ETH is a joke. The devs were invested in the poorly coded DAO so they push for a do-over when it fails. They rush a soft fork that turns out to be poorly coded. Now they are going to rush a hard fork and hope the third time is a charm. Amazing they turn ETH into shit over a third party screw up. I am amazed it has not tanked much harder...
I just found this:
Ethereum is a running joke among Bitcoin experts. To the clearminded, it’s failure as an “investment” was always a foregone conclusion.
Here are some bullet points in no particular order:
A. Since transitioning from academic experiment to full-blown dishonest scam, Ethereum is laughed at at Bitcoin conferences.
B. For econo-math reasons, Ethereum is incapable of supporting “oracle contracts” (of which Augur is one). tl;dr How can “Rep” have a market cap, if the operations performed by the “Rep”-holders can be perfectly copied, for free? Therefore, market cap (and, crucially, the betting security margin) will be prohibitively low.
C. When Vitalik proposed Ethereum, the technical elite of Bitcoin were so impressed that 0% of them decided to endorse/join the project (compare this to hardware wallets, colored coins, stealth addresses, sidechains, elements project [confidential transactions, tree signatures, RCLTV], lightning network, and my own project).
D. The concept “don’t roll your own crypto” is very old, constantly-reproven, and universally endorsed. Crypto takes a very long time to get right; critical errors were regularly discovered in Bitcoin (which was actually a finished software product when it was published in Jan 2009) and continue to be discovered today. However, Bitcoin at least has consistent rules, and thanks to the Soft Fork the security can at least accumulate over time. With Ethereum, every contract changes the rules completely, and resets the potential chaos (For example, “Contract Z commits to ‘'’If contract X is created, auto-create the opposite of X and overfund it by Q.’’’ which disables contract X.” which leads to symmetry-gridlock).
E. Ethereum is out of money, the software will never reach a stable, usable state.
F. The Ethereum team endorses an even bigger running joke: proof of stake, which is also laughed at and compared to perpetual motion. There are reasons that Bitcoin embraced P2SH and LN, but rejected PoS, GHOST, etc.
G. Today, most people have still not heard of Bitcoin. Most that have, still don’t trust it. Quadruple that problem for Ethereum, as it has an even greater reliance on group(s) of people coordinating to switch to it.
H. Ethereum is strategically trapped: if they fail, the Ether will be worthless, and if they are successful, the project will be forked as a sidechain of Bitcoin (and the Ether will be worthless). They can only survive by maintaining “Goldilocks Success” and by generally being as vague as possible (which explains the overly-ambitious plans, countless buzzwords, endless promotional videos, etc).
Ethereum has only one use-case: quickly finding the most gullible “investors” people…those people who own Bitcoin but can’t think quickly enough to sort the signal from the noise.http://bitcoinhivemind.com/blog/case-against-augur/I am convinced, ETH is a marketing success and a total failure in the real world.
