Ethereum is Totally Redundant
What is Ethereum? Why was it invented? What problem does it solve?
Launched to solve the “limited functionality” of Bitcoin, Ethereum finds itself still struggling to emerge as the distinctly superior blockchain.
Well, that actually depends on what metric you look at. If you want to look at the amount of ICO scams that have been perpetrated on the Ethereum blockchain, or maybe how many pointless anti-art jpegs have been sold with endless NFT royalties, then maybe you could consider ETH worthy.
Otherwise, it's clear to see that transaction speeds strongly favor BSV. Along with size, and complexity for significantly lower fees.
The reason I am touching on this, Ponzi loitering before a bank run, is because of the upcoming merge they continue to disappoint with. ETH2 has named changed and pushed back the date of release continual. At this point, they might now even change to Proof of Stake or even use ETH2.
Not to mention the whole project was in the disguise of another shameless coin offering to RASIE FUNDS!? Um, excuse me, what are you going to do when people want to use or spend their ETH2 tokin? Oh right, you just halt any trading, not very decentralized when it really goes down…
Regardless, it's important to look back and try and understand why this thing even started. What was Vitalik Buterin looking to fix with Bitcoin?
It’s clear that one of the main reasons that he “came up with the idea behind Ethereum, [was] a blockchain with a built-in programming language.” The problem with this is that Bitcoin actually has a code, it is a script built into the transaction as input for contracts or agreements. Now, it seems as if Vitalik was either completely oblivious to the existing feature that he claimed was his proprietary feature, or he was being deceptive and not actually offering much other than word vomit to distract and convince. Confidence is key in executing scams.
“Trust the technology” is also a common phrase spoken in their community. But this almost always leads to internal problems that original investors did not know about.
It is extremely important. Investor protection is aimed at a serious issue that allows those robbing folks of lifesaving to be held accountable for literally lying for money.
To further discover issues with Etherium, we can look into the issue of computing power associated with a mass scale (a universal blockchain goal).
Currently, ETH offers a 15 TPS speed. One of the things they are promising with the merge is 100,000 transactions a second.
The question is how will they do that on a proof of stake concept?
Stakers offer no computational connection to the network to do work, they are basically just investors, and the transactions are all centralized to specific miners.
It is clear that PoW has greater computational power because its demands are aligned with greater power as input to join the network. The miners get paid to offer their power.
“The energy consumption claims do have some merit. Yes, PoW can consume a lot of energy. However, this is why it’s necessary to process as much data as possible in transaction blocks (as BSV does) and extend the usefulness of the blockchain to secure much of the world’s information” (CG)
Vitalik describes best how to scale a blockchain, “basically taking that same kind of idea of increasing the power of the system by making it more general purpose and applying it to blockchains.”
Beautifully put mate, a great vision, that completely copies the original method of Bitcoin
This is exactly what Bitcoin does, it demands more computational power based on need. And the functionality is limited to what you can apply to the script.
The ironic thing is that they should just put the whole Ethereum blockchain on the Bitcoin chain. Then they may be able to survive.
Basically, there was no need for ETH to be invented, and it becomes more obvious that this was the work of a 20-year-old dropout obsessed with his status and perception.
The whole space is limited, the idea behind Bitcoin is simply digital cash. What do you use cash for? Buying stuff, in a way that is not directly attached to your identity? It is not that complicated, but as is common with new technology, there are many opportunists looking to take advantage of knowledge gaps and trick people into giving them their money.
We are all left to wonder, will I ever get my ETH2 back?
Because nothing sums it up better than memes…
