Is ETH going to collapse with BlockFi and finally go to hell or will it keep supporting scams a bit longer?
ETH will not die from collapse. It will die a slow death. They are running out of narratives to pump it. ETH the asset will likely get some interest as a high beta to Bitcoin play (which is moronic but how the algos currently trade it) but unlikely we will see organic platform growth with the ICO, NFT and Defi bubbles all having popped.
They are between a rock and hard place in terms of staking withdrawals. If they unlock during a bear market the price will collapse but if the bear market is prolonged and they don't unlock they will lose all credibility.
There is also the looming question of regulation. Powerful forces want ETH to be regulated as a commodity by CFTC but the collapse of FTX has shone quite a light on the folks in congress who were being paid off by Sam and other shitcoin promoters to allow the regulatory arbitrage of proof of stake protocols to continue and thrive. It may take years for the SEC vs CFTC oversight debate to play out or it could come swiftly, who knows. Another potential outcome is both bodies would have some regulatory oversight over "crypto" or they create some new regulatory body (bureaucrats love more senseless bureaucracy). Although I would disagree with this, I could see some middle ground where ETH is declared a commodity but staked ETH a security. This seems ridiculous because of unnecessary complexity but that's precisely the type of thing bureaucrats do.
I very much hope this past boom was the final "crypto" bull run. I don't expect it all to go away. Amongst 8 billion people there will be any number of millions of fools, scammers, traders, arbitragers, technologists who will keep the system alive but without the oxygen of mass attention and new entrants the fire is unlikely to spread. Hopefully.
That's my 2 sats. Happy stacking!
GR
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ETH people are retarded. "Gee I sure hope I get my money back if they decide to let me have it."
Bitcoin fixes this, but Bitcoin can't fix stupid.
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Idk. But what I know is, that it straight came from there!
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ETH IS hell
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Yes.
I can't see how it will survive the regulatory capture forcing some KYC=1 flag in the account to have transactions approved by block producers. Maybe some people will be able to fork it - good luck with UASF initiatives if full nodes can't even be synced on a workstation-spec machine (see this article by Jameson Lopp)
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Anyone who’s bought eth and tried to use it or take possession knows it isn’t for the average person. Fees, especially during the bull market are stupid high. Maybe you buy some now and think the fees are reasonable then want to sell near the top, if you haven’t locked it up staking. Fees could 5x from now to then if not more. From fees alone I could’ve stacked way more sats. Part of the learning curve though.
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Why would the BlockFi bankruptcy filing have a bigger effect on ETH than any of the other stuff that has happened in the last month?
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One will. Why not this one?
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Not sure what you mean. One of these exchange bankruptcies will somehow stop their chain?
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это будет считаться совпадением?
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I don’t think blockfi will kill eth. It’s pretty much a captured chain at this point. Once people realize that they became the system they tried to break, then the collapse will happen.
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