Is Ethereum in a Death Spiral?

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Ethereum - the world's second largest crypto - was down 22% in August, which is the worst monthly performance it's had since Terra collapsed in June 2022 (it went down 45% that month). For contrast, Bitcoin went down 8% in August.

While I'm not one for short-term market predictions, the short-term can often give us a lens into the long-term. Many are eying this lackluster ETH performance and wondering if the network is dying. There are a few reasons people are citing for this and as someone who holds a significant amount of ETH and has for years, I wanted to dive into their perspective to see the other side.

ETH's Lackluster Price Performance in 2024

In 2024, ETH is basically unchanged. Starting the year at about $2,300 and currently sitting at $2,400.

Meanwhile, Bitcoin (chart below) started the year at $44k and is currently at $57,416 (up 30% year-to-date).

This lackluster performance from ETH relative to BTC has some people worried. While many of us who have been in the industry for several cycles (I've been invested in this industry for the past 9 years) are accustomed to the BTC Dominance increasing before "alt season" arrives, the price of ETH has some people wondering about other fundamentals related to the ecosystem.

We'll dive into those factors below. Again, being someone who's bullish on ETH in the long-run, I will need to set aside my personal biases and try to see the other side of things.

Ethereum L1 Revenue Down 99%

Following the Dencun upgrade in March 2024, ETH L1 fee revenue has plummeted. At the beginning of this year, there was a lot of excitement about ETH's ability to generate fee revenue and essentially be "deflationary" because the fee revenue surpassed the expected inflation rate on the network.

Dencun introduced a few new features to the chain including proto-danksharding which allowed for cheaper L2 transaction data to be stored/retrieved from Ethereum.

This ultimately became a net positive for ETH L2's but a net negative for ETH L1 Fee Revenue - since it made it cheaper for L2's to operate.

You can see a dramatic increase in L2 activity, a reduction in L1 fees and the obvious impact being a reduction in L1 Fee Revenue.

While L1 Fee Revenue is an important narrative for Ethereum, I was never convinced that it was the entire value proposition.

That being said, nobody wants to see a 99% decline in revenue from any company, protocol or ecosystem. That's happened on Ethereum and it's become a focal point for people when they make bearish cases about the ETH price.

We have to remember that crypto is still a nascent industry and runs largely on wild sentiments. The volatility in crypto both from a price and from a sentiment perspective is not for the weak.

In a future post, I'll explore ways this L1 revenue problem can be solved. But continuing to look at it from the bearish case side of things - this doesn't look good for ETH and until it's fixed, it will continue to be a great "I told you so" for the bears.

L2 Activity Up, L1 Activity Down

L2's are gaining more traction and many cite this as a reason for less activity on the L1 which ultimately leads to less revenue for ETH itself.

According to L2Beat, activity on Layer 2s like Arbitrum, Optimism, and Base, has been trending upwards and is now near a record. Value locked sits at $33 billion, which might be down from its $48 billion June peak, but is still three times higher than just a year ago.

The question is: are L2's ultimately a net positive or net negative for the L1 and future revenues. I personally believe that they can be a net positive in the long-run, but tend to agree with Nolan (quote below) that it is a momentary cannibalization and we could see them be a source of growth in future revenues:

Nolan called this “a momentary cannibalization” with the future bringing a distinctive split in segments. L1s will be for high value transactions such as institutional transactions and critical infrastructure demand, whereas L2s will become low value, but time sensitive. He highlighted mass-market applications and interoperability solutions.

Ethereum ETF Outflows

Via Coinglass

This has been the year of ETFs. The BTC ETF brought a lot of attention to the industry and hopes that the ETH ETF could play out the same - bringing massive institution capital to Ethereum.

That hasn't quite played out. I think this could have been predicted with relative ease. Institutions look at Bitcoin as the "Gold of crypto".. Many still won't touch it but out of those who will, it's the only thing they will touch.

“On a net basis, the ETFs have seen outflows of almost half a billion dollars since inception, which is pretty disappointing and has definitely dampened sentiment,” Nolan said.

These numbers contrast to what happened with the launch of Bitcoin ETFs, which have seen surging interest from investors since they began trading on Jan. 11, 2024.

Ethereum has far less staying power than Bitcoin. Even as someone who holds a lot of ETH, I will freely admit that. That being said, we will always see risk rotation in any marketplace. Along with that, institutional grade investors understand economics and some understand technology as well. I don't think it's wild to predict that as a new Bitcoin bull cycle starts to take place, some institutional capital will rotate into ETH.

I could see large funds having some sort of split between BTC & ETH to have dual exposure. As BTC's market cap rises, ETH becomes a lower cap (relatively speaking) play and that can be attractive to many different investors in the TradFi markets.

Conclusion

To wrap this all up, ETH hasn't performed well this year and the L1 revenue is concerning a lot of people. The growth of L2's is not stopping any time soon and many believe that Ethereum could get unseated as the most popular destination for various forms of capital in the space.

All of that being said, Ethereum is still the "gold standard" of altcoins. I believe that the Ethereum blockchain is still one of the best places for development in the space. I also think that ETH's economic value is far different than just L1 fees.

Until the day that ETH Core stops developing and more importantly; the community stops developing, I believe ETH will be an incredibly valuable asset in the space and rise with the whole industry.

There is so much happening on Ethereum and at the end of the day, there is no second best Smart Contract layer to run complex financial (and other) applications. Ethereum has solidified it's place as the most valuable place to build with the most capital looking for homes. I don't see that changing any time soon.

In the meantime, we could see more negative sentiment and more pain. I am a buyer while this blood is in the streets.

Posted Using InLeo Alpha

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which is the worst monthly performance it's had since Terra collapsed in June 2022 (it went down 45% that month)

Market has an inherent correction and appropriation of price. Maybe it is part of that.

While I'm not one for short-term market predictions, the short-term can often give us a lens into the long-term

Long term picture emanates from the womb of short-term. Or may we say it is a series of short-term dynamics stitching together into a single thread to portray that bigger and long-term picture.

there was a lot of excitement about ETH's ability to generate fee revenue and essentially be "deflationary" because the fee revenue surpassed the expected inflation rate on the network.

One thing that should be pondered upon is whether a coin is inherently deflationary or has been made deflationary in an artificial manners or through social consensus.

on any given day, BTC is the kingand may continue to remain the king. You belive it or not, when the question aggravates on the position of a decentralized currently predominantly, then people will accept BTC more than any other coin. Whether by perception or realization or by any other way, we dont know, but that's the truth.

Thank you.

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STOP THE ABUSE ON HIVE

FAKE HIVE POLICE

HIVE IS DEAD

HIVE IS ONE BIG FARM

!LOL !WEED !MEME !VSC !discovery 35 !GIF !BBH !DUO !hiqvote !WINE !ALIVE !DOOK !PGM !LUV !PIMP !LOLZ !BEER !PIZZA !IDD !INDEED !DUO !HUG FOR !DOOK GINA @CRIMSONCLAD $BBH !HOPE

60 votes
slobberchops [-]
gogreenbuddy [-]
cmplxty [-]
shanibeer [-]
antisocialist [-]
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willowranger [-]
bscrypto [-]
dhedge [-]
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memehub [-]
chekohler [-]
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earthsea [-]
pinkhub [-]
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and 40 more

https://hive.blog/hive-104387/@bpcvoter3/se19g2

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slobberchops (81)in #life • 6 days ago
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6 days ago in #life by slobberchops (81)$0.00
Reply 3
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[-]bpcvoter2 (-5)(1) 4 days ago · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY MARK'S SELF VOTING !WEED

https://hive.blog/life/@slobberchops/re-gogreenbuddy-sdr1wb

https://www.publish0x.com/the-dark-side-of-hive

https://www.reddit.com/r/stoptheabuseonhive/

https://peakd.com/hive-164833/@bilpcoinbpc/you-have-all-witnessed-this-account-being-downvoted-to-a-negative-reputation-for-no-reason

SHAME ON YOU ALL SAD PEOPLE WHO SCAM LIE AND FARM HIVE AND HIVERS

[-]acidyo (82) 3 months ago
Haha at "I shouldn't make commercial" :D Maybe something to worry about when you have more youtube subscribers! Quite interesting content though, these things should get more subs on there and here.

$4.28
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[-]gogreenbuddy (67) 3 months ago
Yeah thought that was funny too

$4.54
4 votes
gogreenbuddy: $4.47
acidyo: $0.06
holbein81: $0.01
koleso: -$0.00

https://hive.blog/life/@gogreenbuddy/i-had-to-give-up-on-my-gabion-fencing-too-much-work

@themarkymark @buildawhale @upmyvote @ipromote @gogreenbuddy @usainvote @punkteam @makerhacks @apeminingclub @leovoter @blockheadgamds @rollingbones farm @cwow2 @solominer @steevc @adm @abit @theycallmedan @dalz @abh12345

HE MAKES CURATION REWARDS WITH ALL HIS ALT ACCOUNTS BURNING TOKENS LIKE THIS DOES NOT TAKE OLD TOKENS IT MINTS NEW ONES AND BURNS THEM

https://hive.blog/hive-167922/@bilpcoinbpc/the-power

https://www.bilpcoin.com/hive-167922/@bilpcoinbpc/the-power

https://www.bilpcoin.com/hive-167922/@bpcvoter1/response-4-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

Reply 2 to @eddiespino

Reply to @eddiespino

cwow stop the drink and drugs

Stop supporting the fake Hive police who do nothing but exploit Hive

Many people on Hive will never get to spend any of their Hive as it may become illegal in certain countries


https://peakd.com/hive-158694/@bilpcoinbpc/marks-dream

Zac the man with the scam plan

lol the Marky mark keeps dreaming

Looking at Hive from the outside, it looks like trash let just be honest there are issues. Not many people would be interested in coming to Hive to read blogs let's be honest

GET HELP STOP CRYING

WE CAN NOT HELP YOU

ARE YOU OK

Hello Marky, are you ok do you need help, are you facing mental health challenges?

It's crucial to seek help. Continual dishonesty can erode trust and your mental health. Downvotes do not have an impact on us, but our consistent sharing of accurate information is key to us.

Marky stop getting butt fucked LOL.

themarkymark (80)in #computers • 11 hours ago
I'm doing great dude, I'm not here crying with 100 spam posts a day that my butt hurts. Touch some grass, go see a shrink. Get your life in order.

11 hours ago in #computers by themarkymark (80)$0.00

https://hive.blog/computers/@themarkymark/re-bpcvoter1-sfi1bm

Bilpcoin Gems High-risk Low-risk Super Trump (ticker: Strump) Corgi with knife (ticker: Corgi) Engines of Fury (Ticker: Fury)

Let's talk

Rider jim

Make today great

Decentralized or centralized

Bilpcoin Vibes

Tomorrow may never come, so seize the day seize the moment

Love life, be happy

[-]themarkymark (80) yesterday (edited)
Farming? Show me where I am farming, I post like one post a month at this point, and all buildawhale is burned. As you say transactions don’t lie. And don't say curation rewards, I'd get those no matter what I vote on and if you expect I will be the only person on this blockchain to forfeit curation rewards, you are dumber than we know you are.

https://hive.blog/hive-167922/@bpcvoter1/seq7ok

https://www.bilpcoin.com/undefined/@bpcvoter1/response-3-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

https://hive.blog/hive-193084/@bpcvoter1/response-2-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

!LOL !WEED !GIF !MEME

https://hive.blog/hive-167922/@themarkymark/re-bpcvoter1-sepr9c

You don't seem it. I've seen this before, it isn't good.

21 hours ago in LeoFinance by themarkymark (80)

[-]bpcvoter1 (-2)(1) yesterday · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY
$0.00Reply Edit
[-]themarkymark (80) 16 hours ago
Please talk to your doctor about adjusting your meds. I’m worried about you.

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[-]bpcvoter1 (-2)(1) 27 minutes ago · Will be hidden due to low rating
We are fine
$0.00Reply Edit Delete

https://hive.blog/hive-167922/@bpcvoter1/senppv

https://hive.blog/life/@anomadsoul/re-gogreenbuddy-seqf1p

60 votes
slobberchops [-]
gogreenbuddy [-]
cmplxty [-]
shanibeer [-]
antisocialist [-]
azabu [-]
acram64 [-]
mypathtofire [-]
willowranger [-]
bscrypto [-]
dhedge [-]
aaronkroeblinger [-]
lichtkunstfoto [-]
memehub [-]
chekohler [-]
modernzorker [-]
carn [-]
earthsea [-]
pinkhub [-]
kaylinart [-]
and 40 more

https://hive.blog/hive-104387/@bpcvoter3/se19g2

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slobberchops (81)in #life • 6 days ago
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6 days ago in #life by slobberchops (81)$0.00
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[-]bpcvoter2 (-5)(1) 4 days ago · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY MARK'S SELF VOTING !WEED

https://hive.blog/life/@slobberchops/re-gogreenbuddy-sdr1wb

Just going to leave my response to the one out of thousand previous comments you left today.

People only tolerate you for the votes
Interesting, considering I don't vote anyone.

You vote on you're own spam comments every day @buildawhale to earn curation rewards. There are many authors on Hive whom you could support, but you choose not to you keep it to yourself don't you Marcus? You are no good Marcus.

I used to vote over 200 unique authors a day, many of which my vote was their only significant vote, and for over a year every post and every vote I would make would get downvoted for $50 because someone was sad I stopped the abuse they were voting on. I lost my ability to choose what I vote on years ago. It has finally stopped, so I started the burn posts to reduce the inflation due to the wreckless DHF spending. Of course I earn curation rewards, like every single person on Hive. I will not be the only person on Hive to forfeit curation rewards, and to expect that is ridiculous. You are one to talk about spam comments, you are spamming hundreds if not thousands of comments a day.

2 days ago in LeoFinance by themarkymark (80)$0.00

https://hive.blog/hive-167922/@themarkymark/re-bpcvoter1-setz65

Response 4 to themarkymark marcus, buildawhale usainvote ipomote leovoter gogreenbuddy, and over 100 of his alt accounts

Reply 2 to @eddiespino

Reply to @eddiespino

cwow stop the drink and drugs

Can't you see the problems on Hive?

Posted using Bilpcoin

LOL

It seems like THEMARKYMARK is dealing with some personal drama and mental issues, which might be causing them to spam us and others with baby pics, GIFs, and questionable content he's been doing the same for years. The fun doesn't stop there, as this seems to be a recurring theme with multiple online personas. The real question is, do we want to trust these drama-magnets with our hard-earned funds or any significant influence on Hive?

On Hive a significant issue exists with automatic upvotes consistently rewarding the same individuals day in and day out

We want to address the issue of downvoting. It has caused pain to many people, and we want to make sure it doesn't happen again reply to @jacobtothe

On Hive a significant issue exists with automatic upvotes consistently rewarding the same individuals day in and day out

We hope that those who genuinely care about Hive will reconsider their actions, as continuing down this path could inadvertently harm innocent users who are unaware of these issues

lol the Marky mark keeps dreaming

Marks dream

https://www.publish0x.com/the-dark-side-of-hive/the-marky-mark-marcus-its-clear-youre-deeply-engaged-in-farm-xmjodol

WE PRAY FOR YOU

Posted using Bilpcoin

https://www.bilpcoin.com/undefined/@bpcvoter1/lol-the-marky-mark-keeps-dreaming

lol the Marky mark keeps dreaming

themarkymark (80)in FreeCompliments • 2 days ago
No.

I downvote spammers, you are a spammer, you get no monies. It’s very simple.

In the meantime go get some help. You obviously have some issues going on.

2 days ago in FreeCompliments by themarkymark (80)$0.00
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[-]bpcvoter1 (-4)(1) yesterday · Will be hidden due to low rating
GET HELP
$0.00Reply Edit
[-]themarkymark (80) 4 hours ago
I have a personal chef, maid, and a captain for my yacht. What other help do I need?

$0.00Reply

https://hive.blog/hive-140084/@themarkymark/re-bpcvoter1-sg5l3x

@gogreenbuddy THIS MAN IS A TOP HIVE FARMER AND SCAMMER SOME OF HIS OTHER ACCOUNTS @THEMARKYMARK @BUILDAWHALE @USAINVOTE @UPMYVOTE @LEOVOTER @IPROMOTE @PUNKTEAM @CWOW2 @STEMGEEKS AND 100s more

https://www.publish0x.com/the-dark-side-of-hive

Many bots on Hive aim to combat spam, scams, and other inappropriate content. However, these bots inadvertently downvote legitimate content. It's important to note that the individuals operating these bots are scammers and abusers themselves, which undermines the effectiveness of this system LOL.

https://hive.blog/hive-167922/@bpcvoter1/on-hive-there-s-a-user-who-frequently-burns-a-significant-amount-of-hive-lol-with-his-own-accounts

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We all hope that the market can get better.

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STOP THE ABUSE ON HIVE

FAKE HIVE POLICE

HIVE IS DEAD

HIVE IS ONE BIG FARM

!LOL !WEED !MEME !VSC !discovery 35 !GIF !BBH !DUO !hiqvote !WINE !ALIVE !DOOK !PGM !LUV !PIMP !LOLZ !BEER !PIZZA !IDD !INDEED !DUO !HUG FOR !DOOK GINA @CRIMSONCLAD $BBH !HOPE

60 votes
slobberchops [-]
gogreenbuddy [-]
cmplxty [-]
shanibeer [-]
antisocialist [-]
azabu [-]
acram64 [-]
mypathtofire [-]
willowranger [-]
bscrypto [-]
dhedge [-]
aaronkroeblinger [-]
lichtkunstfoto [-]
memehub [-]
chekohler [-]
modernzorker [-]
carn [-]
earthsea [-]
pinkhub [-]
kaylinart [-]
and 40 more

https://hive.blog/hive-104387/@bpcvoter3/se19g2

Downvoted BY HIVE FARMERS

slobberchops (81)in #life • 6 days ago
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6 days ago in #life by slobberchops (81)$0.00
Reply 3
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[-]bpcvoter2 (-5)(1) 4 days ago · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY MARK'S SELF VOTING !WEED

https://hive.blog/life/@slobberchops/re-gogreenbuddy-sdr1wb

https://www.publish0x.com/the-dark-side-of-hive

https://www.reddit.com/r/stoptheabuseonhive/

https://peakd.com/hive-164833/@bilpcoinbpc/you-have-all-witnessed-this-account-being-downvoted-to-a-negative-reputation-for-no-reason

SHAME ON YOU ALL SAD PEOPLE WHO SCAM LIE AND FARM HIVE AND HIVERS

[-]acidyo (82) 3 months ago
Haha at "I shouldn't make commercial" :D Maybe something to worry about when you have more youtube subscribers! Quite interesting content though, these things should get more subs on there and here.

$4.28
1 vote
Reply
[-]gogreenbuddy (67) 3 months ago
Yeah thought that was funny too

$4.54
4 votes
gogreenbuddy: $4.47
acidyo: $0.06
holbein81: $0.01
koleso: -$0.00

https://hive.blog/life/@gogreenbuddy/i-had-to-give-up-on-my-gabion-fencing-too-much-work

@themarkymark @buildawhale @upmyvote @ipromote @gogreenbuddy @usainvote @punkteam @makerhacks @apeminingclub @leovoter @blockheadgamds @rollingbones farm @cwow2 @solominer @steevc @adm @abit @theycallmedan @dalz @abh12345

HE MAKES CURATION REWARDS WITH ALL HIS ALT ACCOUNTS BURNING TOKENS LIKE THIS DOES NOT TAKE OLD TOKENS IT MINTS NEW ONES AND BURNS THEM

https://hive.blog/hive-167922/@bilpcoinbpc/the-power

https://www.bilpcoin.com/hive-167922/@bilpcoinbpc/the-power

https://www.bilpcoin.com/hive-167922/@bpcvoter1/response-4-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

Reply 2 to @eddiespino

Reply to @eddiespino

cwow stop the drink and drugs

Stop supporting the fake Hive police who do nothing but exploit Hive

Many people on Hive will never get to spend any of their Hive as it may become illegal in certain countries


https://peakd.com/hive-158694/@bilpcoinbpc/marks-dream

Zac the man with the scam plan

lol the Marky mark keeps dreaming

Looking at Hive from the outside, it looks like trash let just be honest there are issues. Not many people would be interested in coming to Hive to read blogs let's be honest

GET HELP STOP CRYING

WE CAN NOT HELP YOU

ARE YOU OK

Hello Marky, are you ok do you need help, are you facing mental health challenges?

It's crucial to seek help. Continual dishonesty can erode trust and your mental health. Downvotes do not have an impact on us, but our consistent sharing of accurate information is key to us.

Marky stop getting butt fucked LOL.

themarkymark (80)in #computers • 11 hours ago
I'm doing great dude, I'm not here crying with 100 spam posts a day that my butt hurts. Touch some grass, go see a shrink. Get your life in order.

11 hours ago in #computers by themarkymark (80)$0.00

https://hive.blog/computers/@themarkymark/re-bpcvoter1-sfi1bm

Bilpcoin Gems High-risk Low-risk Super Trump (ticker: Strump) Corgi with knife (ticker: Corgi) Engines of Fury (Ticker: Fury)

Let's talk

Rider jim

Make today great

Decentralized or centralized

Bilpcoin Vibes

Tomorrow may never come, so seize the day seize the moment

Love life, be happy

[-]themarkymark (80) yesterday (edited)
Farming? Show me where I am farming, I post like one post a month at this point, and all buildawhale is burned. As you say transactions don’t lie. And don't say curation rewards, I'd get those no matter what I vote on and if you expect I will be the only person on this blockchain to forfeit curation rewards, you are dumber than we know you are.

https://hive.blog/hive-167922/@bpcvoter1/seq7ok

https://www.bilpcoin.com/undefined/@bpcvoter1/response-3-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

https://hive.blog/hive-193084/@bpcvoter1/response-2-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

!LOL !WEED !GIF !MEME

https://hive.blog/hive-167922/@themarkymark/re-bpcvoter1-sepr9c

You don't seem it. I've seen this before, it isn't good.

21 hours ago in LeoFinance by themarkymark (80)

[-]bpcvoter1 (-2)(1) yesterday · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY
$0.00Reply Edit
[-]themarkymark (80) 16 hours ago
Please talk to your doctor about adjusting your meds. I’m worried about you.

$0.00Reply
[-]bpcvoter1 (-2)(1) 27 minutes ago · Will be hidden due to low rating
We are fine
$0.00Reply Edit Delete

https://hive.blog/hive-167922/@bpcvoter1/senppv

https://hive.blog/life/@anomadsoul/re-gogreenbuddy-seqf1p

60 votes
slobberchops [-]
gogreenbuddy [-]
cmplxty [-]
shanibeer [-]
antisocialist [-]
azabu [-]
acram64 [-]
mypathtofire [-]
willowranger [-]
bscrypto [-]
dhedge [-]
aaronkroeblinger [-]
lichtkunstfoto [-]
memehub [-]
chekohler [-]
modernzorker [-]
carn [-]
earthsea [-]
pinkhub [-]
kaylinart [-]
and 40 more

https://hive.blog/hive-104387/@bpcvoter3/se19g2

Downvoted BY HIVE FARMERS

slobberchops (81)in #life • 6 days ago
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6 days ago in #life by slobberchops (81)$0.00
Reply 3
Sort: Trending
[-]bpcvoter2 (-5)(1) 4 days ago · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY MARK'S SELF VOTING !WEED

https://hive.blog/life/@slobberchops/re-gogreenbuddy-sdr1wb

Just going to leave my response to the one out of thousand previous comments you left today.

People only tolerate you for the votes
Interesting, considering I don't vote anyone.

You vote on you're own spam comments every day @buildawhale to earn curation rewards. There are many authors on Hive whom you could support, but you choose not to you keep it to yourself don't you Marcus? You are no good Marcus.

I used to vote over 200 unique authors a day, many of which my vote was their only significant vote, and for over a year every post and every vote I would make would get downvoted for $50 because someone was sad I stopped the abuse they were voting on. I lost my ability to choose what I vote on years ago. It has finally stopped, so I started the burn posts to reduce the inflation due to the wreckless DHF spending. Of course I earn curation rewards, like every single person on Hive. I will not be the only person on Hive to forfeit curation rewards, and to expect that is ridiculous. You are one to talk about spam comments, you are spamming hundreds if not thousands of comments a day.

2 days ago in LeoFinance by themarkymark (80)$0.00

https://hive.blog/hive-167922/@themarkymark/re-bpcvoter1-setz65

Response 4 to themarkymark marcus, buildawhale usainvote ipomote leovoter gogreenbuddy, and over 100 of his alt accounts

Reply 2 to @eddiespino

Reply to @eddiespino

cwow stop the drink and drugs

Can't you see the problems on Hive?

Posted using Bilpcoin

LOL

It seems like THEMARKYMARK is dealing with some personal drama and mental issues, which might be causing them to spam us and others with baby pics, GIFs, and questionable content he's been doing the same for years. The fun doesn't stop there, as this seems to be a recurring theme with multiple online personas. The real question is, do we want to trust these drama-magnets with our hard-earned funds or any significant influence on Hive?

On Hive a significant issue exists with automatic upvotes consistently rewarding the same individuals day in and day out

We want to address the issue of downvoting. It has caused pain to many people, and we want to make sure it doesn't happen again reply to @jacobtothe

On Hive a significant issue exists with automatic upvotes consistently rewarding the same individuals day in and day out

We hope that those who genuinely care about Hive will reconsider their actions, as continuing down this path could inadvertently harm innocent users who are unaware of these issues

lol the Marky mark keeps dreaming

Marks dream

https://www.publish0x.com/the-dark-side-of-hive/the-marky-mark-marcus-its-clear-youre-deeply-engaged-in-farm-xmjodol

WE PRAY FOR YOU

Posted using Bilpcoin

https://www.bilpcoin.com/undefined/@bpcvoter1/lol-the-marky-mark-keeps-dreaming

lol the Marky mark keeps dreaming

themarkymark (80)in FreeCompliments • 2 days ago
No.

I downvote spammers, you are a spammer, you get no monies. It’s very simple.

In the meantime go get some help. You obviously have some issues going on.

2 days ago in FreeCompliments by themarkymark (80)$0.00
Reply 4
Sort: Trending
[-]bpcvoter1 (-4)(1) yesterday · Will be hidden due to low rating
GET HELP
$0.00Reply Edit
[-]themarkymark (80) 4 hours ago
I have a personal chef, maid, and a captain for my yacht. What other help do I need?

$0.00Reply

https://hive.blog/hive-140084/@themarkymark/re-bpcvoter1-sg5l3x

@gogreenbuddy THIS MAN IS A TOP HIVE FARMER AND SCAMMER SOME OF HIS OTHER ACCOUNTS @THEMARKYMARK @BUILDAWHALE @USAINVOTE @UPMYVOTE @LEOVOTER @IPROMOTE @PUNKTEAM @CWOW2 @STEMGEEKS AND 100s more

https://www.publish0x.com/the-dark-side-of-hive

Many bots on Hive aim to combat spam, scams, and other inappropriate content. However, these bots inadvertently downvote legitimate content. It's important to note that the individuals operating these bots are scammers and abusers themselves, which undermines the effectiveness of this system LOL.

https://hive.blog/hive-167922/@bpcvoter1/on-hive-there-s-a-user-who-frequently-burns-a-significant-amount-of-hive-lol-with-his-own-accounts

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STOP THE ABUSE ON HIVE

FAKE HIVE POLICE

HIVE IS DEAD

HIVE IS ONE BIG FARM

!LOL !WEED !MEME !VSC !discovery 35 !GIF !BBH !DUO !hiqvote !WINE !ALIVE !DOOK !PGM !LUV !PIMP !LOLZ !BEER !PIZZA !IDD !INDEED !DUO !HUG FOR !DOOK GINA @CRIMSONCLAD $BBH !HOPE

60 votes
slobberchops [-]
gogreenbuddy [-]
cmplxty [-]
shanibeer [-]
antisocialist [-]
azabu [-]
acram64 [-]
mypathtofire [-]
willowranger [-]
bscrypto [-]
dhedge [-]
aaronkroeblinger [-]
lichtkunstfoto [-]
memehub [-]
chekohler [-]
modernzorker [-]
carn [-]
earthsea [-]
pinkhub [-]
kaylinart [-]
and 40 more

https://hive.blog/hive-104387/@bpcvoter3/se19g2

Downvoted BY HIVE FARMERS

slobberchops (81)in #life • 6 days ago
The_commentphant.jpg

6 days ago in #life by slobberchops (81)$0.00
Reply 3
Sort: Trending
[-]bpcvoter2 (-5)(1) 4 days ago · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY MARK'S SELF VOTING !WEED

https://hive.blog/life/@slobberchops/re-gogreenbuddy-sdr1wb

https://www.publish0x.com/the-dark-side-of-hive

https://www.reddit.com/r/stoptheabuseonhive/

https://peakd.com/hive-164833/@bilpcoinbpc/you-have-all-witnessed-this-account-being-downvoted-to-a-negative-reputation-for-no-reason

SHAME ON YOU ALL SAD PEOPLE WHO SCAM LIE AND FARM HIVE AND HIVERS

[-]acidyo (82) 3 months ago
Haha at "I shouldn't make commercial" :D Maybe something to worry about when you have more youtube subscribers! Quite interesting content though, these things should get more subs on there and here.

$4.28
1 vote
Reply
[-]gogreenbuddy (67) 3 months ago
Yeah thought that was funny too

$4.54
4 votes
gogreenbuddy: $4.47
acidyo: $0.06
holbein81: $0.01
koleso: -$0.00

https://hive.blog/life/@gogreenbuddy/i-had-to-give-up-on-my-gabion-fencing-too-much-work

@themarkymark @buildawhale @upmyvote @ipromote @gogreenbuddy @usainvote @punkteam @makerhacks @apeminingclub @leovoter @blockheadgamds @rollingbones farm @cwow2 @solominer @steevc @adm @abit @theycallmedan @dalz @abh12345

HE MAKES CURATION REWARDS WITH ALL HIS ALT ACCOUNTS BURNING TOKENS LIKE THIS DOES NOT TAKE OLD TOKENS IT MINTS NEW ONES AND BURNS THEM

https://hive.blog/hive-167922/@bilpcoinbpc/the-power

https://www.bilpcoin.com/hive-167922/@bilpcoinbpc/the-power

https://www.bilpcoin.com/hive-167922/@bpcvoter1/response-4-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

Reply 2 to @eddiespino

Reply to @eddiespino

cwow stop the drink and drugs

Stop supporting the fake Hive police who do nothing but exploit Hive

Many people on Hive will never get to spend any of their Hive as it may become illegal in certain countries


https://peakd.com/hive-158694/@bilpcoinbpc/marks-dream

Zac the man with the scam plan

lol the Marky mark keeps dreaming

Looking at Hive from the outside, it looks like trash let just be honest there are issues. Not many people would be interested in coming to Hive to read blogs let's be honest

GET HELP STOP CRYING

WE CAN NOT HELP YOU

ARE YOU OK

Hello Marky, are you ok do you need help, are you facing mental health challenges?

It's crucial to seek help. Continual dishonesty can erode trust and your mental health. Downvotes do not have an impact on us, but our consistent sharing of accurate information is key to us.

Marky stop getting butt fucked LOL.

themarkymark (80)in #computers • 11 hours ago
I'm doing great dude, I'm not here crying with 100 spam posts a day that my butt hurts. Touch some grass, go see a shrink. Get your life in order.

11 hours ago in #computers by themarkymark (80)$0.00

https://hive.blog/computers/@themarkymark/re-bpcvoter1-sfi1bm

Bilpcoin Gems High-risk Low-risk Super Trump (ticker: Strump) Corgi with knife (ticker: Corgi) Engines of Fury (Ticker: Fury)

Let's talk

Rider jim

Make today great

Decentralized or centralized

Bilpcoin Vibes

Tomorrow may never come, so seize the day seize the moment

Love life, be happy

[-]themarkymark (80) yesterday (edited)
Farming? Show me where I am farming, I post like one post a month at this point, and all buildawhale is burned. As you say transactions don’t lie. And don't say curation rewards, I'd get those no matter what I vote on and if you expect I will be the only person on this blockchain to forfeit curation rewards, you are dumber than we know you are.

https://hive.blog/hive-167922/@bpcvoter1/seq7ok

https://www.bilpcoin.com/undefined/@bpcvoter1/response-3-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

https://hive.blog/hive-193084/@bpcvoter1/response-2-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts

!LOL !WEED !GIF !MEME

https://hive.blog/hive-167922/@themarkymark/re-bpcvoter1-sepr9c

You don't seem it. I've seen this before, it isn't good.

21 hours ago in LeoFinance by themarkymark (80)

[-]bpcvoter1 (-2)(1) yesterday · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY
$0.00Reply Edit
[-]themarkymark (80) 16 hours ago
Please talk to your doctor about adjusting your meds. I’m worried about you.

$0.00Reply
[-]bpcvoter1 (-2)(1) 27 minutes ago · Will be hidden due to low rating
We are fine
$0.00Reply Edit Delete

https://hive.blog/hive-167922/@bpcvoter1/senppv

https://hive.blog/life/@anomadsoul/re-gogreenbuddy-seqf1p

60 votes
slobberchops [-]
gogreenbuddy [-]
cmplxty [-]
shanibeer [-]
antisocialist [-]
azabu [-]
acram64 [-]
mypathtofire [-]
willowranger [-]
bscrypto [-]
dhedge [-]
aaronkroeblinger [-]
lichtkunstfoto [-]
memehub [-]
chekohler [-]
modernzorker [-]
carn [-]
earthsea [-]
pinkhub [-]
kaylinart [-]
and 40 more

https://hive.blog/hive-104387/@bpcvoter3/se19g2

Downvoted BY HIVE FARMERS

slobberchops (81)in #life • 6 days ago
The_commentphant.jpg

6 days ago in #life by slobberchops (81)$0.00
Reply 3
Sort: Trending
[-]bpcvoter2 (-5)(1) 4 days ago · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY MARK'S SELF VOTING !WEED

https://hive.blog/life/@slobberchops/re-gogreenbuddy-sdr1wb

Just going to leave my response to the one out of thousand previous comments you left today.

People only tolerate you for the votes
Interesting, considering I don't vote anyone.

You vote on you're own spam comments every day @buildawhale to earn curation rewards. There are many authors on Hive whom you could support, but you choose not to you keep it to yourself don't you Marcus? You are no good Marcus.

I used to vote over 200 unique authors a day, many of which my vote was their only significant vote, and for over a year every post and every vote I would make would get downvoted for $50 because someone was sad I stopped the abuse they were voting on. I lost my ability to choose what I vote on years ago. It has finally stopped, so I started the burn posts to reduce the inflation due to the wreckless DHF spending. Of course I earn curation rewards, like every single person on Hive. I will not be the only person on Hive to forfeit curation rewards, and to expect that is ridiculous. You are one to talk about spam comments, you are spamming hundreds if not thousands of comments a day.

2 days ago in LeoFinance by themarkymark (80)$0.00

https://hive.blog/hive-167922/@themarkymark/re-bpcvoter1-setz65

Response 4 to themarkymark marcus, buildawhale usainvote ipomote leovoter gogreenbuddy, and over 100 of his alt accounts

Reply 2 to @eddiespino

Reply to @eddiespino

cwow stop the drink and drugs

Can't you see the problems on Hive?

Posted using Bilpcoin

LOL

It seems like THEMARKYMARK is dealing with some personal drama and mental issues, which might be causing them to spam us and others with baby pics, GIFs, and questionable content he's been doing the same for years. The fun doesn't stop there, as this seems to be a recurring theme with multiple online personas. The real question is, do we want to trust these drama-magnets with our hard-earned funds or any significant influence on Hive?

On Hive a significant issue exists with automatic upvotes consistently rewarding the same individuals day in and day out

We want to address the issue of downvoting. It has caused pain to many people, and we want to make sure it doesn't happen again reply to @jacobtothe

On Hive a significant issue exists with automatic upvotes consistently rewarding the same individuals day in and day out

We hope that those who genuinely care about Hive will reconsider their actions, as continuing down this path could inadvertently harm innocent users who are unaware of these issues

lol the Marky mark keeps dreaming

Marks dream

https://www.publish0x.com/the-dark-side-of-hive/the-marky-mark-marcus-its-clear-youre-deeply-engaged-in-farm-xmjodol

WE PRAY FOR YOU

Posted using Bilpcoin

https://www.bilpcoin.com/undefined/@bpcvoter1/lol-the-marky-mark-keeps-dreaming

lol the Marky mark keeps dreaming

themarkymark (80)in FreeCompliments • 2 days ago
No.

I downvote spammers, you are a spammer, you get no monies. It’s very simple.

In the meantime go get some help. You obviously have some issues going on.

2 days ago in FreeCompliments by themarkymark (80)$0.00
Reply 4
Sort: Trending
[-]bpcvoter1 (-4)(1) yesterday · Will be hidden due to low rating
GET HELP
$0.00Reply Edit
[-]themarkymark (80) 4 hours ago
I have a personal chef, maid, and a captain for my yacht. What other help do I need?

$0.00Reply

https://hive.blog/hive-140084/@themarkymark/re-bpcvoter1-sg5l3x

@gogreenbuddy THIS MAN IS A TOP HIVE FARMER AND SCAMMER SOME OF HIS OTHER ACCOUNTS @THEMARKYMARK @BUILDAWHALE @USAINVOTE @UPMYVOTE @LEOVOTER @IPROMOTE @PUNKTEAM @CWOW2 @STEMGEEKS AND 100s more

https://www.publish0x.com/the-dark-side-of-hive

Many bots on Hive aim to combat spam, scams, and other inappropriate content. However, these bots inadvertently downvote legitimate content. It's important to note that the individuals operating these bots are scammers and abusers themselves, which undermines the effectiveness of this system LOL.

https://hive.blog/hive-167922/@bpcvoter1/on-hive-there-s-a-user-who-frequently-burns-a-significant-amount-of-hive-lol-with-his-own-accounts

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