Reddit is about the either bring in the next bullrun or completely fucking destroy Ethereum. No, I'm serious. I really think this and I'm about to explain why.
Reddit just announced a scaling competition for Ethereum.
Although this is a competition, there is no ‘prize’. What Reddit wants though is a possible reward for all of the crypto space. Reddit, with 430 million users a day, wants to use Ethereum as a means of tracking its community points. But before that can happen, Ethereum needs to fix one small thing.
It can’t scale.
As it stands today, the Ethereum network is a hodge-podge combinatory of ERC20 shitcoins, bloated ‘DeFi’ projects with little or no use, Gambling Apps and scams. No, really. In the top ten ETH leaderboard for gas spent/used, 2 of them are designated as scams having used $764k and $568k in ETH for transactions.
Ethereum can’t scale. I’m not saying it doesn’t scale well. I’m saying that it can’t scale. There network couldn’t handle Crypto Kitties back in 2017. Transactions are regularly slow and prohibitively expensive for devs to use it as a world computer. And it certainly cannot handle the transactions of 430 million users on Reddit sharing community points for subreddits.
Just check out a leading developer for Ethereum talk about how unsustainable the project is.
To quote:
"People have breaking points."
"The problem is not a temporary hiccup, the problem is the long term effect that it has on the 3-5 people who need to keep the lights on, and what happens if they decide it's not worth it any more."
"C++ ethereum died, Aleth died, PyEthereum died, Ruby, Erlang, Haskell, Java, etc. All dead. Parity is half in the grave. Yes, there are potential fresh projects and they are super, but there's a pattern here."
So what is about to happen? Unironically, I think this is the turning point for Ethereum. If a scaling solution can actually be met (and I don’t think it will until ETH rolls out 2.0 a hundred years from now) to handle the requirements of Reddit, than Ethereum is going to go to the moon. Because the hurdles being faces right now to handle Reddit are exactly the same hurdles that have been holding Ethereum back since its inception.
But if this flops and Reddit pulls the plug on Ethereum (and I honestly expect this to be the case) than this will go down as another moment in history where crypto could have actually been brought to the masses of people around the world, only to absolutely and totally fucking explode in a shitstorm. Everyone will see, objectively and without hesitation, that Ethereum CAN NOT WORK on a realworld application.
If Ethereum is going to be the world's computer, than this is the time to shine, kids.
