It's Time for Ethereum to Pass the Torch

0 24
Avatar for AlucardLife
3 years ago

I have zero idea why the majority of participants in defi continue to force the Ethereum network to be the most utilized. It's almost as if the crypto market doesn't want to advance beyond fake decentralization, ridiculous fees and crushing congestion. I'm getting flashbacks of 2016 Coinbase — in a bad way.

The hard fork fiasco and the arrogant way that the Ethereum Foundation handled the situation cemented my feelings towards the situation. Peter what's his name showcased the same "the average person is emotionally unequipped to handle a crisis" attitude as the Great Reset oligarchs who are now demanding this generation's financial sovereignty even after they destroyed their own system.

So the Ethereum Foundation had an old bug that could take down the whole system and trying to hide the problem caused more disruption than the problem, but somehow WE'RE the issue? I'm sorry. As many ideas that Vitalik and crew created for crypto, it's time for the market to seek out more philosophically sound projects that can build on the innovations Ethereum brought us.

If we don't do this as a whole, we will invest in a system that is just as philosophically unsound as the one crypto was created to escape. We'll never get true decentralization (this seems even less likely with ether going up and rewards from third parties far outpacing those of direct staking), and if there is any issue, lead devs will fall back into their own comfort zones instead of letting the new ideas of democratic finance grow and mature. Honestly, if the technical failure would have been greater while the community decided what to do, the outcome would have made the network stronger. People would actually have something to invest in. They would know that if a crisis occurred, their decisions could actually have a serious effect on the future of Ethereum. Imagine that — responsibility for your own destiny! The libertarian idealism of 2016 is gone and has been replaced with short term profit motives on both sides, the dev and the market side.

Although my primary defi investments are still in Ethereum like everyone else, I will be actively looking for other networks to invest in. I would rather take my chances in a space where people are really looking to create a true democracy with financial freedom and opportunity for all rather than reverting to the status quo the second any little thing goes wrong. Ethereum, it's time to pass the torch, and the community will ultimately decide where the market goes next.

$ 1.85
$ 1.85 from @TheRandomRewarder
Avatar for AlucardLife
3 years ago