ARCHIVE (originally posted on Revue Aug 5 2022). High-grade loot area. Edge food for thought. Biased takes on what we refer to as “real life”.

Before we start, I have to state that I am an early Ethereum supporter, investor, and casual user of the ecosystem since 2017, considering myself an ETH maxi. Still, there are a bunch of things that bother me about the future of our favorite network and tbh DLT architecture in general.

This is an important distinction, as many new wave web3 users would try to trash ETH in a desperate attempt to lure people into any sort of trash coin they’ve been attracted into thanks to some other noob scammer, without even trying the Ethereum or comprehending the difference.

There are no Ethereum killers and there will never be. If Ethereum goes wrong, the entire blockchain industry is going to suffer severely for a variety of reasons that would only make sense if you are deep into Ethereum and have a broad understanding of most of its angles.

Don’t get me wrong. I do believe Ethereum could go bust, but the only viable way I can think of as of now would be if let’s say Vitalik steps down or entirely ditches the EF. And although this might sound non-pragmatic, I can assure you that now is the most crucial year to decide how pragmatic Ethereum is overall.

*if you wanna skip reading today the same way I wanted to skip writing but still get the XP from this raid boss, use this trick: scroll to the bottom of this doc, and read only the sentence with the CAPS.

Ethereum Now Victim of Its Own Success (Again)

I’ve probably written a dozen articles with that exact title, especially between 2019-2021 when the high adoption of the Ethereum network brought a ton of problems we anticipated, such as extremely high gas fees, and some that sounded like a hardcore sci-fi scenario when first encountered. eg. frontrunning flash loans 🤣.

How is this time different? Well, for starters, gas fees are only 6 gwei lol and nobody is minting shit.

No, but, seriously. Besides the unbelievably low, or better put: regular fees on Ethereum, there is something else that bothers the back side of my brain, being an ETH maxi:

Buterin worries about the dangers to overeager investors, the soaring transaction fees, and the shameless displays of wealth that have come to dominate public perception of crypto. “The peril is you have these $3 million monkeys and it becomes a different kind of gambling,” he says, referring to the Bored Ape Yacht Club, an überpopular NFT collection of garish primate cartoons that has become a digital-age status symbol for millionaires including Jimmy Fallon and Paris Hilton, and which have traded for more than $1 million a pop. “There definitely are lots of people that are just buying yachts and Lambos.”

Practically, he says he’s worried about the future of Ethereum and Crypto as a whole cause it seems like, once again, history repeats itself, and the wrong set of people have access to areas that might determine the future of the industry as a whole, and by extent, and of course even worse, the future of real life in the upcoming period.

Not gonna go into detail about what he says and/or believes, but this should be a good example of blind faith in one single point of failure, in this case, Vitalik. Most people, especially the uhm…Web2 kind of people, invested in Ethereum simply cuz they trust or sympathize with the young founder, even tho they understand shit about how Ethereum actually works, and if you asked them whether they’d be still bullish on ETH if he (Vitalik) left the foundation, you would almost unanimously get the same answer… (Don’t actually start asking people. I did, and the answer was NO).

Wait, you’re actually reading the full thing? 😲 Fuck reading. Here is a short list of expandable topics/brain for thought as a takeaway:

• A DAO is a nice way for VCs to tell each other “If things go South, there’s nobody to blame, it’s up to the community, remember”?

• Calvin Ayre and his wifey at nVidia own shitloads of ETH. Coincidently Nvidia hardware is the most profitable way to mine Ether.

• Over 80% of all Ether mined in 2020 was purchased by Grayscale. 🤡

• Remember, the Ethereum we all know is a fork that broke the first rule of crypto: YOU CANNOT CHANGE THE PAST.

• Sure, PoS, Roll ups and all are cool, but it also means it’s gonna be easier to alter the past or alter events in general, without anyone noticing.

• Most of the so-called “on-chain” data are actually stored, on Google, IBM, Amazon, Ali Cloud, etc.

• Insider trading in crypto reaches the clouds. From Coinbase, and OpenSea, to fkn Nancy Pelosi, seems like everyone knows exactly when to buy and when to sell except you and me.

• That can be also noticed by the inactivity of the Ethereum network during this rare one-digit gwei gas period. Do you think artists are out of inspiration at the same time, or they’re stupidly waiting for higher fees to mint? No. Nobody moves Ether, because the people who own most of it, or at least a third of it by now, DO NOT care about NFTs, or smart contracts, or your autonomous fridge ordering pizza on its own. They are here to force you to sell it to them at a premium so that they can sell it back to you whenever it suits them for whatever terms it suits them. They might tell you in 5 years: “Oh, you want Ether to start your own biz huh? It’s great, it’s actually the best. You’ll have to sign here, and pay $100,000 for 1 ETH.”

Now, I don’t wanna scare you guys. I only intend to encourage you into thinking on your own, without relying on the next headlines or crypto Twitter influencer 100k follower pro ser. You can make sense of the situation by thinking like a self-sustainable man, not like a rat inside a predesigned cage.

I will speak for myself and say, if there was an anti-state-terrorism terrorist DAO, where I could fund bombings on US soil, I’d spend all my money and voting power there. But joining a jigli bigli bugli boo DAO, make some moves here and there, only so that some 3AC can disappear with your money isn’t really fun is it now? I mean what did you get out of it? XP? sheeeesh ng… 😂

It might sound like I am an anti-crypto Satanist if you don’t know me in person lol, but I assure you, I am the guy that would walk naked on the beach screaming “BUY Bitcoin before it’s too late” in 2016.

I am not anti-crypto, as a matter of fact, I am so pro-crypto that I only want people to treat the space the way it was meant to be treated and used, not exploit it for short-term crap.

The way I see it nowadays is that money makers will stay active and in disguise as your best friend as long as you feed them, and I don’t see any other way around it if you fail to look at cryptos without a monetary pair of lens - which is sort of like a God’s hand. Heals and harms. Everyday Jack’s greed attracts professional money makers, who in their own turn, will try to turn everyone into everyday Jack zombies, simply by using your own money to manipulate the very social media you’re engaged with and trust for reliable intelligence. :D

The only way past this is if you forget about the price esse. Forget about the moneyz carnal. Forget about the lambo or the san fran flat you dreamt of loco. (my mexican accent) I mean if you’re here for that, crypto doesn’t need you, you obviously don’t really need crypto, while exploiters need exactly you.

How does that change? I don’t know bruv. I’m trying my best myself. Trying to stick to the decentralized dream, as I do resonate with it and believe it would make the world a better place for everyone if implemented correctly, not just for a few pockets (once again).

That means I don’t fuck with Coinbase, Binance, or anyone that works for the old money makers. I don’t pay taxes on my crypto. I don’t buy paper money unless what I am about to buy doesn’t accept crypto. I am eager to meet new people or my team every single day and discuss new topics, visions of a common future, obstacles we might encounter or currently face, and trying to work on that, instead of trying to skip it for a quick buck that’s only gonna last as your previous payment. The rest is noize man, you get used to it.

At this point, I cry laughing when I hear people panicking and screaming it’s a bear market or a bull market, like it’s their market in the first place lol :D I laugh when I see ‘em trying to convince me that the punani token went up 5878^%$ specifically because that news article said so or because that candle pussy gang chart indicated so, or because the new KPMG research said that Deutsche Bank maybe Vodafone, Volkswagen, that’s why. Exactly! Giving 0 rats asses about the actual tech, about metadata, about understanding who pays who, when, why, and why all that shit actually happened, and who really is the anon hacker, etc.

It’s a combo of Leo x Pepe x Resitas smiling back at ya. 🤗

ETHEREUM IS NOT GOD. MEDIA ARE NOT GODs. INFLUENCERS ARE NOT GODs. WHY THE FUCK WOULD YOU TRUST THEM (more than what you would trust yourself) ???

Ok, I’m off! My Dota2 game just found a match! Stay safe, stay curious, and stay above the rules! catch you next time suckers! <3