[NEWS] Money Reimagined: Ethereum’s Renaissance Creates an Opportunity

[bbc.reporter]

This article is making it appear that Ethereum is better and more utilized than bitcoin for real utility while making it appear that bitcoin's activity is done only for speculation.

However, what the writer of the article did not mention is the leading smart contract in Ethereum that gives it utility is a ponzi scheme hehehehe.



As Ethereum prepares to celebrate the five-year anniversary of its mainnet launch on July 31, billions of dollars in value rest on that question. Specifically, on whether the all-important Ethereum 2.0 scaling project can be successfully launched and integrated into its existing architecture.  

By most measures, the Ethereum ecosystem is undergoing an impressive growth spurt. Record-breaking “gas” usage for smart contract and payment executions has now put Ethereum’s daily transaction fees totals above those of bitcoin. A strong rally in the price of ether (ETH) means Ethereum’s native token is among just a few leading cryptocurrencies, including bitcoin, Cardano’s ADA and Stellar’s XLM, to have more or less shaken off the sharp crypto selloff seen in March. And the amount of second-tier value locked into Ethereum smart contracts is ballooning, with total daily value transfers on Ethereum reaching that of Bitcoin in April.

According to analysis by Glassnode, the majority of ether transactions are now used to pay for a variety of smart contact commands rather than simple monetary exchanges between so-called externally owned accounts. That, along with a reduction in large-scale “whale” ether accounts, suggests transactions on Ethereum are now more connected to utility than to speculative activity.

Read in full https://www.coindesk.com/money-reimagined-ethereums-renaissance-creates-an-opportunity-major-test

Source https://insights.glassnode.com/ethereum-fees/

[Jating]

I mean its pretty much obvious by now that the whole DEFI thingy is the new ICO of 2020. So much hype and people thinks that they can really make a lot of money, irrational investors. But it doesn't change anything on Ethereum and any other platform for that matter. And the article is like a click-bait, there's no rebirth here, no re-invention of the wheel and as much as they project something, it isn't, they just want to fit their narratives.

And I'm sure there are argument that bitcoin BTC is the only "De-Fi", the original.

[Juggy777]

This article is making it appear that Ethereum is better and more utilized than bitcoin for real utility while making it appear that bitcoin's activity is done only for speculation.

However, what the writer of the article did not mention is the leading smart contract in Ethereum that gives it utility is a ponzi scheme hehehehe.



As Ethereum prepares to celebrate the five-year anniversary of its mainnet launch on July 31, billions of dollars in value rest on that question. Specifically, on whether the all-important Ethereum 2.0 scaling project can be successfully launched and integrated into its existing architecture.  

By most measures, the Ethereum ecosystem is undergoing an impressive growth spurt. Record-breaking “gas” usage for smart contract and payment executions has now put Ethereum’s daily transaction fees totals above those of bitcoin. A strong rally in the price of ether (ETH) means Ethereum’s native token is among just a few leading cryptocurrencies, including bitcoin, Cardano’s ADA and Stellar’s XLM, to have more or less shaken off the sharp crypto selloff seen in March. And the amount of second-tier value locked into Ethereum smart contracts is ballooning, with total daily value transfers on Ethereum reaching that of Bitcoin in April.

According to analysis by Glassnode, the majority of ether transactions are now used to pay for a variety of smart contact commands rather than simple monetary exchanges between so-called externally owned accounts. That, along with a reduction in large-scale “whale” ether accounts, suggests transactions on Ethereum are now more connected to utility than to speculative activity.

Read in full https://www.coindesk.com/money-reimagined-ethereums-renaissance-creates-an-opportunity-major-test

Source https://insights.glassnode.com/ethereum-fees/

@bbc.reporter Ethereum is a good coin to hodl, and I do prefer having it in my portfolio but only in small quantities as I’m yet not betting big on Ethereum. Also the writer is wrong to say that Bitcoin is used only for speculative activities, as many people use bitcoins to pay their taxes, and buy various goods and services available online.

Sources:

https://cointelegraph.com/news/japan-recognise-bitcoin-payments-legal

https://www.thestreet.com/investing/what-can-you-buy-with-bitcoin-14556706

[Yaunfitda]

Yes, bitcoin is the true Defi.

And I'm sure there are argument that bitcoin BTC is the only "De-Fi", the original.

I would say that the article has some valid arguments, but it is half-baked. Bitcoin has evolved, it could be one of the best asset right now, but we forgot that it can still be used as sound money, although adoption is slow. I'm using it to pay today's bill as I don't want to get out and fall in line because of the risk of the virus. And for me, there will be always new idea in the future about how people are going to use cryptos and will really create a lot of opportunities. But the fundamentals will be the same.

[Cnut237]

This article is making it appear that Ethereum is better and more utilized than bitcoin for real utility while making it appear that bitcoin's activity is done only for speculation.

They both have rock-solid use-cases, but both are much more used for speculation than anything else. I don't think we can convincingly argue that any crypto - barring stable coins - are used mostly to fulfill any actual use case. We are still I think years away from maturity here, which comes with full integration into mainstream society.

[bbc.reporter]

I mean its pretty much obvious by now that the whole DEFI thingy is the new ICO of 2020. So much hype and people thinks that they can really make a lot of money, irrational investors. But it doesn't change anything on Ethereum and any other platform for that matter. And the article is like a click-bait, there's no rebirth here, no re-invention of the wheel and as much as they project something, it isn't, they just want to fit their narratives.

And I'm sure there are argument that bitcoin BTC is the only "De-Fi", the original.

What does not change anything on Ethereum? What did it fix in the world that needed fixing?

Also, the argument was would Ethereum be considered to have more utility than bitcoin if much of the activity on Ethereum is on a speculative ponzi scheme smart contract?

[bbc.reporter]

It appears that the regulators of 3rd world countries are also learning of the ponzi scheme scam dapps running on Ethereum hehe.

Also, the question I asked also remains unanswered. Would Ethereum be considered to have more utility than bitcoin if much of the activity on Ethereum is on a speculative ponzi scheme smart contract?



A gas-guzzling Ethereum dapp that accounts for 25% of activity on Ethereum network has been denounced as a potential Ponzi scheme by the Philippines Securities and Exchange Commision.

An announcement from its SEC on June 30 advised users of the dapp in question, Forsage, to stop using it immediately, and demanded that the owner officially register with the commission.

Forsage describes itself as a “fully decentralized matrix marketing project,” and, “the most thought-out marketing of this type.” However, it features many of the typical hallmarks of a multi-level marketing scheme.

Source https://decrypt.co/34640/philippines-sec-just-denounced-the-top-ethereum-dapp-as-a-ponzi

[niisarearning]

I am still optimizing about ehtereum more than bitcoin irrespective of which is true Defi platform . I strongly believe on ethereum 2.0 .My main reason to support ethereum 2.0 is maximum supply limit an POS concept implementation. If ethereum 2.0 released then there is no question of ethereum price  sky rocketing . Only one reason after ethereum 2.0 release can kill the value is The end of Crypto currencies .

[leea-1334]

Not only that, the writer completely ignores that happens in plain sight. We have hundreds of Dapps, but most of them people hardly use (Except for gambling and ponzi and games as you point out),,, and yet if you go to buy stuff online, do merchants accept Ether? Some yes, but not all. 100% of crypto merchants accept Bitcoin on the other hand. What does this tell us, right?

[slaman29]

Ponzis, exchanges, DeFi. All of these are not real utility to me. I mean Defi especially people keep talking about it like it's a magic wand of new utility but it's no different from the financial games that the banking industry plays. Create money, create liquidity, create credit, lend, borrow, distribute interest. It's all a huge speculation market!

[btc_angela]

Ponzis, exchanges, DeFi. All of these are not real utility to me. I mean Defi especially people keep talking about it like it's a magic wand of new utility but it's no different from the financial games that the banking industry plays. Create money, create liquidity, create credit, lend, borrow, distribute interest. It's all a huge speculation market!

They don't re-invent anything with this DeFi, maybe it sounds good for some, but as you have said it has no utility or use or whatever, and will be just a tool to make more money for some businesses, whales, manipulators and just make the market more of a game for the big boys now. We can consider it a boom for now, but we all know what is going to happen if it's saturated again, it will be the biggest crypto bubble. Actually it's already is, with billions of $$$ flowing.