Is Ethereum in the Process of Losing Its Soul?
ETH’s Price May Rise, but at What Cost?
As “The Merge” approaches, many are are expecting the price of ETH to rise.
But few are being critical of what Ethereum may be sacrificing as it attempts to transition to a proof of stake (PoS) chain.
It seems that Ethereum will inherently become more centralized once it converts its consensus mechanism from proof of work (PoW) to PoS.
The best evidence I have found for this claim comes from this Australian gentleman below who goes by the name “_Checkmate” on Twitter.
Below is the video linked in the tweet.
But Frank, who is this “_Checkmate”?
Well, according to his Twitter bio, he’s the lead on-chain analyst at Glassnode - which is one of the most well-respected sources for blockchain intelligence and data.
So, I advise that you watch the video and then decide for yourself if ETH is something you want to hold long-term.
Also, here is an update from the chart I shared in the last edition of the newsletter.
ETH cracked the blue trend line for a hot minute and then fell back below it, which means that its price is still in a downtrend when charted against bitcoin (BTC).
The more I think about “The Merge”, the more I tend to think the following:
Again, though, ETH’s price may head to the moon if “The Merge” is a success, as I get the feeling that most people who invest in crypto could care less about the ethos - decentralization - behind an asset like BTC.
To most, the the crypto space seems to be little more than a casino. If that’s the game you are playing, ETH may be one of the faster horses in the short-term - though, I’m less certain about the long-term.
So, please do with the information above what you will.
What’s a “Crypto Rug Pull” You Ask?
I explain what “crypto rug pulls” are and outline some of the most prominent crypto rug pulls in crypto’s 13 year history in a piece I wrote for Finder entitled “What Is a Crypto Rug Pull?”.
You might want read the piece if you invest in smaller projects in the space.
I hope you all have a great week!
Best,
Frank
Twitter: @frankcorva
Recently Watched: Trainwreck: Woodstock ‘99 (Netflix)
After watching the above documentary, I felt so embarrassed to technically be a part of a bro-culture generation that liked Korn, Limp Bizkit, rape and molestation (I wasn’t into any of these things) so much that’ve I’ve decided to share my favorite heavy song of all time in today’s newsletter.
Said song comes from a band called Shai Hulud and is titled “Set Your Body Ablaze”.
This is real heavy music, not clown heavy music.
“These blistered hands will come to be the iron first that bestows true and proper perspective… set your body ablaze.” -Shai Hulud
Great work as always!
thanks, Frank.