Just like the dotcom bubble, absolutely. Most of the thousands of crypto projects out there are $$$ grab vaporware if not outright scams.that's a lot of different coins. Surely most will fail?
Its simple enough to grasp that it’s not so much a currency as it is a network / platform. But what I don’t get is how it is the fuel for its own network, or even why any crypto network needs a “fuel” other than electricity and fiat USD. Nonetheless, I have no doubt that crypto is the future of currency regardless of what role Ethereum plays in its establishment.Ethereum's use case isn't as a medium of exchange, I think that's why so many on here are having a hard time with it because it falls under the banner of "crypto currency". Sure, ETH is the currency/fuel that powers the network, but that's not the purpose of the Ethereum network
A decentralized network needs to be secured somehow. With BTC and ETH currently, they are both secured, and transactions processed through Proof of Work consensus (POW). An almost unfathomable amount of computing power is securing those networks right now and it's incredibly expensive to do so. With a proof of stake consensus mechanism, securing the network is vastly less resource intensive from a hardware and electricity perspective, but significantly more capital intensive up front since it takes 32 ETH to run a single validator node.Its simple enough to grasp that it’s not so much a currency as it is a network / platform. But what I don’t get is how it is the fuel for its own network, or even why any crypto network needs a “fuel” other than electricity and fiat USD. Nonetheless, I have no doubt that crypto is the future of currency regardless of what role Ethereum plays in its establishment.
it sounds like you don't think it'll go down much, if at all? That something like 1500 is the floor from here forward?New ATH of $1764 hit today. Still just the beginning. 1000x the throughput with the initial move to ETH2.0, no miners, staking, burning transactions... I'm extremely excited at what's to come, especially as more and more financial services jump on board and built on top of Ethereum.
I wouldn't say that at all. The crypto market is volatile and so anything is possible. I will say that BTC is looking more and more stable as institutional money gobbles it up and hoards it away for the long haul. We're just now seeing institutional money do the same with ETH but they're about 18 months behind BTC in that arena. Increased stability means that the price floor for BTC and ETH will absolutely come up, but that doesn't mean that the floor is anywhere near as high as $1,500. We could see 1k ETH again easily, it really just depends on how this bull market goes. One thing I wouldn't be doing right now is shorting BTC and ETH on margin, that's a great way to lose it all.it sounds like you don't think it'll go down much, if at all? That something like 1500 is the floor from here forward?
Am I reading this right, that ETH2.0 won't involve miners?New ATH of $1764 hit today. Still just the beginning. 1000x the throughput with the initial move to ETH2.0, no miners, staking, burning transactions... I'm extremely excited at what's to come, especially as more and more financial services jump on board and built on top of Ethereum.
Cardano is a direct Ethereum competitor, polkadot is kind of in the grey area there and could be seen as a potential Ethereum competitor but could easily just work along side Ethereum. DOT was stared by some of the early Ethereum devs and seems to be a promising project.I picked up some polkadot and cardano.
Unless I misunderstood, they are linked to Ethereum and will grow along with it.
I picked up etherium back when it was at 1250,a little late in the game, but, well see.
Correct. ETH2.0 will secure the network using Proof of Stake (POS) protocol as apposed to the Proof of Work (POW) protocol that BTC and ETH currently use. The benefits of POS are many. With staking pools, drastically lower barrier to entry from a tech and money standpoint for people wishing to secure the network. Drastically lower electricity use, we're talking 1% of what is currently being used, and Proof of Stake nodes can be run on ordinary desktop hardware. Reduced sell pressure from miners having to fund hardware purchases, electricity and housing costs. Increased demand for ETH for staking. Staking ties up ETH so it effectively reduces available supply. Long term projections of .5-2% inflation, which could be even lower with dynamic transaction burning.Am I reading this right, that ETH2.0 won't involve miners?
I ask because I'm really sick of this long term graphic card shortage. My PC took a dive last month and I've been searching everywhere for a new 3D card.
I ultimately gave up trying to fine one at a fair price. So this weekend I finally paid a scalper for one. It cost me over $1100.00(with taxes) for a RTX 3070.
It's very frustrating for a lot of gamers and PC builders out there, so hopefully this shortage will end soon.
Right now there is the original ETH blockchain and an essentially BETA ETH2.0 blockchain (launched in Dec 2020). Once development on the ETH2.0 blockchain is complete all current ETH coins will be migrated to the ETH2.0 chain and will be on one shard. Sharding (terrible word, LOL) is pretty much like a really complex raid for hard drives where instead of every node having a copy of the entire chain, it only has a fraction of it, which is one of the areas that L1 scaling/throughput will improve dramatically.so will there be a 2.0 crypto or will ETH, as-ish, remain the primary 'gas'? (am i using 'gas' correctly?)
Do all the individual currencies also fuel themselves in the same manner?Essentially, gas (small fractions of ETH) is what pays the people securing the network and doing the work so the network can exist in the first place. By it's very nature, a decentralized blockchain has to be expensive to run (everything is relative) in order to be secured from attack.
Edit: I get what you're saying, I guess just think of ETH is stock in a company you earn for performing work. The better the company succeeds the more that stock is worth. Miners and stakers can of course always cash out their ETH for fiat anytime they want. Nobody is going to invest a ton of time, money and resources into something without any return, so miners and stakers expect something for their investment, ETH is the "stock" they earn for securing the Ethereum network..
Great question. The price of crypto in general is speculative based on a ton of different factors. BTC proponents have taken the "Digital Gold, Hedge Against Inflation" store of value mantra which is based on shared faith in the asset, and since it's scarce, the more people who have faith, the higher the price.If it becomes that much easier to produce, wouldn't value go down?
Are you talking about other crypto currencies like BTC and LTC? All decentralized blockchain based networks need some form of security and reward for securing the network. Proof of Work (GPU/ASIC mining) or Proof of Stake are the two major methods of securing decentralized networks. BTC, LTC and ETH currently use Proof of Work consensus. ETH2.0 will use Proof of Stake consensus.Do all the individual currencies also fuel themselves in the same manner?