Ethereum has promised significant changes for a long, long time now - but how many of you still have funds locked up by outrageous gas fees or have experienced transactions that failed entirely, costing you more money in ETH gas fees to correct?
“All that was great in the past was ridiculed, condemned, combated, suppressed — only to emerge all the more powerfully, all the more triumphantly from the struggle.” — Nikola Tesla
How can we deem it acceptable to have been on the wait-list for success for so long at our expense; if we are indeed moving into an advanced society? We must identify that our number two cryptocurrency is currently an epic failure and is hurting all of its native tokens. It is still within the realm of possibility that Ethereum (ETH) 2.0 could turn things around after migrating from PoW (Proof of Work) to PoS (Proof of Stake) in its consensus. However, the long-promised Layer 2 (L2) solution to gas fees, which I argue is Ethereum’s real Achilles heel, has been nothing but promise after promise on progression while we are stuck staring at insane gas (gwei, tx) transaction fees.
If they had solved this issue in a timely manner, Ethereum would be chasing Bitcoin’s (BTC) heels and getting ready to render it obsolete. Instead, we see the same thing over and over: Gas fees are still high. There is no known date for when the issue will be resolved. Why are we investing in it, based on promises that may not be kept or ever come to fruition? How many times can we be told, “Don’t worry, it’s all going to work out in the end,” and believe it?
Ethereum 2.0 has the potential to dominate the market, but I feel it is too little too late. The only thing driving this currency now is social support, which I often highlight as the most crucial aspect of obtaining and maintaining success with cryptocurrencies. Instead, I see loyalty to this currency as a negative as it is doing more harm than good. I have a variety of wallets with assets stuck in them because of this “dream coin.” More like a nightmare focused on market congestion and late development...
These are not issues you will see with other currencies such as EOS, NANO, XLM, XRP, ZEC, and many more. Why are we not investing in what we know works, why do we believe the same thing told to us on repeat, are we suddenly so stupid we don’t know when to cut ties? I can only conclude that loyalty to this coin is only suitable for those who can afford to take substantial losses and not for the everyday cryptocurrency user, particularly those who are not wealthy and unfamiliar with cryptocurrencies. Ethereum has single-handedly made me hate most smart contracts.
We’ve heard the same song and dance too many times; I am done. Ethereum has lost my support, and consequently, so have all ERC-20 tokens, which breaks my heart as Basic Attention Token (BAT) is among them; a favorite currency of mine as the idea behind it is excellent. I still promote BRAVE browser avidly because it’s a fantastic way for entry-level cryptocurrency users to start collecting free crypto, even if it does come with a high gas fee. As the saying goes, “Beggars cannot be choosers,” but the only thing we seem to be begging for is delivery on the promise to remove gas fees.
Ethereum has cried wolf too many times now. I hope those deeply invested in this currency are right, and they do find a layer two solution; Ethereum would likely explode overnight with all the FOMO and investors behind it. Sadly, I do not believe this will happen anytime soon - just more promises that it will. It reminds me of soon to be former President Trump saying, “Covid will be over, you won’t even hear about it anymore!” redundantly at every rally he holds even after taking a hard loss in both the election and the supreme court while losing loyalty from the masses who happen to be dying at an alarming rate. My girlfriend’s grandmother was a life-long republican and is a millionaire, and she gained my respect when she voted for Biden, knowing it would cost her more in taxes. She did it because it was the right thing to do.
What is the right thing to do for crypto; hang onto Ethereum 2.0 as an idea, a fallacy - like some sort of liferaft? The truth is that no one has a layer two solution for gas fees; prove me wrong! Even if you fix gas fees and properly implement Proof of Stake to ETH 2.0, it’s still a power hog making it bad for the environment, which is another issue that needs solving, meaning more time waiting while we continue to damage our environment out of greed.
Don’t worry, “They are working on it.” We’ve heard that one before far too many times! I am washing my hands of this currency. I am open to rebuttals from ETH experts. My guess is they will say “the answer is coming” in one form or another, and I’ll have to dismiss them no matter how intelligent they are. I have a lot of respect for people involved in the Ethereum community, so I do not want anyone to take this personally. It’s business, pure and simple.
I would love nothing more than to see Ethereum 2.0 succeed along with all its native tokens. Still, my idea of success is no transaction fees, a carbon-neutral footprint, and staking rewards while fixing scalability issues and overall functionality.
I hope everyone didn't take too hard of a hit in the market drops that just occurred!
Cryptowriter is now conducting podcasts which can be found on PocketCasts, YouTube, Spotify, Anchor, and more to come.
Below is EOS to The Layman - The Cryptowriter Podcast #22 by Thomas Wolf
As always, comments and suggestions are highly encouraged.
Stay smart & Stay safe.
-Thomas Wolf
DISCLAIMER
I am not a certified financial, tax, or legal advisor, analyst, or planner. The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes. Cryptowriter and its writers are not responsible for any losses or damages incurred as a result of misinterpreting personal opinions for professional advice.
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