up, the price could rise again and I can dump another half (of my remaining half) later, and so on and on.
Also when RSK won't deliver their promise or just not get adopted, ETH might have a good future over the longer term and then it is good to own some even if it is controlled by the banks. By owning I will have the power to decide when to dump it, so I don't see it as supporting them.
Vitalic sounds like an honest guy, but he also sounds a bit naive from time to time. He is more in it for the technical challenge then for any idealistic reasons in my oppinion. This makes Ethereum a bit vulnerable, he is a bit too eager to join forces with bigger companies, he showed that in previous interviews as well as the meeting with Putin etc... Ether might crash and bounce back, so can be a good investment in a few weeks/months. On the longer term I like Bitcoin and Steem is of course good because of us, the community/movement!
Yes I think Vitalic is a good guy too, but the question is whether he can keep the power over ETH. He could be threatened, bribed or just fooled. I think the lack of decentralization and security of ETH will finally be a huge problem.
I think the guy is a genious, Einstein was a genious too but was also not able to keep his nuclear discoveries out of the wrong hands. What I like about Steem is the community. We do not only share the cryptos, but also the in the essence of the project we keep the knowledge in the same blockchain, that is not only very cool, but also very valuable ! Why? Because this way it is easier to spot and keep out "evil" forces on the long term.
@michiel Dutch / Belgian? I am from Utrecht, but living in Brazil currently, I am new here, check out the first part of my story here.
Yes he is genious indeed, if your able to launch a platform like that on that age, respect. Especially other forces around him make me worry.
Yes I am Dutch, but living in Thailand. When you live abroad you see how pathetic the Dutch government and press are and how they play with the people, by making them upset by the bullshit events they serve in the news. All to distract them from the real problems like dept, inflation and depression where we are heading to.
For sure.. If you didn't yet, make sure to check out the Ronald Bernard interview on YouTube. Very insigtful (and a bit disturbing). Makes you realized how mind controlled most people are.. And they just love to close their eyes for these things.
What I like to see as well are the discussions in the parlement with Baudet talking about the government job carrousel and the parties cartel.
Any plans to blog about your travels / immigration ? I would love to follow!
I do agree with you and the power play definitely would have started already for the control.
Good points, yes it definitely will.
Probably, but good. But it's bad that the etherium is on it alone.
I think the best thing for him to do is open source ethereum, he holds so much power talking about the next generation technology and the powers that be will definitely want to control it.
Way too much rhetoric for an emerging technology. Take a breath and stay calm.
For 3 weeks i have been monitoring my etherium as its going down down down.. mY investment here is going lowlowlow.. An d now i am sad
If a 51% attack does occur with POS, the community can pass a hardfork that deletes the attacker's currency.
If more than 50% is owned by one party (banks / governments), is there a way for us to know that? Since addresses are anonymous, I think they can get a majority without anyone noticing, and raise the inflation for example to proceed doing there central banking. This can be seen by the public as a decentralized and democratic decision if they say via the press that it is done to make the use of the network less expensive. Nobody will think of a hard fork in this situation
You don't need to know who the attacker is. It doesn't really matter who it is, the coin and value of the coin would be severely jeopardized regardless and so the community I think would easily agree to pass a hardfork deleting the attacker's currency.
Could the government convince everyone to willingly give up control of the currency to them? I kinda doubt it, but that's not a fault of PoS if they could. They could take over the crytpoeconomy regardless of the consensus mechanism in such a case.
I am agree with you
Put your trust in ETH Classic, I have a feeling it will grow to be the next bitcoin. What do you think?
Ugh, I was a little disgusted when all these big companies climbed aboard that quickly. Natural growth is what ethereum needed, not this massive explosion in price and trying to fulfill promises it can't keep as an early project. It wasn't ready for that yet. And you're right, trust it in is fading really fast. All the people new to crypto are going to be burned after buying at ATH thinking ethereum would keep going up. Now they are all dumping and ethereum is way less valuable. Other projects that are similar to ethereum at least have a chance now though.