The Ethereum Network Upgrade Makes me rethink @maxkeiser opinion about Shit-Coins – March 8, 2021,
Just being honest, I liked Ethereum without the upgrade, but my opinion was voted out in favor of the greed component. I don’t care about the price of cryptocurrencies, I never have, what I want is for more people to have financial education, which would allow us to get rid of central banking.
As it relates to the Ethereum Network, what I’ve observed is that users feel like they have a superior crypto to Bitcoin, however, Bitcoin is all the rage right now. Several times I’ve read tweets from Max Keiser referring to Ethereum as a shit coin, but never understood what he meant, well… Now I get it.
Impatience is a form of greed and it often leads to the downfall of many a person and many an entity, when an organization can get together IN A PERIOD OF TIME and make a collective decision to ATTEMPT to revalue something that the market has been rather kind too, it makes me stop and think.
Although many point to the halving of Bitcoin as the trigger that pushed the price up, I’d argue that the mainstream media had a lot to with it. Not a day goes by when I don’t read about Bitcoin and if the mainstream media can change the course of a U.S election or the price of Gold and Silver, why can’t the media change the trajectory of the price of Bitcoin?
I personally believe that governments all over the world are using Bitcoin as their way to introduce their own CENTRALIZED digital currency and I’m of the belief that Bitcoin is helping them to do this. However, I’m not 100% on board with the idea that the media is the only entity driving up the price of Bitcoin, there’s a lot of Bitcoin merch for sale, there’s a culture-building around Bitcoin and even if Bitcoin crashes tomorrow, people could argue that we lived through a decentralized money era and knew what it felt like.
Via a democratic process that had little to do with bartering market transactions, mirroring central planners, the powers that exist in the Ethereum Network opted to find a way to force deflation into their network. As is the case with fiat money which is successful primarily because of the debt component which coincides with the fractional reserve component of the retail banks, the Ethereum Network decided to make a left turn in hopes to boost profitability for shareholders.
Reading the article below makes me feel like shit, it’s not to say that things won’t work out positively for the Ethereum Network, it’s just that it’s a justification of centralization. Gold and Silver serving as money has a deflationary component because people can hoard it and force other people to innovate themselves into an inflationary economy.
With all of Bitcoins flaws, it’s inherently deflation, sure creating a fractional reserve system with bitcoin will be a challenge, but who cares, it’s still possible if people can be creative. The Ethereum Network is now forcing deflation into their network which is an attack on your digital wealth, from my standpoint it makes Ethereum seem rather silly.
With that said I also find the current fiat system rather silly, but yet, it still works, I know quite a few people who hoard U.S dollars who don’t live in the United States. Perceived value is everything and usually, it’s only the central planners who can destroy perceived value.
As many of us know, it will be the politicians who destroy fiat money, but if a group of individuals can come together and basically change their currency system, to benefit the greed amongst them, it really lends my ear to Max Keiser calling on non-bitcoin crypto-currencies shit-coins!
Under the changes, known as EIP 1559, users would send a base transaction fee to the network that would destroy or “burn” the ether tokens, reducing the number outstanding.
Interesting times ahead!
