https://www.reddit.com/r/CryptoCurrency/comments/8ox5j5/its_time_to_face_reality_ethereum_is_not_a/
I created this reddit thread on r/CryptoCurrency because its really bad there right now and its time to start breaking the echo chamber effect there.
- Ethereum is at 100% capacity right now and is averaging around 30k unconfirmed transactions.
- Ethereum has 15 transactions per second and claims to be a dapps platform but is unable to run meaningful dapps.
- Ethereum has been out for years and solutions for these problems are still years away. (This is pure negligence or incompetence.)
- Ethereum cannot be used as a currency as it is too slow and has prohibitively high transaction fees.
- Ethereum requires gas which is absolutely crippling when it comes to being able to run dapps. (its a fundemental design flaw that I personally consider to be a 100% show stopper for any kind of quality dapp.)
As it stands right now Ethereum is ironically a multi year ICO for itself right now. Casper and Plasma are years away. The coin is broken and in a non functional state. The Loom network has potential but its a bandaid solution when compared to superior coins that already exist right now and can do much more.
Steem is a dapps platform that dwarfs ethereum in every possible way. Steem is often overlooked while its the most widely used crypto in existence right now. Its the only crypto that houses multiple social media daps as well as video and streaming dapp capability's. Even Reddit doesn't have video and streaming capabilities and its a centralized application. Dlive is INSANELY good right now and seems to be improving constantly. Dapps are the future of crypto as it will mark the mass adoption paradigm.
We can try to make an argument that ETH is less centralized than newer coins but the problem with this is that Ethereum doesn't work. If the coin is broken and incapable of being used then it doesn't matter how decentralized it is. On one hand, people can say that EOS had a year long ICO and that is bad while ETH is trapped infinitely in a perpetual ICO state with no signs that it will ever be usable for anything substantial any time soon. Casper and plasma are years away.
Its time move on. Its time that this place gets in touch with reality. Its time to bust the eth maximalist echo chamber. Because its dishonest and its hurting people. And its self destructive. Stop investing in coins that cannot be used for anything substantial.
I strongly disagree with this: Ethereum is a working product, but one that's still in its infancy state and still has a long way to go, despite being developed for years.
To be honest I find the "war" between EOS and Ethereum a bit ridiculous, both try something similar, but how they try to achieve this, is quite different and you shouldn't just look at the numbers to get the bigger picture. Both do have their pros and cons as well as their use-cases.
Last week I attended an EOS meetup (funnily enough it was advertised by an Ethereum developer, that's how I heard about it), where this seemed to be the general opinion of a room full of developers (of course including the guy who organised the meet-up and was obviously an EOS afficionado). Surprisingly the biggest topic of debate wasn't EOS vs. Ethereum, but rather Ricardian Contracts and the role of human arbitrators in dispute resolution (https://slides.com/angelolaub/technical-introduction-to-eos#/22).
About Steem: it's a social media platform and not a (general purpose) DApp platform, afair Dan started EOS to build such a general purpose DApp platform.
FYI: I hold both ETH and EOS.
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I'm inclined to agree that ETH is on the way out. Even though the price doesn't necessarily reflect it, it's imploding under its own weight. I don't have much confidence in the devs being able to fix it in a timely manner either.
There are quite a lot of viable alternatives now and I think ETHheads need to be concerned because they're starting to sound like BTC maximalists, and they're not having a great time either.
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NEO is ETH 2.0 easily, and completely outperforms it in every aspect as a direct competitor, for sure. Having used both ETH and NEO extensively, I really do not see how and why ETH still exists and is being actively developed for.
It is to note that current projects already on the ETH network are in a way kinda stuck there. You could always release a smart contract for NEO or EOS or any other and do an equivalent drop, but that's still more work than no work. Gotta keep in mind that an established infrastracture's harder to compete with.
Either way, I totally agree with the general assessment here. Can't see it being actively developed for as a dApp like 2-3 years from now at all when other stuff already is better, and the future always holds great stuff.
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bad news and bad days for Ethereum holders.
sad to know these facts :( but truth can't be changed.
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How much longer does Ethereum have to solve scalability and go PoS before it becomes obsolete?
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It has as long as it needs.
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Adapt or die!
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Cryptocurrency market is very difficult, when up when down, Sometimes I am thunderd. Thanks, @thecastle
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