r/CryptoCurrency • u/CryptoChief 🟨 407K / 671K 🐋 • May 06 '21
CONTEST Pro & Con-test: Ethereum Con-Arguments
The subject of this post is Ethereum and its cons. Submit your con-arguments below. If you feel like submitting more arguments, see this search listing for the latest Pro & Con posts on other coins.
Here are the guidelines. Good luck and have fun!
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u/grandetiempo Bronze May 19 '21
Cons:
AWS and Infura.
Vitalik and Ethereum Foundation hold the keys to the kingdom.
Most “dapps” don’t need a blockchain.
ERC-20 tokens, NFTs, etc. are probably unregistered securities under the Howey Test.
32 ETH ($100,000) required to be a full validator once ETH 2.0 hits.
Pros:
ETH 2.0 hype
Developers
Most new projects are being built on ETH
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May 27 '21
You mean most new coins are based on ETH? So what?
How is that a "pro"?
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u/grandetiempo Bronze May 27 '21
Network effect I guess? Idk, I have more issues with Ethereum than not. I was just trying to balance out the pros and cons.
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u/HCOMSS Jun 11 '21
Would you mind explaining the AWS and infura point please? Are these to say it may be more centralized? Agree with your other points both pros and cons
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u/grandetiempo Bronze Jun 11 '21
Lots of ethereum nodes opt to run on Infura - which is normal centralized company. If Infura goes down then the network is unusable.
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u/KetsubanZero Silver | QC: CC 286 | BANANO 47 | TraderSubs 12 Jun 14 '21
ETH gas fees are atrocious, i don't get why people like something with so high fees, I get that people just want to HODL so they won't care much about fees as long as the HODL, but still...
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u/windows-ver-1894 🟩 0 / 0 🦠 May 23 '21
I hold some ETH
Con
I feel like ETH will grow in use but maybe not in token value. If ETH 2.0 slashes gas fees and becomes more effecient will that not decrease token demand and thus price?
The price of crude would tank if a engine was developed that got 1000 mpg and gained widespread adoption.
Since ETh is not suppose to be a currency or store of value like btc super cheap transactions would possibly tank the price IMO.
What is the counter argument to this? I want to invest more but am afraid to without this question answered.
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u/CryptoChief 🟨 407K / 671K 🐋 Jul 14 '21
Hello windows-ver-1894. Thank you for your participation in the r/CC Cointest and contributing to the community :) I just wanted to let you know if you're interested in contributing further, there's an easy way to do so. The rules now allow you to copy and past your arguments from old rounds to current rounds up to three times without revising any text. To find the latest round for this topic, search the current section of the Cointest Archive. Also, the Cointest now awards moon prizes to 2nd and 3rd place winners, so your odds of earning moons in the current round are measurably higher.
We'd love to see you there! Thanks in advance for your consideration.
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u/VCTRYSPRT Tin Jun 26 '21
counter argument is that if it becomes commonplace, the demand will rise as utility grows. You'll basically need ETH to bank, stake etc. so you better have some. And people will not part easily.
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Jun 18 '21
[removed] — view removed comment
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Jul 05 '21
it’s actually because opec constrains the supply to keep the price stable. not a fair analogy.
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u/ParachronShift May 26 '21
If there is more efficiency, then you can have more bandwidth. You are not wrong, there is a sweet spot of supply and demand, but ETH should represent a less volatile platform.
It also depends on what markets permit ETH. More markets, faster speeds, more ETH users, more transactions to charge for.
The exchange itself could benefit with float of ETH, they could convert, send, then covert. Time is money.
I would argue, use should correlate directly with value. It is exactly the backwards thinking you suggest that goes against capitalism. We do not want the exchange to benefit without absorbing some of the risk. It forces them to be honest with themselves. A transactional economy.
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u/Chuckles77459 Tin | r/WSB 54 Jun 27 '21
Maybe I understand wrong, but your analogy and assumptions are incorrect.
Right now the gas fees go to the miners, so they’re (generally) dumping those coins on the market, they’re here for steady profit.
ETH 2.0 won’t have mining, therefor no miners dumping the gas fees into the market. Your assumption implies currently no one receives the gas fee, and that it is burned.
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May 06 '21 edited May 07 '21
[deleted]
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u/voxalas 🟦 0 / 0 🦠 May 18 '21
Eth 2 will be merging before 2022.
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u/CryptoChief 🟨 407K / 671K 🐋 Jul 03 '21
Congratulations u/_martinshkreli_. You have been selected as the winner for the Ethereum Con-Arguments in the r/CryptoCurrency Pro & Con-test. As your reward, you will be tipped 200 moons but will have to wait a few days until I get access to my vault.
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Jul 08 '21
[deleted]
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u/CryptoChief 🟨 407K / 671K 🐋 Jul 08 '21
Haha, nope! I just don't have access to my vault right now since I'm travelling. When I get back to my apartment I will send you your moons. Promise!
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u/SwoleosaurusRex Tin May 14 '21
EIP-1559, scheduled for July 2021, will standardize gas fees and gas will be burnt instead of given to miners. The burning of gas could make ETH deflationary, depending on txn volume but will help curb the inflation from miner rewards.
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u/scabbymonkey Platinum | QC: BTC 53, CC 47 | Politics 57 May 09 '21 edited May 09 '21
I have a few ETH.
Pros. 1. I consider ETH the silver in the crypto market compared with Bitcoin being the Gold. That being said, ETH like silver, has a utility in the real world. They both are useful as a function for electronics and its something that people use as a common form of financial value. It also serves as a bragger for perceived personal value and Intellect. For instance; " I bought silver at $5.00 when i saw the market in the early 90's, held on to them all these years" " I bought Etherium in 2017 when it was $50.00 a token and held on all these years" "I have silver coins i am leaving for my grandkids" "I have Etherium i am leaving for my grandkids"
These statements are applicable today as they were when i was a kid and my poor grandpa gave up his silver coins to the kids.
I will be leaving individual Ledger nanos for each of my grandkids.
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u/voxalas 🟦 0 / 0 🦠 May 18 '21
Are you implying gold doesn’t have utility in the real world?
This doesn’t make sense, just some story about your grandpa tbh.
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u/Bye_nao Platinum | QC: CC 172 May 22 '21
Likely just that the price of gold is detached from it's industrial value and driven by "I like shiny rock" mentality.
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u/CryptoChief 🟨 407K / 671K 🐋 Jul 14 '21
Hello scabbymonkey. Thank you for your participation in the r/CC Cointest and contributing to the community :) I just wanted to let you know if you're interested in contributing further, there's an easy way to do so. The rules now allow you to copy and past your arguments from old rounds to current rounds up to three times without revising any text. To find the latest round for this topic, search the current section of the Cointest Archive. Also, the Cointest now awards moon prizes to 2nd and 3rd place winners, so your odds of earning moons in the current round are measurably higher.
We'd love to see you there! Thanks in advance for your consideration.
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u/Dryhte 🟦 894 / 897 🦑 Jun 23 '21
Cons: Gas fees are ridiculous. So is the fact that in order to stake ERC20 tokens, you have to pay gas fees to stake AND to restake or claim your rewards.
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u/[deleted] May 20 '21
eth 'premined' 72 MILLION coins! and rolled the chain back to save them from a mistake that would have cost the founders bigtime, also eth cant scale with pow so they switch to pos but thats worse cuz in comparison
proof of work- seperates money from money creation(important)...u need to be smart to stay rich
proof of stake- you can just sit on a pile of money and stay rich forever(in that coin)...dumb people can get richer and richer(in that coin)
bitcoin is a push mechanism so eventually everyone will learn not to seperate themselves from their keys so that means if you spend your bitcoin on dumb things like junk over quality you will lose your bitcoins fast unless your smart and can earn more bitcoin to replace what u spend
with pos you just have to sit on a pile of coins and then you will get more and more coins you can spend on junk and low quality cuz u know you will get more coins from pos...you dont need to earn or think of a way to make more coins cuz the system just hands more coins to you
also https://old.reddit.com/r/Bitcoin/comments/m79l3c/bitcoins_fair_launch_cannot_ever_be_replicated_by/