I have been with ETH since the beginning (ICO), and today, its time for me to say goodbye.
Why am I getting out?
Ethereum doesn't have a "killer app"
STEEM's killer app is Steemit. It makes the underlying currency useful. There is a demand for STEEM, because it powers the revolutionary, fast growing social network.
Meanwhile, Ethereum's ecosystem is mostly comprised of ponzi scheme and degenerate gambling DApps.
I never REALLY understood the use case for Ethereum
Perhaps I'm shortsighted, but I don't get the point of the DAO's?
For many useful applications you still need centralized (external) points of trust to interact with the blockchain. So essentially you end up with a very inefficient, somewhat decentralized platform. Actually, scrap that, as of today today, July 20th 2016, I no longer consider it decentralized.
Ethereum's mission statement is a lie
The "DAO hardfork" is a huge letdown for me.
Perhaps the stakes several members of the Ethereum Foundation had in the DAO influenced their decision to hard-fork. Perhaps they had good intentions. None of that matters now, what is done is done.
If you check out Ethereum's homepage, the first thing you'll see is this statement:
I don't think this is true anymore.
ETH is nowhere near as good as Bitcoin for money transfers
Working with ETH as a payment system is a nightmare. To be fair, it was never designed to do that, so it shouldn't get too much heat for it.
Going forward
Long story short, I don't see ETH as a prudent investment opportunity going forward. I think Steem/Steemit will continue to grow, because it is actually creating value for people. It is the first platform with positive impact potential for all people. And it is getting real traction already, which increases confidence in the model.
Action plan
My plan is simple:
ETH => STEEM => STEEM POWER
I have 250 ETH (~$3,000) stashed away in BitFinex funding. The coins will be available for withdrawal within 2 days.
I've disabled ETH in my lending bot. Permanently.
Powering up
By powering up I will be leveling up to the superuser. I'm looking forward to the boost in the voting power :)
#steem #steemit #money #trading #ethereum #finance #investing
sold my 14 bitcoin worth of eth for steem 2 weeks ago, now it's worth 120 bitocin
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Smart move.
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Thanks for the insight. Steemit is definitely the most exciting and open-to-the-public crypto platform out there but I think we need to experience a few ups and downs first before we can know if steem is here to stay. As for (de)centralization I think dapps have great potential (first time I heard about them was when researching Ethereum).
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We welcome you :) #SteemToTheMoon
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Good job furion :)
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I am a fiction writer who got into cryptocurrency because of the ethereum hype.. then the DAO fiasco left me hating eth and dumping it all. But everything led me to yesterday, when i found Steemit and my love of crypto and writing birthed a brand new passion. All hail the mighty Steem.
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Interestingly enough I predicted something exactly like this in my posting yesterday. Timing was off a bit because I didn't know about the 2 day hold time on ETH, and I wasn't expecting Steemit to close to new users. But here you go, I gave you an upvote, welcome to the club and please feel free to drop by my discussion on disillusionment with ETH.
https://steemit.com/money/@williambanks/hold-onto-your-hats-next-few-days-are-wild
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The issue which oftentimes hinders, or completely kills, otherwise brilliant crytopcurrencies and groundbreaking whitepapers is the fact that developers risk developing content for developers. We are missing the masses. We are missing the very thing which can make a platform popular. In Ethereum's case this was, and still is, by miles. The platform undeniably has huge potential, but we need to see some fundamental advances and changes before the masses will pick it up properly. This is not impossible, but it is not easy either. Other projects hit a slightly wider audience.
Steemit, on the other hand, appeals to the masses in a way no other project has ever done. We have people here (in Steemit's infancy stages!) posting, commenting and people who have successfully managed to invite their girlfriend or wife to the platform. That is huge and a direct evidence of the potential Steemit holds.
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So its August 2017 a year later........ how are you doing @furion with your investment, what is your return on investment been with steemit?
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