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The Fall of Ethereum

Traders Magazine Online News, January 18, 2019

Michael K. Spencer

Itís possible the hope of decentralization and dApps rests on Ethereum. Itís doubtful others could repeat what Ethereum has done.†

Figure this, January of 2018 saw it at $1,358. So it has lost more than 10x its value. Sure, they will say it has more daily active developers than ever. Of course,†ConsenSys will tell you†the good side of the story. I mean of course, its livelihood depends on it. But do crypto users or ETH transactions matter in the big scheme of things?

When the going gets dirty, will Ethereum ever scale to mass adoption?

Is ETH†Dead?

We need to be asking if thereís a future in this iteration of public blockchains. Caught up in ICOs, fraud, security issues and certainly running amock with ďdecentralizationĒ pretenders, I would not trust ecosystems like EOS, Tron or XRP with a ten foot pole. You want to trust Ethereum, but their tech seems like legacy tech now. Thatís just how quickly things change.

At the risk of sounding like a pathetic Forbes article and LinkedIn curated story on Bitcoin, the kids are not okay. They have been perpetuating fraud and get-rich-quick schemes and itís given all of crypto a bad name.

Ethereum is the last hope for public blockchains, I really think so. I also think with the crypto winter itís running out of time to show it can scale. Ethereum was the biggest hope for an independent blockchain ecosystem, but its blockchain system has daunting technical problems to fix. Unfortunately, its disciples too need to figure out how to govern themselves. Decentralized governance has not provided a valid system to replace corporate governance structures and this has reached bottleneck proportions.

Crypto could kill itself and the world may not†care

What happens when you have a bunch of 20-year-olds trying to reinvent technology with products that donít yet exist? With ecosystems that are faked and crowdfunding projects that have a near certainty of failure?

The cryptocurrency world is crashing down and it isnít just like stock volatility, it has to do with the extinction of crypto and altcoins and things that were much in vogue just 12 short months ago. The death of Ethereum is a real question, the validity of Bitcoin as a digital asset is very much a debate when itís been reduced to below 3k.

Ethereum was the original one after decentralization, a paradigm beyond centralization and beyond seeming magic internet money. However with governance models, consensus systems that allow the tech to be upgraded continuously, with the size of the community not really mattering all that much. Like the Bitcoin Cash hard fork, crypto has a weird and viscous cycle of self-destruction.

Unlike blockchain, crypto was always an experiment of the young. The ultimate signal for profiteers that here was something to ride through global recessions. Then something weird happened, there hasnít been a global recession for nearly 12 years.

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