Will we see the destruction of ETH anytime soon?

masterrex

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Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

I don't think so, Ethereum transaction fees are much cheaper today compared to the previous months, and speaking of Defi Ethereum had already survived before Defi was invented so thats not going to happen, the word destruction is too much because besides all those so-called criticism Ethereum development has not stopped, however, those criticism are still valid but it's not enough to destroy the smart-contract service pioneer.

makishart

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The dump that happened with ethereum was just usual thing in the crypto. I will try to remind you that if you are watching the market closely and whole of smartcontract coins dumping so hard. Just beacuse there are more and more scalable blockchains and this didn't mean if it can distrupt ethereum easily. I think that you are underestimating ethereum at this moment and you shall take a look at the fact. These days ethereum is remain stronger than other

virasisog

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Quote from: iv4n on June 12, 2022, 08:06:17 AM

Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

High fees are a problem for a long time, and that didn't stop Ethereum to make a new price record! I guess we can find a lot of criticism coming from many sides, even though I stopped using Ethereum and all Ethereum DApps because I find some other chains a lot better, I don't think we will see Ethereum rapidly declining!
New technologies will be a challenge for many/all old projects, will they adapt or they will fade away we will see, it's something that nobody can predict!

I still believe that they could solve the blockchain issue and would fix high gas fees. Criticisms will always be everywhere but I'm sure that Etherum will still stand firm. High gas fees have been their issue for such a long time but Ethereum, instead of crashing even reached more milestones and achievements.

iv4n

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Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

High fees are a problem for a long time, and that didn't stop Ethereum to make a new price record! I guess we can find a lot of criticism coming from many sides, even though I stopped using Ethereum and all Ethereum DApps because I find some other chains a lot better, I don't think we will see Ethereum rapidly declining!
New technologies will be a challenge for many/all old projects, will they adapt or they will fade away we will see, it's something that nobody can predict!

sayaya17

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Quote from: Wildwest on June 11, 2022, 07:39:48 PM

Although there are some problems that are being faced by ethereum, this project will still be alive and always in the interest of many investors, and coins that have stood firmly like ethereum are very difficult to experience a crash even though the price decline is happening but that is all the things we often see in the crypto world, although for now gas fees are quite expensive but the use of the network remains high, then don't think the ethereum crash could just happen.

Ethereum is an old project, so Ethereum must have understood how to survive in the crypto world. Even the development team owned
by Ethereum is among the best, because until now there is not a single altcoins that can shift Ethereum from the second position on coinmarketcap.
This means that until now Ethereum is still the best altcoins, therefore I don't believe Ethereum will experience collapse in the near future.
As you said even though Ethereum has its drawbacks, Ethereum has an experienced development team, who always work hard to make updates
and improvements, so that one by one the shortcomings of Ethereum can be fixed. Even Bitcoin, which is the best cryptocurrency, still has flaws
that need to be fixed, not all projects are perfect. Likewise Ethereum which still has many shortcomings. But Ethereum is still a potential project
and has a bright future.

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Quote from: ice18 on June 06, 2022, 10:15:38 PM

Too early to speculate on the destruction of eth, wait for POS transition and lets see what will happen since gas fees will reduced significantly, many devs still wants to use eth chain but the current gas fees is the reason why they use alternative chains.

It is possible that not even all L2 solutions will be able to compete with the Ethereum blockchain when it completely switches to POS, as they will lose today's superiority in the speed and price of transactions. And even now, despite the problems with scalability, the blockchain has not lost its community and continues to work successfully.

Ahli38

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Because of the bearish market conditions that turned out to be continuing. So all Alt coins, as usual, will also go down. So this actually has nothing to do with the POW to PoS switch that ETH will do. in fact, the transition will actually create a new Hype for ETH.
But at least if the price of ETH drops to $420 during this bear market, then someone will buy in large quantities like justin sun. This is both good and bad news. Because from Justin Sun's post on Twitter, he said he was ready to buy ETH when it reached $420.

Wildwest

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Although there are some problems that are being faced by ethereum, this project will still be alive and always in the interest of many investors, and coins that have stood firmly like ethereum are very difficult to experience a crash even though the price decline is happening but that is all the things we often see in the crypto world, although for now gas fees are quite expensive but the use of the network remains high, then don't think the ethereum crash could just happen.

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Quote from: Desmong on June 11, 2022, 05:48:50 PM

Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

Even though the gas fee of Ethereum increases with time, I do not see any reason why the DeFi project would be abandoned because more features are coming out everyday. Ethereum is a great project just like Bitcoin thay is currently having effect on the cryptocurrency market and the entire altcoin market. Ethereum will continue growing everyday and I know that later everything will be resolved.

the difference of eth dev team from other most dev teams out there is that they have good amount of resources to further develop their network. and they won't run away or disappear as knowing that it is headed by vitalik, do you really think that he will get away from this industry just because of money? i don't think so. maybe, i have high regards on vitalik's team, but even if they are delayed with their targets, i believe they are not just sitting and relaxing but doing their best to cater better services to the crypto community.
so even if defi is decreasing its popularity, eth network is not just because of defi's presence but all the other things attached to it.

Desmong

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Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

Even though the gas fee of Ethereum increases with time, I do not see any reason why the DeFi project would be abandoned because more features are coming out everyday. Ethereum is a great project just like Bitcoin thay is currently having effect on the cryptocurrency market and the entire altcoin market. Ethereum will continue growing everyday and I know that later everything will be resolved.

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Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

Actually, I haven't seen any support for your claims. A negative person will, of course, think bad on the market but ETH has the capability and trust of the majority. You can't ride this from us as we know this project has a huge role in the market more than the other projects.

I'm not and I don't think this "Destruction" word means for ETH. If you are here OP during the 2018 market crash, you will be certainly thinking this might be the end of crypto where ETH price seems going close to $100 and Bitcoin had also dropped badly.

Iyeman

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the high gas fee was mainly caused by the fact that ETH is really popular, I couldnt see it destroyed because the gas fee is high because it's quite the opposite.
Also, the other self proclaimed eth killer was currently having quite the gap in terms of market capitalization you could say that they are hundred billions off from becoming a real eth killer in terms of market capitalization, so the conclusion is
ETH gonna be here for a long time, since the ETH domination is still huge.

Jating

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Not sure where the OP get those negativity against ETH, but it has some truth on it. Specially the high gas fees which has been the hot topic and ETH devs try to resolved in in the last 3 years and nothing happen.

Fortunately for them, ETH like BTC is one of the prime movers in crypto space, so despite those issues, investors are still going to put their money on it. NFT's is the latest hype and it will be big even in a bear market. So I'm not seeing ETH getting destroyed or even losing it's value.

nimogsm

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For so many years, no one has yet managed to displace him from the first place, although there have been many attempts.Remember how many conversations there were that a new project with a new blockchain would kill everyone?but as we can see, nothing has changed yet.

jaberwock

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Quote from: Oshosondy on June 07, 2022, 03:46:15 AM

Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

Bitcoin has the highest fee, yet remain the most valuable cryptocurrency, ethereum remain the second ranked cryptocurrency after bitcoin and has the second highest fee. Reduced popularity in DeFi How? Ethereum blockchain has most numerous DeFi tokens. With everything you have said, there are ethereum killers for years now, but ethereum remain valuable and the strongest of them all.

The fact that they have the highest transaction fee is because they are at the top, not the other way around. Meaning, people use these two so much that they are willing to pay premium to keep using these two, they are so much so willing that they are spent 30+ dollars on each transaction at one point in time, instead of using stuff that had zero, so they lost 30+ bucks on each transaction at least, and they still didn't switched to other stuff, some people did but many didn't. That is the reason why we should not be really shocked that these two are at the top of the chain. Because, they are loved and people are willing to use them a lot.

bhooscream

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the reasons may be very plausible. but it doesn't always seem to be what it seems. Ethereum is very powerful.
many projects have grown big and top projects under Ethereum networks. but on the other hand it is true that it will decrease if this continues. but not sure if it will break

Hypnosis00

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Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

This has become an issue for many years after the last Bullrun 2016-2017 and yet, ETH is still alive and kicking, in fact, it is still a highly recommended altcoin for investment.

You can't assume that thing OP as people had never lost their hand from investing ETH despite of its high gas fee. Even to see there are more new projects that are coming they are way far in terms of market appreciation and profitability. And aside from that, ETH has a big role in the market making this more important than these new projects.

kawetsriyanto

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What destruction do you mean? ETH popularity or its price?
If you mean the current drop in ETH price, it isn't surprising since we are at a bearish season.
By the way, those negative issues on ETH (expensive gas fees or distrust on ETH 2.0) have been spreading for a long time. I even heard about this issue in the last year, but it didn't impact really significantly on ETH popularity. In reality, ETH is still the king of altcoins and the second place in CMC. No changes even if there is some negative news about it.

bitkanu

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I mean we are currently in bearish so that kind of downtrend in fame and value is kind of normal thing, it will soon be going up again once the bullish has finally come.
considering the fact that ETH has been the ones that initiated any smart contract platform and even most of the 2nd layer platform uses ETH's technology I think it's not gonna be destroyed.
ETH will be here even if their fee has become tremendously high, and the fact that their fee is high is because ETH becoming as famous as ever.

zasad@

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Quote from: qzl9899 on June 06, 2022, 09:36:08 PM

High gas fees, reduced popularity of DEFI, rapid decline of TVL on the chain, distrust of ETH2.0, criticism from miners, and restrictions on participants by the POS mechanism. Will the challenges of new technologies and new public chains cause ETH to decline rapidly?

If I were you, I would study the market situation more precisely.The prices of many coins have fallen, but the demand for DeFi projects is large in the Ethereum ecosystem.
https://l2beat.com/
There are also a lot of the best developers in the world in this ecosystem.L2 solutions have very low gas fees.

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