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.

Raoul Pal @RaoulGMI

This is almost EXACTLY my view on the ETH merge. @CryptoHayes it seems has re-incarnated as the best crypto markets writer in the world. I wish I were as good as he is. His thoughts are a MUST READ. Let's see what plays out. ETH-flexive blog.bitmex.com/eth-flexive/ via @BitMEX Blog

blog.bitmex.comETH-flexive | BitMEX BlogI’m currently reading Alchemy of Finance by George Soros, and it inspired me to write this stream of consciousness piece about my macro...

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.

_Checkɱate 🔑⚡🦬🌋☢️🛢️ @_Checkmatey_

Ok Folks, this thread on why I believe the #Ethereum Merge is a Monumental Blunder blew up. I have not had a single Ethereum person respond with a convincing counter. Here is a video I prepared with my full scale, good faith case outlaid for discussion youtu.be/gyP0uxxB6V8

_Checkɱate 🔑⚡🦬🌋☢️🛢️ @_Checkmatey_

In one move, the US Government has demonstrated that they OWN #Ethereum DeFi. Folks, us all a favour, ditch the move to Proof-of-Stake so you don't hand consensus to them as well. That way, you will live to fight many more days Unless a regulated chain is what you want fro NGU https://t.co/bK4LEZUO1h

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.

Source: Trading View

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:

Frank Corva @frankcorva

Once #TheMerge occurs on #Ethereum, the network will just become a new playground for #fiat antics #ETH #EthereumMerge

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