People are still talking about 'Etherum Killers'
Notice something funny from the Picture above?
None of those chains even get talked about anymore. People in crypto are so greedy and self-serving and impatient and delusional that they still don't get it. This is not a competitive space. There is no such thing as an Ethereum Killer.
Look back to that post I just linked.
Wrote it on Steem (because there was no Hive) on June 25th, 2018. I must be getting better at this, because when I used to look back at posts from two or three years ago I was often embarrassed and noted what an idiot I was. Now it's like... nope... that's still totally 100% accurate. People are still running around saying the same stupid Venture Capitalist Web 2.0 mindset bullshit.
ETHEREUM would absolutely love for you to "kill it".
You'd think after ETH going x38 over the last year and a half that people would finally start to wake the F up and realize how ridiculous they're being. Such is not the case. If you ever have a chance to bet on people owning up to being wrong: bet against them.
How high do ETH fees need to get before people realize, "Hm, wow, maybe ETH needs some HELP." "Maybe they need these other chains to take some of the burden away from the main chain." Instead everyone sees the $200 gas fees on ETH and says the exact opposite! These people are high as a kite!
These Ethereum killers are going to take over because ETH has high gas fees?!!??!!? WHAT?!!??! NO! DAMN IT! That is exactly the opposite of what's happening here. The only reason why these other EVM networks and smart-contract platforms are even allowed to thrive is because of the high gas fees in the first place. The only reason Bitcoin was allowed to thrive is that our centralized solutions can't be trusted. As if BSC or Polygon would have gotten any traction whatsoever if ETH fees were still 10 cents a pop. Yeah right; keep dreaming.
Trickle-down Theory
You see? ETH is at the top and value is overflowing from every direction into the "Ethereum Killers". Do we REALLY think that all these ETH devs, who have spent THOUSANDS of hours learning Solidity and EVM are suddenly just going to pop over to Cardano or Solana or Tron or some shit?
They're just going to pack up and leave after committing THOUSANDS of hours to learning the ins and outs of this extremely complicated tech? Just to start over on some other network with lower fees? Uh, no. Go try learning Solana. Once you've put that much effort into learning EVM the chance that you start over somewhere else is pretty damn slim.
I've just been seeing more and more talk about Ethereum Killers and it's like insane that people so blatantly misrepresent what is going on here. Ethereum would love for you to come along and take some of this bandwidth away. Hurry up and do it already. lol. This is not a competition. You are helping Ethereum by building an "Ethereum Killer". Simple as that.
All of this also assumes that ETH isn't going to scale.
Everyone has the damn memory of a goldfish it seems. Oh look at ETH fees they are are terrible today, and therefore they will always be terrible, forever. Really? Wanna bet?
At the end of the day these are self-correcting systems. Just like AMM provides infinite liquidity due to yields going up when LPs exit to avoid "impermanent losses", so too will Ethereum adoption pick up when fees go down and less people are using it. Yeah you heard me right: more people are going to use Eth when less people are using it. It's a self-correcting system.
Why pay high fees?
There's a reason why Bitcoin and Ethereum have high fees. You get what you pay for. Bitcoin and Ethereum are more secure. If you want more security for your transactions, you better use the more secure networks. Users who are playing around with less money do not need to use the more secure networks. That's how it works.
People are saying that using ETH is now a rich-man's game. Yeah, no shit. And how did that happen? All the poor people on ETH became rich and now we call it a rich man's game? Jesus tap-dancing Christ! What?! Wasn't that the entire point of crypto? To get rich and break away from the chains of artificial scarcity and debt slavery? And then it happens and everyone is like "well this obviously isn't working". What we need is a Bitcoin Killer! Get me some of them Ethereum killers too!
People crave imperialism!
They crave the competition. The ability to stand over their opponents and say I win you lose I'm better than you. Even my own condescending tone conveyed in this post is rooted toxic authoritarian superiority.
You, are a worthless street rat!
You were born a street rat,
You'll die a street rat,
and only your fleas will mourn you!
This shitty attitude just oozes and multiplies throughout society.
It's the way things have always been, but it is not the way of the future. Those that figure this out early will be greatly rewarded. All that matters will be our reputations within the New World.
Hm, very off-topic now...
Back to the real topic at hand, what we really have to realize is that no one really knows what they are doing. Everyone in crypto is just faking it till they make it, and then when they make it they have a tendency to stop learning while at the same time acting like they know what they are talking about. Billionaires are THE WORST people to take advice from. They aren't thirsty anymore, and they are constantly surrounded by yes-men who's job is basically to praise their every word. How can we learn anything from someone like that? Except as a template of what not to do.
Conclusion
The future economy depends on communities rising up and building value. Just because Bitcoin and Ethereum are having trouble scaling doesn't mean some shiny new project is going to suddenly pop up and eat the lunch of the big dogs.
This is a competition between crypto vs fiat. Everyone assumes it is crypto vs crypto. This is quite clearly not the case. Show me one crypto that has eaten the lunch of another crypto. Doge and Shiba Inu are "battling" it out in the top 10. Does it really look like value from either one of these dog-meme tokens is leeching value from the other? Like... no. Obviously not. The money is coming from the legacy system, and most are too blind to see that our legacy system of capitalism is so broken that near infinite value can be derived from it using blockchain and smart-contracts.
If Hive hit #1 on the market cap would we say that Hive killed Bitcoin and Ethereum? What if Bitcoin and Ethereum both went x10 during that time? Oh we killed Bitcoin because we went x10000 and BTC "only" went x10? The logic here is asinine and rooted in scarcity and delusion.
The entire point of crypto is to get away from tribalism, but we as humans will always be tribalist no matter what for the foreseeable future. The key will be scaling up these systems of tribalism to rival that of corporations, governments, and central banking itself.
Luckily perception, in this case, is not reality. This new open-source cooperative system will continue to thrive and help one another, even if the people within it continually falsely project this toxic competitive narrative onto the cryptoverse. It's not hard to get un-brainwashed, but those who do will be greatly rewarded in the end.
@edicted I don't agree with you when people realize they have better alternatives of Ethereum and Bitcoin then value of Bitcoin and ethereum starts decreasing
This assumes that people on Bitcoin and Ethereum don't realize there are other cryptocurrencies out there. We already know that this is not the case.
Relative to what?
USD?
Even using USD as a unit of account is antiquated.
All crypto is going to increase in value relative to USD.
@edicted mark my words ethereum and Bitcoin will go to under $100 per coin one day
Words marked!
It's funny that I do not know what other three ETH killers are other than EOS :) mentioned in that picture. I know four new ETH killers though that replaced these four.
I have read many articles where experts mentioned why high fees are always associated with high security. It is the premium that you pay for a premium service/product. And, I really liked the description where you mentioned how capital is flowing to other chains and how they can co-exist.
The pie that these chains are sharing is getting bigger every time someone is bringing in $$$ from the legacy system.
https://twitter.com/Hivebull/status/1457463099875790861
https://twitter.com/NathanMars7/status/1457661287584833536
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
I once thought Hive will kill Ethereum... Now I don't care anymore. You don't like a blockchain, you don't use it. Crypto has so many options now.
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yep: opt-in governance
choose your own government
I have been wondering what happens to the price of Eth if the fees come down significantly.
So, I would love to get this right;
Banks vs Bitcoin
Bitcoin got its adoption because we don’t trust the central banks, and so far so good, crypto is taking over.
Eth vs its Killers
Eth gas fees gave birth to its acclaimed killers. But you believe they’re still bullsh*t even though they solved the gas fee on their chains.
I wouldn't say that the smart-contract chains labeled "ETH Killer" are bullshit, just that the term "ETH killer" itself is bullshit. These chains are being called ETH killers but they actually help ETH grow. The perceived competition within the space is a totally false narrative.
As for Bitcoin... the only thing that makes it any better than anything else is niche security and first-to-market infrastructure. Turns out both of these things are a pretty big deal, but we are going to see a lot of upsets in the next decade.
Facts upon facts! However, since these chains agrees with Eth on running program codes for decentralized application, I believe it’s a win-win for the crypto space. Both Dapp developers and users would go for their preferred choice.
Even when Eth tnx fee was higher, a lot of users still transacted.
Like you said 👇
The Ethereum killers end up killing each other before getting to Ethereum. RIP EOS.
.. actually to be fair to EOS, at least it's a very good stable coin now.
I feel like this is the opposite of what I just said.
Crypto does not compete with itself; plain and simple.
Very interesting that you brought up EOS because there's a rumor going down that the EOS community is tired of Block.One's bullshit. I hope they fork the founding company out, as this action would be well deserved.
I think Block.One itself just.... left.
Any coin that starts with the next bitcoin or Ethereum killer, gives me a red flag feeling. You are looking forward to becoming better not to suppress your predecessors, we are all here for the same reason. Decentralization
Every coin will do it's own thing but yea I wonder if it's a good thing to consider ETH killers or not anymore. Those who can bear with the fees will continue to use it while others will move to other options. In this regard I think HIVE will do great even though we aren't a ETH killer.
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I used to have a good chunk of NEO. Shoulda stayed with ETH lol...atleast I sold all the NEO into staking on cub back in March.
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iirc neo was like a hop skip and jump away from enterprise blockchain.
trying to cater to corporations.
gee why isnt that working lol
no matter
cub x10 inc
Haha, same!
I like that part more :D
Sadly where you are born makes a huge difference in life ( even in first-world countries). This is IMO a big problem in society in general.
Only the Internet makes chances more even and fair. Free access to education is one of the benefits with high impact.
ETH, SOL, and friends will show in the next years how important they are for the ecosystem. IMO SOL will be not worth that, but who knows.
ETH could be because it is already established.
POW makes IMO only sense if data can´t be copied/spread/shared fast.
Money is the protection algo at the end. It cost a lot, so it's worth a lot.
This new profile pic is cool, it's just that the old one was so incredible...
Well, Bitcoin no but nothing that Eth actually does is proprietary unless I am mistaken. The metaverse for example, is not a proprietary concept and Decentraland, an ERC-20 ecosystem is looking pretty now but in the long haul, I wouldn't be surprised if they were beat to the punch by a shiny new protocol.
I think Devs, miners and others are often out of touch, hypnotized with their creations but it is the larger public (and their sheepish behaviour) who will break the tie in any Windows 95 type of situation.
In this sense, I think Hive as a content creation hub is incredibly powerful because less tech inclined people like me have learned to trust it over the years. Etherium, aside from being a rich people's game is unnatractive to me in that I have no idea what it's for, and when I do realize, it's because their non proprietary toys have trickld down like BSC or Polygon as you said.
The monarchy was taken down by public opinion, especially with the french revolution and if the Eth Kabal doesn't start pulling some PR stunts soon, new blood is going to be coding what's up.
Don't forget, humans make babies very fast.
Is Eth the future of POS (something that they haven't even been able to pull off despite it being a clear goal), I'm 50, 50.
I agree with pretty much everything you said except the bit right at the start.
Bitcoin is the ultimate example of a stagnant code base that doesn't do anything.
Every new iteration was designed to be a better version of the first chain.
The only thing Bitcoin has is the highest hashrate.
Thus they have the highest security, but only in theory.
When it comes to mining, security is measured via power and time.
How much power would it take to reverse the chain back to a certain time?
On any POW chain one can simply wait a longer time and get the same security as BTC.
So there really is zero advantage to paying the higher fee and using BTC.
A coin like Monero is superior to BTC in every way (due to exponentially increased privacy).
About the technology you know better than I do, thank you for explaining. I meant to say that it most probably will remain a very prized crypto, come what may and it has mostly to do with branding. Gold has had constant reminders of it's value through jewlery and gold teeth in the old days and Bitcoin has maximalists to preach its gospel.
In the same way Bitcoin will need to get hacked pretty bad to loose its status. Contrarly to Etherium it ha been doing what people expect it to, which, in all fairness, is pretty straight forward. Can we say first mover advantage?
Yeah the first move advantage is still very strong.
Will be interesting to see when this fades away.
This is very important pint to understand in evolving crypto space
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One thing about Ethereum is, the transaction fee are high but the network is high secure. When you invest on it, you don't need to fear for scam crypto, that's while the fees is high.
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video killed the radio star ... yet radio is still very relevant today
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