Is Ethereum still alive?
This is a question some of you might be asking after the hard fork, and the recent success of Ethereum Classic.
The answer is absolutely! Ethereum was created to be the next level of the internet and the future platform for all decentralized apps, but then the DAO hack happend.. Which led to a lot of debate, and finally was decided to hard fork and change the code.
However this was necessary in the current competitive altcoin market, because people need to feel like their investment is secure, and with Ethereum deciding to take action on someone who clearly took advantage of a loophole.. I think it was necessary to prevent an immediate lack of faith in the security of the code, and also was needed to prevent others from thinking it was okay to take advantage of Ethereum and ETH investors again!
Did the hard fork hurt Ethereum..
As mentioned above due to the entirely new market we are in.. It was pretty much necessary for Ethereum to change the code to prevent anymore damage, but in the future when the Ethereum platform is used by a huge part of the global community I would not feel the same about a hard fork. Regardless the issue!
Let me elaborate on that..
If Ethereum was designed to be the "next level" internet then we should think about it that way. If someone created a website like Kickstarter back when the internet first came out and ended up taking people's money.. Would it have made sense for everyone to stop using the internet..?
Obviously not. So for now all cryptocurrencies are at a very early stage.
The future of the crypto world.
In my opinion even Bitcoin is not even close the global level that is possible.
And I think this goes for all cryptocurrencies even STEEM, because if Steemit is at 70k users, and Reddit is at 4 million then that is still 3,930,000 people who aren't getting paid for blogging..
Not to mention the 1.7 BILLION people on Facebook not earning anything, but yet spending all of their time on there, and NOT earning anything for posting their content!
So obviously we are still at a very early stage in the crypto world, and once people start pouring into cryptocurrencies and blockchain social networks I think we will see a completely different world entirely.
A world in which ALL OF US are pioneers :D
Eventually the wealthy entities heavily involved in ETH will pump it back up to where it was before the fork or close to it.
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It is my opinion that the Ethereum fiasco has damaged crypto permanently and thrown a lot of questions up in to the air about the real true value of any of this stuff. Also your only a pioneer on here if you vest and power up. Without steem power you are nothing, i see the door is closing and its a race to the top.
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I agree that it did cause some discouragement in crypto technology, but I was referring to us all being pioneers of the future crypto world by getting involved early.
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Well yeah, we are still early in the grand scheme of things. Until I'm showing my friends/family how to use crypto I'm still way ahead of the game. Figured id missed the boat on apple once the i phone came out but in reality the ride was only just beginning.
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First let me tell you I find your article great, and that I love cryptocurrencies and especially Ethereum.
I think this is the nature of cryptocurrencies, is code! and we will see all kinds of bugs and hacks, we will have to wait for better code, better currencies to really see more people trusting them, this will not happen in a day, and I don't think we will see a perfect cryptocoin.
Cryptomoney developers need us to trust their currencies for it to gain value, but by using it we are tester of their code with our money. While we discover these bugs and then suffer these hacks, you see all this daily traders and speculators doing all kind of tricks to make money every time the price change, you can see them in youtube, they would sell their mothers for a BTC.
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Thank you I really appreciate that, and yeah I see what you mean.
It seems like the reason the price of STEEM is down is only because of the traders, but once we reach that 100k user mark I think that they will start to realize the REAL value of STEEM and STEEM Power.
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The way I understand it, the problem wasn't with the Ethereum code, it was with the the way the DOA was programmed. Someone found a loophole in the code and utilized it to drain the company. Since it wasn't with the Ethereum code, the hard fork sets a bad precedent.
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