Topic: Eth being sold to buy Sol - meanwhile BTC keep winning... - page 3. (Read 674 times)

I just have one question to ask all those hardened ETH supporters.

Where's the flippening?

I've been waiting to see it for the last 5 years, with every few months someone saying ETH will be the new king it's just a matter of time and all that shit.
The only thing that is a matter of time is that Buterin and Lubin will one day be dead and before that they'll fill their pockets dumping their ETH and moving to other projects, like so many other devs did.

For the record, I still have a few bucks in ETH just in case they pump it one last time before they exit.

Interesting that even with the BTC pump last few days, whilst Eth also up, ETH to BTC is right now at yet another 3 year low.

The absence of a killer app for real-world use in the Ethereum ecosystem does not bother me much.

The main trend of the 21st century is the digitalization of real things and the creation of a virtual space. According to the general concept, Bitcoin is a global decentralized protocol for transferring value in the virtual space. That is, Bitcoin is developing within the global trend of our century.

This circumstance, in my opinion, guarantees its further development and a good future. The Ethereum cryptocurrency is highly respected by developers (they are captivated by the capabilities of this software platform).

However (unlike Bitcoin), the future of Ethereum is not yet entirely clear. This cryptocurrency has certain difficulties with positioning and uniqueness.

Or that the gold is the same as oil  

They don’t call Bitcoin the father of all crypto for nothing.
The fact that no particular person or group can create new Bitcoins makes it super unique and absolutely different from other cryptos, be it Sol or Eth. Bitcoin’s mining mechanisms, the halving cycle and of course its limited supply has made Bitcoin the best and safest asset, especially for those who wish to consider Bitcoin as a store of value, they can do so without fear that Bitcoin could be dumped one day. These attributes has placed Bitcoin so high above other digital currencies making it to maintain its position as the pioneer and father of all cryptocurrency, created or yet to be created.

It actually used to be more like 0.15BTC back in 2017 and has been dumping consistently ever since. So yeah, over the long run there is simply no way ETH can grow. There are two simple reasons for that, it is useless (only used to create useless tokens) and it has an unlimited supply so it is guaranteed to dump!

Yeah. It makes me sad that some people never understand that things that are not even in the same category can not and do not compete with each other. Bitcoin is a payment system while Ethereum is a token creation platform.
It is like saying apples are better than oranges

This short term movement can be explained due to disappointment with the performance of the long-hyped Ethereum ETFs. They have seen net outflows in the first months, if we take into account that the Grayscale product already existed, only not as a full-fledged ETF.

In late September these ETFs saw significant inflows for the first time, but now they're again neutral or negative in most weeks. The problem is of course that at least the US ETFs can't stake, so the ETF buyers lose a significant income source in contrast to spot buyers.

Yes, there are less transaction fees for the validators. But that can be also a good thing as it encourages the dApp projects to consider the Ethereum platform competitive again after the fees were the reason they moved to Solana and others. Which can help the price of the token itself and counter the possible losses by the decreasing PoS activity.

If you ask me, Ethereum supporters should thus support Layer-2s to make dApps on their whole ecosystem cheaper. However, the big problem remains that there is no real killer app for real-world usage in sight. But at least they wouldn't lose more projects inside their circlejerk - as a big part of DeFi, excluding DePin and RWA maybe, basically is a zero sum game (e.g. you can invest in a DEX that enables to trade tokens of other DEXes ) many projects risk to collapse if the ETH platform weakens further.

Currently, the Ethereum blockchain is losing its profitability. To some extent, this is due to the fact that user activity is moving to the second layers of the blockchain, and to some extent, to the fact that user activity is moving to alternative blockchains (for example, Solana).

Perhaps Vitalik Buterin made a strategic mistake when he switched Ethereum from the PoW consensus algorithm to the PoS consensus algorithm.

In any case, neither Ethereum nor Solana are an alternative to Bitcoin. The first cryptocurrency is a decentralized protocol for transferring value in the virtual space. In the future, I see Bitcoin as an integral part of the gold and foreign exchange reserves of central banks and the most important global asset.

Neither Ethereum nor Solana can definitely claim these roles. They are simply alternative cryptocurrencies, of which there were many before, and there will be many in the future.

Maybe this is more appropriate to use than collapsing. because after all, the development of ETH is quite certain, it's just that since its price soared a few months ago to touch more than $ 3,700 in July, along with the increase in BTC, but until now, the change in ETH price has been very slow.

The price of ETH at that time fell quite quickly following the movement of the Bitcoin price. However, when the price of BTC rose again to almost $ 7k, the movement of ETH was not as smooth and easy as that. The proof is that until now, the price of ETH is still far below $ 2,500 and has the potential to drop too. But I still think that it is not a calm collapse and down gradually and extremely, it's just a matter of time before ETH will rise again optimally and exceed its ATH.

https://coinmarketcap.com/currencies/ethereum/

but to be honest, when compared to the movement and development of its competitors, ETH does seem quite slow, even in terms of technological and network development, its competitors are much more significant, however, ETH is still ETH, which is always the top valuable altcoin to have, and will be very different from other altcoins, especially those that are just hype.

Its an unbelievably stupid mentality, that scammers take advantage of. They fail to realize there is only an infinite amount wealth in the world. So, it can't be stored in an infinite number of shitcoins.

I try to explain it to them like this. I can give you 1 gram of gold, or 1000 grams of a fresh turd. One is much bigger and much newer. What would you choose... 

We need to understand that for many people the current price of bitcoin basically guarantees they will never buy a complete bitcoin during their lives, but instead of accepting this reality and buying what they can, they decide to dabble with shitcoins thinking this is the way they can reach their goals, unfortunately for them they do not understand that a higher volatility and potential profits always comes accompanied with an increased risk, so they get surprised when the inevitable finally happens and they happen to lose all the money they invested in those shitcoins.

Just a little stat. Eth is now down 25% to BTC over the last 3 months alone. And hit a another 3 year low to BTC just a few hours ago.

I would say Eth is undergoing a slow gradual decline, rather than a "collapse". But this decline trend vs BTC has continued for over 3 years now, and it seems set to continue. Three years ago it cost .083 BTC to buy one ETH. Now its around .037. Its more than halved in value to BTC in that time. A terrible performance and so no wonder those who bought with the belief it would outperform BTC now feel disillusioned.

As for moving from Eth to SOL, I have seen this among friends of mine. Sell the last "hot thing" to buy the latest "hot thing" of this current cycle. Also SOL has a much smaller market cap. In many ways Eth is being punished for what it tried to do to BTC, and is learning the lesson that the "smaller market cap" pitch, eventually goes stale.

Agree, ETH promised a lot. Jack of all trades, but a master of none. BTC took the store of value, SOL has faster throughput. At the time, many thought Eth could be just like BTC, "only better because it does smart contracts" Well we now see how that turned out...

Is ETH really collapsing? I mean it is a shitcoin that has been slowing losing its hype and getting dumped. But the centralized authority behind it has millions of dollars (scammed over the years by selling people garbage) to pump into it and keep it alive.

And why do you claim people have moved from one shitcoin (ie. ETH) to another shitcoin (Sol) all of a sudden?

The thing about bitcoin is that it does what it promised. It provided people with a decentralized censorship resistant payment system. That is why it has been greatly successful.

Conversely ETH is a failure because it promised big things and none of those things came true. From their "decentralized computer" lie all the way to "cheaper than bitcoin" lie.

They never said "BTC's core function" since Bitcoin is a currency while ethereum is a token creation platform. They said "replacement".
And for your information at least a dozen shitcoins have made such claims. It wasn't just ether pumpers.

Bitcoin can never be compared to these altcoins, ever. Those who do, are somewhat not able to understand the core mechanics and the mathematical calculations satoshi did way before. If you look at the Halving, Cycles, Mining, you can never see these structures in any other crypto asset be it Solana or Ethereum. That's one of the point that makes Bitcoin different, and the limited supply ofcourse.

Look at the Eth to BTC cross rate. Its been on a progressive decline for over 3 years now...

It is still too early to say that ETH is collapsing because out of all the altcoins that exist, this is the second coin that has a fairly large market cap.
In terms of investment, people only care about profits and maybe they don't put ETH as one of the coins they hold in the long term, but if the coin can be used to generate profits, why not.
People might say like this, if you want to see opportunities to generate profits, then take advantage of some of the opportunities that exist and ETH is the second solution that might be used.

Solana is making progress in certain aspects but to beat ETH's capitalization is a bit harder because people will look at the performance that is happening in the market.
All considerations can be done carefully because generally investment is only about profit.

Well alot of these alt traders really have deluded themselves into thinking they can outperform BTC. It just like day traders who delude themselves into thinking they can reliably make money day trading stocks or FX. They can't. But some just take longer than others to realize it.

Imagine owning a really bad performing Shit Coin that is based on the Blockchain of a Cryptocurrency that tries to do better than Bitcoin but never can.  It is like owning supreme Shit Coins at that point.  You can not do worse.

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And even if they do out perform Bitcoin.  You have to be incredibly lucky to pick the right Coin at the right time and invest a decent amount of Money in it so that you make significant Profit.  But most of these out performers still make little actual Money to their holders.  It is exactly like picking a lottery ticket.  As close to Gambling as it can get.

Agree. I think the key point is this. There is only one Bitcoin, and the supply is finite. However, there are an infinite number of shitcoins, hence they literally will dilute themselves to zero. Hence, ultimately all shitcoins do is suck some value from BTC and fiat to shitcoin founders, and eventually it will almost all end up back in BTC...