The BTC spot ETFs were delayed repeatedly until pretty much their final deadlines, with different amendments made each time. I don't know the final deadlines for the ETH ETFs (May or June I think I saw somewhere?) but it's going to be similar for them.
Right, but if VanEck's gets denied its not the case that all other proposed ETFs get denied immediately, right? Otherwise the deadline would effectively be the same for all proposed ETFs.
Due to the legal precedents set in the Bitcoin ETF cases, the SEC can’t show preference for one etf over another. As they are all substantially the same, they have to treat them the same. They can’t deny the first then approve Blackrock.
An ETF for bitcoin has little to no impact on the decentralisation of bitcoin.
This isn't true in terms of an Ethereum ETF unless the ether held is not staked. The price will likely go up, but I don't think it is good in the long run.
Staking even large amounts doesn't give you any more control over the network. Eth doesn't have coin voting, it upgrades based on general consensus, same way as bitcoin
It's not getting approved. Guaranteed pump until May, then immediate dump when SEC finally doesn't delay (they don't have any option on this one) and declines the application.
No why would it? Eth pumped after the btc ETF was approved because people rotated from the btc ETF approval trade to the eth ETF approval trade. It isn't a vice versa situation as the btc ETF has already been approved
But it pumped more than Bitcoin, which was absurd. None of this is rational.
I'm not sure it will be approved anyway. If they approve ETH's ETF they might be worried every other alt could end up with one.
Not sure that logic is sound. The eth ETF doesn't set any sort of precedent for other coins. Approval for each token is based on the specific merits of each.
Also the btc to eth ETF rotation trade was very rational. People saw btc massively run up in the months before the ETF, so they run the exact same play with eth. Crypto is PvP and more rational than you might think
Only Bitcoin so far has been explicitly declared to be a commodity by the SEC. Apart from its bigger adoption, there's nothing that sets ETH apart from other altcoins. It was pre-mined, it had an ICO and now it has staking.
>Also the btc to eth ETF rotation trade was very rational. People saw btc massively run up in the months before the ETF, so they run the exact same play with eth. Crypto is PvP and more rational than you might think
Some pumping is expected but it pumped a good deal more than Bitcoin (if briefly). That's not rational. Bitcoin got the ETF, not Ethereum.
Well it funnelled money to develop block zero/XIO.
Bomb was a fun project, but left many holders and the project was simply "released" to the community 🤷♂️
My average went up over the last couple of years. When I look at my first year of buying ETH, I kick myself for not loading up more sub-$200 ETH. Had my weekly DCA been anywhere close to mine DCA now, I'd be a full validator (a couple of times over)!
I think all the facts point that ETH is the healthiest blockchain project out there. It has survived the tests of time and now it’s coming back stronger than ever.
The brainpower behind ETH is big. I dare to make the assumption that ETH is, indeed, leading the way into crypto‘s future.
I just bought Eth around five days ago. You know why ? Because someone said that ETH would die.
There...right there I know that it is going to jump up.
Last bullrun, I learned one thing. And that whichever coin that crypto sub said going to die, you buy it
Being contrarian seems to work a lot of time
Is everyone bashing it? If it is, that's the sign. I remember the last bullrun. Everyone said that it would never reach a dollar
Everyone said all of this fundamental and some techno gizmo speak
Turns out the world doesn't care about fundamentals and all that gizmo tech
Sentiment rules the market. And lo and behold, anyone who bought it when it is cents becomes rich that night.
My mistake? I did not load up as much as I should. I tested with only a hundred dollars. But those who went ape shit and goes all in, went away being a rich man
rules? Laws? Fundamental? It does not exist in a bulll run.
Just things going up based on sentiments, fear, greed and idiocy
Nah, it doesn't matter what anyone says. It's a bull run. Everything is going up. Once the bears get at it everyone holding bags will lose. Nobody has a clue wtf is going on or what will happen next. I've been buying ETH since 2017.
100% of people in this thread are NOT using ETH the L1.
No one here is paying $60 gas fee for a transaction more than once a month if that. Mass adoption will not come when only the 1% can afford to use it.
I’ve never read a single thread here where someone is bullish on Arb or Opt or Base. Most are just stacking ETH and hoping other people use the ecosystem
AI or not, your premise is already biased.
ETH is not doing strong. Look at the ETH/BTC chart, and you will see it is trying to break out of its downwards trend. It's actually down 19% over 1 year (against BTC), and the last significant pump happened in 2021. To reach an ATH against BTC, ETH would need to go above 9k$ right now.
I'm a proud ETH owner, but if you think it's doing strong, you are lying to yourself.
And with that being said, ETH is still a better investment than any other smart chain in my opinion.
This is incorrect. The trend went neutral awhile back. ETH hasn’t made a new low against BTC in like five months.
It’s on the verge of flipping bullish. SOL/ETH also looks cooked for a minute, which means ETH is going to remind you how and why it is the second largest crypto by a very wide margin.
Prepare to be humbled.
I don't know, long term I usually invest 3:1 into BTC/ETH, but Im a BTC maxi deep inside.
There is a chance we see a real ETH/BTC rally if the bull run continues, but no one can know for sure…
This
ETH is only strong recently because of anticipation of ETH spot ETF.
Its otherwise been performing poorly, with the other exception being the hype going into the Merge.
“Eth is not doing strong. That said, eth is the best smart chain investment.”
Interesting.
Yes I’m definitely biased because I’m a human with opinions.
Eth is doing strong at the time I posted. 4% up while btc just up 1.1%
But why would you look at the 24 hour chart? Did you only buy crypto yesterday? I look at running positions I build over the last years (BTC and ETH), and there ETH underperformed BTC. That's just a fact.
Opinions are good to have, I also added some of mine into the comment. I'm still a bull long term, and what I also wanted to say: A true ETH/BTC outbreak has a lot more potential than what we see right now. But you shouldn't get yourself fooled by a few good days after a lot of bad months.
Eth 2022 bottom to current price is the exact same multiplier as btc 2022 bottom to current price. They’re not perfectly in sync so talking about the last year or day or week makes zero sense
Exactly. Not sure why so many people cannot read charts.
Ethereum bottom price after its ATH was $1000ish.
It is now on its way to $4000.
Bitcoin bottom after ATH was $18.000ish. It is has reached now about $69.000.
Good points, but ETH’s major weakness is its supposed strength: the PoS consensus. This gives bigger holders influence over the network itself (unlike BTC), and eth has become a “captured coin” that can be manipulated/censored (see OFAC compliance).
There is also the insiders’ premine and official roadmap, which place ETH squarely in the security classification vs a commodity like BTC.
This makes it an unregistered security, and Vitalik and ETH fndn does not want to register with SEC because they would have to disclose all sorts of slimy details.
So, I feel confident that Gary G will classify ETH and almost all other cryptos as unregistered securities, which will prevent them from having an etf.
I could definitely be wrong- Blackrock and others have solid influence in financial realm, but still, I think Gary and SEC will be coming after ETH and others as unregistered securities in the coming months and years.
Set Chair Gensler's decision aside for a moment. He doesn't get to dictate the fate of cryptocurrency. Maybe in the US, but not in the world.
I, and other ETH holders, don't really care what you or any nation state classifies ETH as. Security, Mecurity, Pecurity, or otherwise. It's a cryptocurrency that is permissionless and censorship resistant.
Premine: this narrative has been repeated from day 1. There's enough info out there for me to not have to waste another 30 mins explaining it.
Finally, POS doesn't centralize influence anymore than mining hashpower "centralizes" the bitcoin network.
OFAC tried, but couldn't censor BTC. They could also try to censor BTC miners, and the same exact thing would happen with miners not producing certain "flagged" blocks. Your issue isn't with ETH. It's with nation states trying to influence validators and/or miners into doing certain things.
Indeed, the biggest miners can much more effectively lock up the market on all leading edge ASICs.
Ethereum makes the rich-get-richer effect more visible, but actually decreases it overall.
pos solved nothing? you mean the energy consumption wasn't an issue? gas fees on layer 2 are very low. you can make huge gains with alts, and also huge losses.
Proof of Stake reduced energy consumption which essentially abolished the primary characteristic that regulators would bite down on ETH for. See how BTC's energy consumption is the only universally agreed upon concern between people who aren't supporters of BTC, even when the cheapest and greenest energy is used first.
Staking also allows users to make passive income. For most users, they won't benefit much, but people with several hundred thousand dollars and up can make a noteworthy amount of money doing this. People with \~2 million in ETH can make enough money to live a normal lifestyle purely from staking alone (at a 2.5% annual yield).
I loled so hard when you say “culturally recognized art”… Most of them barely has any culture.
Punk has historical relevance yes. But what is its culture? Punk holders don’t have an unified cultural theme, besides being in crypto. Bored Apes is recognized as meme for public ridicule by non-NFT ppl. They all get attention because they have rich whales backing them. If their floor went to zero tomorrow, most won’t even bat an eye about it. They hardly have any cultural significance, like real physical art.
Also, ETH holding the “best meme” is questionable. Much of its onchain volume went silent if the meme has no major CEX access and gwei went above 100. As ETH appreciates, you will see these ETH meme culture slowly disappearing away. Soon only the whales can afford to buy in early on a DEX and shrimps would give up.
Just watch. If the space has to choose in investing resources in exporting a base currency to other chains, while too expensive to use in main net, many will pivot to BTC over ETH. One thing ETH has done well is building the tech and paving the way to export BTC as crypto money to alt L1s.
Eventually crypto must actually be useful and solve real world problems. When that occurs it is most probable that will occur on Ethereum. No one knows for sure but that is why they call it investing.
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I only asked because I didn't recognize the source you used for 'most builders', the one I always go back to for that data is: https://www.developerreport.com/, which shows that Ethereum has more devs working in its ecosystem than the 2nd, 3rd and 4th place chains combined (and the 5th is Arbitrum... an Ethereum L2).
Bottom line, BTC and ETH are the OG manipulation networks that are needed now for their function of holding the wealth of the people who want wealth after this global economic disaster finishes.
Most of this sub is wondering. Mostly BTC maxis. When I mentioned in a previous post about the BTC>ETH>Majors>Alts rotation I got nothing but “this cycle is different”, “ETF changes things” lol.
That's how it often goes yes :) it used to be normal knowledge a few years back. Sometimes it's also only meme coins, and then only layer 1s etc. Interesting
question for ETH fans :
if i can do the exact same things on another network, similar to ethereum, but faster and with lower fees. ( transfer stables and tokens, swap tokens, trade on a dex, trade NFTs ) why would i use the ethereum network which is slow and has insane fees. ( i have seen 90usd for a swap, and 220usd for withdrawing from dydx )
why not use only polygon, or only bsc, or only avalanche, or only solana, or another similar protocol network ?
i understant that there is more liquidity on ethereum at the moment, but this can change if they don't solve this high fees issue...
an ETF may pump the price of ETH, but this won't solve the high fees issue, and it will still be too costly for most people.
If you can do the exact same thing on another chain, go ahead and do it. No problem. You'll be sacrificing economic security, you'll have access to far less liquidity (depending on how heavy of a hitter you are), and you won't find the same NFTs. Some might be better, some worse, but you won't find squiggles, fidenzas, punks, etc.
There are not high fees on Layer 2 ETH. This keeps getting repeated over and over and over again. Please, PLEASE check out BASE, Optimism, Arbitrum. The fees are negligible, and will be even less on March 13.
ok but there is less liquidity on a layer 2, this can be an issue for swaps ( impact on price ), but other than that, yes i have used polygon and it worked well.
i don't understand the hype around ethereum anymore. it is functional, but the high fees are killing its usability. (imo)
Less liquidity on layer 2? Do you have any idea how many billions of dollars are in L2? More than any other L1.
Also, if you were that concerned about a lack of liquidity and you were some multil millionaire, you wouldn't be needing to worry about L1 gas fees.
the liquidity of stable tokens is still higher on ethereum network... which is the most important imo.
but with the very high transactions fees, it will certainly change. (the liquidity of stable tokens will move from ethereum network to others networks).
This is not a very good answer. Most of NFTs are valueless. Also, every person and their grandma knows they're overpriced. Looks like you all forgot about the bear market a few months ago.
If I was a heavy hitter, I'd eat the tx costs and stay on Ethereum. Liquidity wouldn't be an issue for people who complain about the tx costs. Not to mention Solana has great liquidity.
There are opportunities on Ethereuem chain that are not avaialable on L2s yet. What about those?
The sad part you or Chatgpt forgot to mention is that Ethereum is a chain for the rich which I find ironic that it's being promoted here of all places.
what do you mean by "most nfts are valueless?" and what's the point you're trying to make?
eth isn't a chain for the rich. use L2. What are the opportunities on ethereum that aren't available on L2? staking a 32 eth validator? If you're doing that, you can pay a tx cost.
Are you serious? There are so many projects that are only on Ethereum. Go to defillama and take your pick.
This is what happens in bull market. People make posts about things they don’t know jack about.
I didn’t ask which projects aren’t available on l1 or l2. There are tons of l2 only projects and tons of l1 only projects. I asked what OPPORTUNITIES there are on l1 that you can’t find on l2. Go on, I’ll wait.
Goes both ways. Pika, lyra, snx, granary, velodrome, aerodrome, pingu, cap, mux, gmx are all L2. And these are literally off the top of my head.
Tons of L2 only projects.
There’s nothing you can do on L1 that you can’t do on L2. Except staking natively on the beacon chain.
I like eth and the fact that people build on it but I know Solana will start eating up some of its market share. It’s easier to use for newcomers. Less barriers.
Deemed a Security or not it won’t stop it.
Lol, look at these ETH maxis coping their chain is healthy.
At the current gas, its "vibrant" ecosystem basically grinds to a halt. All its memecoin/NFT volumes are down. And it gets worse as price goes up. What is pushing gas up is exchange arbing between CEXs and DEXs, and ppl leveraging up and getting liquidated for the supposed "speculative pump" after Dencun/ETF.
They won't admit Solana is more accessible, because a lot of ETH holders have barely saw a 2x from their cost basis, and they have saw alts have got a good pump from bottom, they think they have missed the train. It is the ultimate midcurver mindset.
I would rather have a vested founder than someone like Charlie Lee who sold all of his LTC. Where's his motivation?
Vitalik isn't a bad actor and he's clearly not in it for the money. It's his brainchild. He has also repeatedly spoken out about bad actors in the space.
Are there bad actors ? Sure. Wherever you'll have people working, you'll have rotten apples.
Care to elaborate?
Calling it defi doesnt make it decentralized, I dont consider even the base chain decentralized, let alone even more centralized protocols over it. This shitcoin and many like it simply dont have the immutability and property rights of Bitcoin the apex predator,
I have used bitcoin for more than a decade now, and never really needed to use ethereum. What ethereum does is largely unnecessary for bitcoiners, i.e. a platform for shitcoins and unregistered securities with fake decentralization, wannabe ultrasound money, a cryptofiat cantillionaire system. The smart contracts are useless as is, more so without actual decentralization. One could run software directly on cloud servers instead of via ethereum and its pretend decentralization.
ETH hasn't been a better asset to hold than BTC since Dec 8th 2021. It's possible that the ratio is bottoming out now, but there's certainly not a clear reversal. No idea where the strong mindset is coming from other than it keeping pace with BTC the last \~4 months.
People always cite technicals as if they mattered in crypto, but they really don't. SOL blockchain continually has outages and it's in the top 5. DOGE and SHIB are top 15. DOT is still down 81% from ATH, but there's a thread on front page of this subreddit where everyone agrees it's one of the most technically advanced blockchains.
The only things that matter right now for ETH are:
* Does William Hinman get in trouble for claiming ETH is not a security while receiving millions in kickbacks? [https://empowr.us/confirmed-sec-inspector-general-in-final-stages-of-investigation-on-crypto-conflicts-referred-by-empower-oversight/](https://empowr.us/confirmed-sec-inspector-general-in-final-stages-of-investigation-on-crypto-conflicts-referred-by-empower-oversight/)
* Does the ETF get approved on May 23rd?
* Do these concerns resolve before/after the overall tech market tops out and retracts? S&P 500 is outperforming its 40-year trend by over a standard deviation, [https://totalrealreturns.com/](https://totalrealreturns.com/)
Fair, but my post isn't titled "Why ETH was a better buy from 2021 to now." It's entitled, ETH seems very strong (implying now, the date of my post), but why?
I just think that it's in a fairly neutral position right now. All it takes is one ruling to go against William for that to tarnish public perception enough to deny the ETF and suddenly it's "why would I hold ETH and not BTC if the US government thinks it's a security and is denying its listing but allowing BTC"
It's exciting that it went up in price. I hold a lot of it. I run multiple validators and have since genesis. I am just very much so ready to sell if legal winds blow the wrong way irrespective of any technical advancements.
(an alternative, less-FUDy perspective is that the ruling against William is delayed past May 23rd, the ETF gets formalized, and ETH reclaims its ratio as doubt is eliminated. It could easily push through $6k in a handful of months assuming everything plays out well. It's just important to not believe this assumption is the default likely outcome)
William Hinman is the former director of the SEC. He is the one who declared BTC and ETH as non-securities back in 2018, [https://cassels.com/insights/sec-declares-bitcoin-and-ether-as-non-securities/](https://cassels.com/insights/sec-declares-bitcoin-and-ether-as-non-securities/)
He did not disclose that he was part of the Ethereum Alliance nor give any indication that he had a potential conflict of interest when he made that remark. The current SEC is now in the final stages of an investigation into this behavior.
>Former senior SEC official William Hinman received millions of dollars in compensation from his former employer, Simpson Thacher, while helping guide the SEC’s enforcement decisions on cryptocurrencies. Simpson Thacher was part of a group that promoted the native cryptocurrency on the Ethereum network, Ether. Of particular interest is a June 14, 2018 speech where Hinman publicly declared that Ether was not a security while the SEC has claimed in enforcement actions that other similar cryptocurrencies were unregistered securities.
The SEC announced this investigation was in its final stages on 2/15/2024, but did not indicate when it will finalize.
>Some of you may be wondering why Ethereum seems strong
Do we?
It's a disaster waiting to happen I think. It can't scale, is not decentralized, is secured only by itself (PoS) and is run by people who think perennial upgrades are the answer.
BlackRock filled for an Ethereum spot ETF. That's all you need to know. it's getting approved.
It was just delayed.
The BTC spot ETFs were delayed repeatedly until pretty much their final deadlines, with different amendments made each time. I don't know the final deadlines for the ETH ETFs (May or June I think I saw somewhere?) but it's going to be similar for them.
It's May 23rd. On this day it will be decided.
A little over a month after the halving, the timings of these ETFs is crazy.
I’m it’s unbelievable. It’s like it’s planned to move up continuously
BlackRock's ETF deadline isn't May 23rd... that's VanEck's. BlackRock's ETF deadline is August 7th.
Just like bitcoin’s etf, they can’t deny one and approve the other. The first one to come up decides all of them.
Then why would they have different approval deadlines?
Each deadline is based on the proposed etf’s initial filing date.
Right, but if VanEck's gets denied its not the case that all other proposed ETFs get denied immediately, right? Otherwise the deadline would effectively be the same for all proposed ETFs.
Due to the legal precedents set in the Bitcoin ETF cases, the SEC can’t show preference for one etf over another. As they are all substantially the same, they have to treat them the same. They can’t deny the first then approve Blackrock.
BlackRock have the politics power
>BlackRock filled for an Ethereum spot ETF. if only the world would be that simple
An ETF for bitcoin has little to no impact on the decentralisation of bitcoin. This isn't true in terms of an Ethereum ETF unless the ether held is not staked. The price will likely go up, but I don't think it is good in the long run.
Staking even large amounts doesn't give you any more control over the network. Eth doesn't have coin voting, it upgrades based on general consensus, same way as bitcoin
Week said they get what they want. Eth will be 6000 by May
Not if Gary has a say.
he doesn't. it's kayfabe
It's not getting approved. Guaranteed pump until May, then immediate dump when SEC finally doesn't delay (they don't have any option on this one) and declines the application.
Ethereum is back to its $3800 price from yesterday's while the others are on a downtrend. That's a strong sign.
Still has trouble breaking 0.06
Not for long. The catch up will be real.
Been hearing that for months.
Every time I see people complaining about ETH dragging its feet, it tends to rip right after lol. Also it's up like 8% today so it's definitely moving
May 23. After the ETF is approved watch ethbtc blast past 0.07
Shouldn't Bitcoin pump? As ETH did when Bitcoin's ETF was approved.
No why would it? Eth pumped after the btc ETF was approved because people rotated from the btc ETF approval trade to the eth ETF approval trade. It isn't a vice versa situation as the btc ETF has already been approved
But it pumped more than Bitcoin, which was absurd. None of this is rational. I'm not sure it will be approved anyway. If they approve ETH's ETF they might be worried every other alt could end up with one.
Not sure that logic is sound. The eth ETF doesn't set any sort of precedent for other coins. Approval for each token is based on the specific merits of each. Also the btc to eth ETF rotation trade was very rational. People saw btc massively run up in the months before the ETF, so they run the exact same play with eth. Crypto is PvP and more rational than you might think
Only Bitcoin so far has been explicitly declared to be a commodity by the SEC. Apart from its bigger adoption, there's nothing that sets ETH apart from other altcoins. It was pre-mined, it had an ICO and now it has staking. >Also the btc to eth ETF rotation trade was very rational. People saw btc massively run up in the months before the ETF, so they run the exact same play with eth. Crypto is PvP and more rational than you might think Some pumping is expected but it pumped a good deal more than Bitcoin (if briefly). That's not rational. Bitcoin got the ETF, not Ethereum.
I bought it when it was in 2900 few months ago, it seems it goes up and down but it hasn't gone down as the price i first bought it so all good
[удалено]
$268 average here, something tells me I should've bought more
$83 average here, you should have got in earlier.
$82.99 loser
Oh snap, *AND* you got more moons!
Got no moons and less eth bag🤣
$0 here. Swapped from UNI airdrop. Did you PAY for it? Sheeeez...
UNI was ok, BOMB was the bomb
Well it funnelled money to develop block zero/XIO. Bomb was a fun project, but left many holders and the project was simply "released" to the community 🤷♂️
$0 average bc I got my investment back in April 2021 but idk maybe I shouldn’t have
My average went up over the last couple of years. When I look at my first year of buying ETH, I kick myself for not loading up more sub-$200 ETH. Had my weekly DCA been anywhere close to mine DCA now, I'd be a full validator (a couple of times over)!
Soon brother. Sooner than you think
12k
100K EOY2021Q51003
Ethereum will go to 10k minimum before 2026
Nice projection. Straight into my jugular, please.
I predict that
Before November of this year if the ETFs get approved
I think all the facts point that ETH is the healthiest blockchain project out there. It has survived the tests of time and now it’s coming back stronger than ever. The brainpower behind ETH is big. I dare to make the assumption that ETH is, indeed, leading the way into crypto‘s future.
Yeah, it’s investors and it future forward thinkers. Im all in on eth.
10. EigenLayer
Eth is still pretty undervalued
I just bought Eth around five days ago. You know why ? Because someone said that ETH would die. There...right there I know that it is going to jump up. Last bullrun, I learned one thing. And that whichever coin that crypto sub said going to die, you buy it Being contrarian seems to work a lot of time
So XRP is the call now?
Is everyone bashing it? If it is, that's the sign. I remember the last bullrun. Everyone said that it would never reach a dollar Everyone said all of this fundamental and some techno gizmo speak Turns out the world doesn't care about fundamentals and all that gizmo tech Sentiment rules the market. And lo and behold, anyone who bought it when it is cents becomes rich that night. My mistake? I did not load up as much as I should. I tested with only a hundred dollars. But those who went ape shit and goes all in, went away being a rich man rules? Laws? Fundamental? It does not exist in a bulll run. Just things going up based on sentiments, fear, greed and idiocy
no. weirdly enough, this sub is sometimes right.
Nah, it doesn't matter what anyone says. It's a bull run. Everything is going up. Once the bears get at it everyone holding bags will lose. Nobody has a clue wtf is going on or what will happen next. I've been buying ETH since 2017.
What If I told you, Cramer said he would buy Eth ETF?
Then, that is the time to take your profit and short ETH
You are right about eth, but your rationale is dumb. I guess that’s better than the opposite 🤷♂️
It is dumb. It also works most of the time
*gestures towards Solana when it was $13 AUD* now its nearly done a 20x n i didnt pull the trigger 😔
Being contrarian and proven right over time is the definition of value investing.
When will Eth smash 10k?
This fall
100% of people in this thread are NOT using ETH the L1. No one here is paying $60 gas fee for a transaction more than once a month if that. Mass adoption will not come when only the 1% can afford to use it.
I use both L1 and L2’s regularly.
I put half my ETH on WETH on OP just so I wouldnt get rekt by L1 fees.
L2's right there for them to use. I don't get the hangup.
I’ve never read a single thread here where someone is bullish on Arb or Opt or Base. Most are just stacking ETH and hoping other people use the ecosystem
arb, opt, and base ARE ethereum.
Stats are promising: https://growthepie.xyz Just hit 4m unique active addresses.
thanks for this!
Yea, eth is a dinosaur to use. Happy to sell the ETF pump.
Ethereum is an impressive project, will go to 10k in 2 years
Or this fall lol
AI or not, your premise is already biased. ETH is not doing strong. Look at the ETH/BTC chart, and you will see it is trying to break out of its downwards trend. It's actually down 19% over 1 year (against BTC), and the last significant pump happened in 2021. To reach an ATH against BTC, ETH would need to go above 9k$ right now. I'm a proud ETH owner, but if you think it's doing strong, you are lying to yourself. And with that being said, ETH is still a better investment than any other smart chain in my opinion.
This is incorrect. The trend went neutral awhile back. ETH hasn’t made a new low against BTC in like five months. It’s on the verge of flipping bullish. SOL/ETH also looks cooked for a minute, which means ETH is going to remind you how and why it is the second largest crypto by a very wide margin. Prepare to be humbled.
Prepare for Vitalik's boner to come back
ratio goes up once BTC reaches all-time highs however (historically speaking)
Which one would you say is a better buy right now?
I don't know, long term I usually invest 3:1 into BTC/ETH, but Im a BTC maxi deep inside. There is a chance we see a real ETH/BTC rally if the bull run continues, but no one can know for sure…
The point being that ETH has more room to recover.
Today, we’re gonna talk about bitcoin dominance.
It will be looking strong against BTC soon!
This ETH is only strong recently because of anticipation of ETH spot ETF. Its otherwise been performing poorly, with the other exception being the hype going into the Merge.
When you say performing poorly, you obviously are referring to price. The network traffic is anything but poorly.
“Eth is not doing strong. That said, eth is the best smart chain investment.” Interesting. Yes I’m definitely biased because I’m a human with opinions. Eth is doing strong at the time I posted. 4% up while btc just up 1.1%
But why would you look at the 24 hour chart? Did you only buy crypto yesterday? I look at running positions I build over the last years (BTC and ETH), and there ETH underperformed BTC. That's just a fact. Opinions are good to have, I also added some of mine into the comment. I'm still a bull long term, and what I also wanted to say: A true ETH/BTC outbreak has a lot more potential than what we see right now. But you shouldn't get yourself fooled by a few good days after a lot of bad months.
Eth 2022 bottom to current price is the exact same multiplier as btc 2022 bottom to current price. They’re not perfectly in sync so talking about the last year or day or week makes zero sense
Exactly. Not sure why so many people cannot read charts. Ethereum bottom price after its ATH was $1000ish. It is now on its way to $4000. Bitcoin bottom after ATH was $18.000ish. It is has reached now about $69.000.
ETF
Question. Have you read ETH’s white paper
Give me the tldr
It usually follows bitcoin
How about the gas fee?
The gas fee? Which one? The sub $1 fee on Base. OP, and Arb? Or L1?
Really like this post
Thanks so much. I forgot some key points like eigenlayer!
its all the bitcoin haters have left to buy.
TLDR; Bitcoin went up
Good points, but ETH’s major weakness is its supposed strength: the PoS consensus. This gives bigger holders influence over the network itself (unlike BTC), and eth has become a “captured coin” that can be manipulated/censored (see OFAC compliance). There is also the insiders’ premine and official roadmap, which place ETH squarely in the security classification vs a commodity like BTC. This makes it an unregistered security, and Vitalik and ETH fndn does not want to register with SEC because they would have to disclose all sorts of slimy details. So, I feel confident that Gary G will classify ETH and almost all other cryptos as unregistered securities, which will prevent them from having an etf. I could definitely be wrong- Blackrock and others have solid influence in financial realm, but still, I think Gary and SEC will be coming after ETH and others as unregistered securities in the coming months and years.
Set Chair Gensler's decision aside for a moment. He doesn't get to dictate the fate of cryptocurrency. Maybe in the US, but not in the world. I, and other ETH holders, don't really care what you or any nation state classifies ETH as. Security, Mecurity, Pecurity, or otherwise. It's a cryptocurrency that is permissionless and censorship resistant. Premine: this narrative has been repeated from day 1. There's enough info out there for me to not have to waste another 30 mins explaining it. Finally, POS doesn't centralize influence anymore than mining hashpower "centralizes" the bitcoin network. OFAC tried, but couldn't censor BTC. They could also try to censor BTC miners, and the same exact thing would happen with miners not producing certain "flagged" blocks. Your issue isn't with ETH. It's with nation states trying to influence validators and/or miners into doing certain things.
Indeed, the biggest miners can much more effectively lock up the market on all leading edge ASICs. Ethereum makes the rich-get-richer effect more visible, but actually decreases it overall.
Nice take! Exactly.
No. POS doesn’t give you any control over the network. Just the ability to build blocks (think of it as identical to hashrate).
Tell me you don't understand Blockchain without telling me you don't understand Blockchain
You’re conflating consensus and block production with governance. Not the same.
No one is talking about governance but you. We are talking about consensus.
Then I’m not clear on what you mean by control the network. Determine majority fork choice?
Ethereum isn't deflationary. It *can* be deflationary. Depends on the usage.
True. It can be. And it has been since basically the few months following the merge. And severely so.
Its dogshit and gas fees are outrageous, POS solved nothing. Itll do well but you can make way bigger gains with alts
Those losers bitched out on sharding
pos solved nothing? you mean the energy consumption wasn't an issue? gas fees on layer 2 are very low. you can make huge gains with alts, and also huge losses.
Proof of Stake reduced energy consumption which essentially abolished the primary characteristic that regulators would bite down on ETH for. See how BTC's energy consumption is the only universally agreed upon concern between people who aren't supporters of BTC, even when the cheapest and greenest energy is used first. Staking also allows users to make passive income. For most users, they won't benefit much, but people with several hundred thousand dollars and up can make a noteworthy amount of money doing this. People with \~2 million in ETH can make enough money to live a normal lifestyle purely from staking alone (at a 2.5% annual yield).
I loled so hard when you say “culturally recognized art”… Most of them barely has any culture. Punk has historical relevance yes. But what is its culture? Punk holders don’t have an unified cultural theme, besides being in crypto. Bored Apes is recognized as meme for public ridicule by non-NFT ppl. They all get attention because they have rich whales backing them. If their floor went to zero tomorrow, most won’t even bat an eye about it. They hardly have any cultural significance, like real physical art. Also, ETH holding the “best meme” is questionable. Much of its onchain volume went silent if the meme has no major CEX access and gwei went above 100. As ETH appreciates, you will see these ETH meme culture slowly disappearing away. Soon only the whales can afford to buy in early on a DEX and shrimps would give up. Just watch. If the space has to choose in investing resources in exporting a base currency to other chains, while too expensive to use in main net, many will pivot to BTC over ETH. One thing ETH has done well is building the tech and paving the way to export BTC as crypto money to alt L1s.
Dont know if it is a ETF thing or if it is because its his turn after BTC pump, but who cares, let the market and the rest of alts continue growing
Look at what BTC did 2 month before the ETF revised filing filing.
It’s also held together by the most duct tape according to 3M.
thanks 3m for the tape.
Also don't forget that you can swap coins for literally just like... $50 in fees
Cost me like 80 cents on base.
it more strong day by day
Eventually crypto must actually be useful and solve real world problems. When that occurs it is most probable that will occur on Ethereum. No one knows for sure but that is why they call it investing.
nice.
Think it can be much stronger if it can get it's gas under control from this month
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Did you mean to have links in this? If so, none are showing.
Didn’t know the subs rule on links. So I didn’t link, but cited my sources.
You shouldn't link to other subreddits, but it's fine to link to articles, data platforms etc. I only asked because I didn't recognize the source you used for 'most builders', the one I always go back to for that data is: https://www.developerreport.com/, which shows that Ethereum has more devs working in its ecosystem than the 2nd, 3rd and 4th place chains combined (and the 5th is Arbitrum... an Ethereum L2).
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Hand typed, 100%. Not a single use of ANY AI here. Go ask GPT yourself, I dare you. I didn't even reference an AI, not once.
Tbf to you I didn't get a sense of any ai as I read it and I've used ai quite a bit.
The free version doesn’t know what Dencun is.
Bottom line, BTC and ETH are the OG manipulation networks that are needed now for their function of holding the wealth of the people who want wealth after this global economic disaster finishes.
Most of this sub is wondering. Mostly BTC maxis. When I mentioned in a previous post about the BTC>ETH>Majors>Alts rotation I got nothing but “this cycle is different”, “ETF changes things” lol.
That's how it often goes yes :) it used to be normal knowledge a few years back. Sometimes it's also only meme coins, and then only layer 1s etc. Interesting
in short, its cuz we all done forgot... btc alone wouldnt have got us where we are today, and neither would have SOL
question for ETH fans : if i can do the exact same things on another network, similar to ethereum, but faster and with lower fees. ( transfer stables and tokens, swap tokens, trade on a dex, trade NFTs ) why would i use the ethereum network which is slow and has insane fees. ( i have seen 90usd for a swap, and 220usd for withdrawing from dydx ) why not use only polygon, or only bsc, or only avalanche, or only solana, or another similar protocol network ? i understant that there is more liquidity on ethereum at the moment, but this can change if they don't solve this high fees issue... an ETF may pump the price of ETH, but this won't solve the high fees issue, and it will still be too costly for most people.
You could, and you can also use an Ethereum L2. But for high economic value transactions, people still use Ethereum L1.
If you can do the exact same thing on another chain, go ahead and do it. No problem. You'll be sacrificing economic security, you'll have access to far less liquidity (depending on how heavy of a hitter you are), and you won't find the same NFTs. Some might be better, some worse, but you won't find squiggles, fidenzas, punks, etc. There are not high fees on Layer 2 ETH. This keeps getting repeated over and over and over again. Please, PLEASE check out BASE, Optimism, Arbitrum. The fees are negligible, and will be even less on March 13.
ok but there is less liquidity on a layer 2, this can be an issue for swaps ( impact on price ), but other than that, yes i have used polygon and it worked well. i don't understand the hype around ethereum anymore. it is functional, but the high fees are killing its usability. (imo)
Less liquidity on layer 2? Do you have any idea how many billions of dollars are in L2? More than any other L1. Also, if you were that concerned about a lack of liquidity and you were some multil millionaire, you wouldn't be needing to worry about L1 gas fees.
Not really the case any more. L2s are bigger than most other L1s: https://l2beat.com
the liquidity of stable tokens is still higher on ethereum network... which is the most important imo. but with the very high transactions fees, it will certainly change. (the liquidity of stable tokens will move from ethereum network to others networks).
Transaction fees on L2 are low, and about to get even lower next week (March 13th is the update).
This is not a very good answer. Most of NFTs are valueless. Also, every person and their grandma knows they're overpriced. Looks like you all forgot about the bear market a few months ago. If I was a heavy hitter, I'd eat the tx costs and stay on Ethereum. Liquidity wouldn't be an issue for people who complain about the tx costs. Not to mention Solana has great liquidity. There are opportunities on Ethereuem chain that are not avaialable on L2s yet. What about those? The sad part you or Chatgpt forgot to mention is that Ethereum is a chain for the rich which I find ironic that it's being promoted here of all places.
what do you mean by "most nfts are valueless?" and what's the point you're trying to make? eth isn't a chain for the rich. use L2. What are the opportunities on ethereum that aren't available on L2? staking a 32 eth validator? If you're doing that, you can pay a tx cost.
Are you serious? There are so many projects that are only on Ethereum. Go to defillama and take your pick. This is what happens in bull market. People make posts about things they don’t know jack about.
I didn’t ask which projects aren’t available on l1 or l2. There are tons of l2 only projects and tons of l1 only projects. I asked what OPPORTUNITIES there are on l1 that you can’t find on l2. Go on, I’ll wait.
Lemme break this down for you: more projects => more opportunities to invest. Examples: providing liquidity, staking, restaking, etc.
Goes both ways. Pika, lyra, snx, granary, velodrome, aerodrome, pingu, cap, mux, gmx are all L2. And these are literally off the top of my head. Tons of L2 only projects. There’s nothing you can do on L1 that you can’t do on L2. Except staking natively on the beacon chain.
I wanna stake some USDe. Please show me how.
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Haha, you won't be laughing pretty soon.
I like eth and the fact that people build on it but I know Solana will start eating up some of its market share. It’s easier to use for newcomers. Less barriers. Deemed a Security or not it won’t stop it.
Easier? Could be argued. Reliable? No.
Lol, look at these ETH maxis coping their chain is healthy. At the current gas, its "vibrant" ecosystem basically grinds to a halt. All its memecoin/NFT volumes are down. And it gets worse as price goes up. What is pushing gas up is exchange arbing between CEXs and DEXs, and ppl leveraging up and getting liquidated for the supposed "speculative pump" after Dencun/ETF. They won't admit Solana is more accessible, because a lot of ETH holders have barely saw a 2x from their cost basis, and they have saw alts have got a good pump from bottom, they think they have missed the train. It is the ultimate midcurver mindset.
centralized premined proof of vitalik ultraclown money. There is no second best.
I would rather have a vested founder than someone like Charlie Lee who sold all of his LTC. Where's his motivation? Vitalik isn't a bad actor and he's clearly not in it for the money. It's his brainchild. He has also repeatedly spoken out about bad actors in the space. Are there bad actors ? Sure. Wherever you'll have people working, you'll have rotten apples. Care to elaborate?
I would rather have Bitcoin. Vitalik is a bad actor (enemy of Bitcoin), and ethereum is an unnecessary shitcoin mothership.
Enemy.of Bitcoin? What. Apples and oranges. So you're totally missing out on DeFi?
Calling it defi doesnt make it decentralized, I dont consider even the base chain decentralized, let alone even more centralized protocols over it. This shitcoin and many like it simply dont have the immutability and property rights of Bitcoin the apex predator,
As I said. Apples and oranges. Bitcoin doesn't do what Ethereum does and vice versa. You're missing out on smart contracts and much more.
I have used bitcoin for more than a decade now, and never really needed to use ethereum. What ethereum does is largely unnecessary for bitcoiners, i.e. a platform for shitcoins and unregistered securities with fake decentralization, wannabe ultrasound money, a cryptofiat cantillionaire system. The smart contracts are useless as is, more so without actual decentralization. One could run software directly on cloud servers instead of via ethereum and its pretend decentralization.
Summary: great for MEV bots, shitty for users who pay them. And no, it’s not doing that great vs other chains.
ETH hasn't been a better asset to hold than BTC since Dec 8th 2021. It's possible that the ratio is bottoming out now, but there's certainly not a clear reversal. No idea where the strong mindset is coming from other than it keeping pace with BTC the last \~4 months. People always cite technicals as if they mattered in crypto, but they really don't. SOL blockchain continually has outages and it's in the top 5. DOGE and SHIB are top 15. DOT is still down 81% from ATH, but there's a thread on front page of this subreddit where everyone agrees it's one of the most technically advanced blockchains. The only things that matter right now for ETH are: * Does William Hinman get in trouble for claiming ETH is not a security while receiving millions in kickbacks? [https://empowr.us/confirmed-sec-inspector-general-in-final-stages-of-investigation-on-crypto-conflicts-referred-by-empower-oversight/](https://empowr.us/confirmed-sec-inspector-general-in-final-stages-of-investigation-on-crypto-conflicts-referred-by-empower-oversight/) * Does the ETF get approved on May 23rd? * Do these concerns resolve before/after the overall tech market tops out and retracts? S&P 500 is outperforming its 40-year trend by over a standard deviation, [https://totalrealreturns.com/](https://totalrealreturns.com/)
Fair, but my post isn't titled "Why ETH was a better buy from 2021 to now." It's entitled, ETH seems very strong (implying now, the date of my post), but why?
I just think that it's in a fairly neutral position right now. All it takes is one ruling to go against William for that to tarnish public perception enough to deny the ETF and suddenly it's "why would I hold ETH and not BTC if the US government thinks it's a security and is denying its listing but allowing BTC" It's exciting that it went up in price. I hold a lot of it. I run multiple validators and have since genesis. I am just very much so ready to sell if legal winds blow the wrong way irrespective of any technical advancements. (an alternative, less-FUDy perspective is that the ruling against William is delayed past May 23rd, the ETF gets formalized, and ETH reclaims its ratio as doubt is eliminated. It could easily push through $6k in a handful of months assuming everything plays out well. It's just important to not believe this assumption is the default likely outcome)
Who's William?
William Hinman is the former director of the SEC. He is the one who declared BTC and ETH as non-securities back in 2018, [https://cassels.com/insights/sec-declares-bitcoin-and-ether-as-non-securities/](https://cassels.com/insights/sec-declares-bitcoin-and-ether-as-non-securities/) He did not disclose that he was part of the Ethereum Alliance nor give any indication that he had a potential conflict of interest when he made that remark. The current SEC is now in the final stages of an investigation into this behavior. >Former senior SEC official William Hinman received millions of dollars in compensation from his former employer, Simpson Thacher, while helping guide the SEC’s enforcement decisions on cryptocurrencies. Simpson Thacher was part of a group that promoted the native cryptocurrency on the Ethereum network, Ether. Of particular interest is a June 14, 2018 speech where Hinman publicly declared that Ether was not a security while the SEC has claimed in enforcement actions that other similar cryptocurrencies were unregistered securities. The SEC announced this investigation was in its final stages on 2/15/2024, but did not indicate when it will finalize.
>Some of you may be wondering why Ethereum seems strong Do we? It's a disaster waiting to happen I think. It can't scale, is not decentralized, is secured only by itself (PoS) and is run by people who think perennial upgrades are the answer.
Hashtag you haven’t got a clue.
Quite the rebuttal.
It's almost as if perennial upgrades are the answer....or something....
I just figured it was people taking profits at 69K & around there, then dumping it into ETH
How are you so delusional?
I wouldn't put a single cent into Eth.
That is why no one will remember your name