Ether’s Deflation Promise Continues to Remain Unmet

[pushups44]

Calling Ethereum a scam is far fetched, the delays are real, but it being a scam is just crazy.

It is a scam because it never delivered on any of its promises.
Ethereum was supposed to be decentralized, but it wasn't.
It was supposed to be secure, but it wasn't. The DAO mess and lots of other vulnerabilities that were never fixed.
It was supposed to be fast and cheap, but it wasn't. Vitalik was advertising it as "fee will never rise" but we all know how that ended up.
It was supposed to have an immutable blockchain but it didn't. The roll back killed it.
and so on...

When they advertise something but sell you something else, that is the definition of a scam.

The "scam" you are talking about has $50.736 billion in TVL (including staking) according to Defillama. It is also being widely adopted by financial institutions, including Blackrock. I also have my doubts about Ethereum, but I think it's experiencing some growing pains and will need some important upgrades. I don't think it's going to go away any time soon, though.

[pooya87]

Calling Ethereum a scam is far fetched, the delays are real, but it being a scam is just crazy.

It is a scam because it never delivered on any of its promises.
Ethereum was supposed to be decentralized, but it wasn't.
It was supposed to be secure, but it wasn't. The DAO mess and lots of other vulnerabilities that were never fixed.
It was supposed to be fast and cheap, but it wasn't. Vitalik was advertising it as "fee will never rise" but we all know how that ended up.
It was supposed to have an immutable blockchain but it didn't. The roll back killed it.
and so on...

When they advertise something but sell you something else, that is the definition of a scam.

The "scam" you are talking about has $50.736 billion in TVL (including staking) according to Defillama. It is also being widely adopted by financial institutions, including Blackrock. I also have my doubts about Ethereum, but I think it's experiencing some growing pains and will need some important upgrades. I don't think it's going to go away any time soon, though.

I didn't say it is going to go away. This shitplatform with fundamental security flaws, a massive premine and a mutable blockchain still has a utility which is to allow people to create shittokens easily and sell it to any newbie who buys them and make a ton of money scamming them. As long as that utility exists, and no other token creation platform comes along that is better, ethereum will stay around.

[Catenaccio]

It is a scam because it never delivered on any of its promises.
Ethereum was supposed to be decentralized, but it wasn't.
It was supposed to be secure, but it wasn't. The DAO mess and lots of other vulnerabilities that were never fixed.
It was supposed to be fast and cheap, but it wasn't. Vitalik was advertising it as "fee will never rise" but we all know how that ended up.
It was supposed to have an immutable blockchain but it didn't. The roll back killed it.
and so on...

When they advertise something but sell you something else, that is the definition of a scam.

The DAO hack and solutions from Vitalik Buterin after that, shown Ethereum is a Centralized Project, not Decentralized like how he promised.

Years after the DAO hack, Vitalik managed to make success for Ethereum and some times there were hypes like Flippening against Bitcoin. It's another hilarious piece in Ethereum history.

From infinite supply, their team tried to use Burn mechanism to make it deflationary but still with infinite total supply. It gone well for several months before the Dencun upgrade that lit up a lot of hope in Ethereum community for cheaper transaction fees. Unfortunately they forgot a fact that efficiency of Ethereum Burn Program is purely depended on how expensive users pay for on chain transaction fees.

After the Dencun upgrade, with cheaper fees, their burn program failed, and you can see everything from failures of Burn program as well as unrealistic Flippening speculative hype.
https://ultrasound.money/

[pooya87]

From infinite supply, their team tried to use Burn mechanism to make it deflationary but still with infinite total supply.

I see this as another reason why ethereum is such a big scam.

You see, ETH is not supposed to be deflationary by design. It must have an unlimited supply because unlike bitcoin that is money, the ether is fuel. ETH is supposed to be used for smart contract fuel which mandates having unlimited supply and a inflationary nature.

But because the creators of ETH see it as a way to make more money and to pump and dump the project, every now and then they come up with something to create hype and pump their shitcoin.
Like Flippening that you mentioned. By design ETH is not even in the same category as BTC to replace it! Or this one where they try to become more similar to bitcoin (become deflationary) by adding burn mechanism.

[pushups44]

From infinite supply, their team tried to use Burn mechanism to make it deflationary but still with infinite total supply.

I see this as another reason why ethereum is such a big scam.

You see, ETH is not supposed to be deflationary by design. It must have an unlimited supply because unlike bitcoin that is money, the ether is fuel. ETH is supposed to be used for smart contract fuel which mandates having unlimited supply and a inflationary nature.

But because the creators of ETH see it as a way to make more money and to pump and dump the project, every now and then they come up with something to create hype and pump their shitcoin.
Like Flippening that you mentioned. By design ETH is not even in the same category as BTC to replace it! Or this one where they try to become more similar to bitcoin (become deflationary) by adding burn mechanism.

My issue with such "pump and dump" arguments is that the public at large and many crypto skeptics have used the same arguments about Bitcoin. I think when you get into very theoretical discussions, almost anything becomes questionable (nothing is fixed except math really, especially where humans and social behavior are involved). Ethereum can always tinker with its tokenomics, but being below the U.S. dollar in inflation is a good start. Even at under one percent, it's below gold. You are still experiencing deflation if you are staking.

[zeuner]

That's because Vitalik Buterin is close to a woman, it is rumored that a man if he is close to a woman or unmarried he will not focus on what they should do for the development of their business, and this happened to the genius maybe, we often see memes about Vitalik on X about why Ethereum is experiencing a bad leadership crisis and their price development is down, also with several L2 projects that are also carried away, now developers are building more on the Solana network than ethereum or on other networks as a better means in terms of network facilities for their projects.

No matter what's the cause for the lack of leadership, but it proves that the last few years' steps towards centralization did not do the user base any good. If there is any interest left in keeping the technology alive, it's likely important to decentralize quickly. Restoring PoW would be a first step.

Yes the decision was indeed not a good choice and the industry became the main backfire for the growth of developers and users of the Ethereum teaching teaching, and I thought it was from the results of the leader who made the wrong decision, because basically the project leader was deciding what should be curved for the future of a project and it would have good and bad impacts on the project itself, it is very important to have a leader who can bring great opportunities in the development and progress of Ethereum for the long run.

Maybe so, but if leadership fails for too long, stakeholders might have to make a decision on whether to fork and fix the platform, or move to another one.

[khiholangkang]

That's because Vitalik Buterin is close to a woman, it is rumored that a man if he is close to a woman or unmarried he will not focus on what they should do for the development of their business, and this happened to the genius maybe, we often see memes about Vitalik on X about why Ethereum is experiencing a bad leadership crisis and their price development is down, also with several L2 projects that are also carried away, now developers are building more on the Solana network than ethereum or on other networks as a better means in terms of network facilities for their projects.

No matter what's the cause for the lack of leadership, but it proves that the last few years' steps towards centralization did not do the user base any good. If there is any interest left in keeping the technology alive, it's likely important to decentralize quickly. Restoring PoW would be a first step.

Yes the decision was indeed not a good choice and the industry became the main backfire for the growth of developers and users of the Ethereum teaching teaching, and I thought it was from the results of the leader who made the wrong decision, because basically the project leader was deciding what should be curved for the future of a project and it would have good and bad impacts on the project itself, it is very important to have a leader who can bring great opportunities in the development and progress of Ethereum for the long run.

Maybe so, but if leadership fails for too long, stakeholders might have to make a decision on whether to fork and fix the platform, or move to another one.

And as I recall now the Ethereum Foundation is no longer led by Vitalik, now led by Hsiao-Wei Wang and Tomasz Stanczak who takes over leadership at the Ethereum Foundations, Vitalik also still has a significant influence because he is a co-founder and can still support the idea of ​​innovative for the development of ecosystems in Ethereum.
Source: https://cointelegraph.com/news/ethereum-foundation-announces-new-leadership
But I admit this year's growth from many chains, Ethereum lost to Solana.

[el kaka22]

I am sure that we are going to end up with something better, and ETH will do fine. Sure there could be some promises that was broken, but as long as we find a reason to hype it again, then we won't face any issues, as long as that happens we are going to end up being better.

There are situations where we could be doing better, and what if we do better with hype? Then nothing will be wrong and we will be happy about it. Bitcoin is like that, you wait for months and nothing happens, then some trend comes along and the whole market becomes green. So do not be upset right now, yes it is not doing that good but it is going to end up being a lot better soon so we just need to wait for it and we could be doing a lot better if we just wait a bit more.