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https://warpcast.com/~/channel/ethfinance
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Thomas
@aviationdoctor.eth
1/ I find it telling that price has overtaken every other meaningful metric, such as active wallets, transaction volume, number of validating nodes, etc. in the current zeitgeist. Camila’s tweet is the latest example of that disease. 🧵 https://x.com/camirusso/status/1849432939689341378
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Thomas
@aviationdoctor.eth
2/ In other words, the casino appears to have overtaken the computer, and the new narrative seems to measure the success(or lack thereof) of Ethereum (and other chains) by the price of their token alone.
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Thomas
@aviationdoctor.eth
3/ Maybe it’s a function of the next generation of crypto adopters having missed the cypherpunk ethos on which this technology was initially spawned from. If your first exposure was the ICO or NFT craze, maybe it makes sense to think of the entire space as just a zero-sum gamble of green and red candles.
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Thomas
@aviationdoctor.eth
4/ After all, BTC itself has been corrupted from the Satoshi vision of pseudonymous e-cash to this ossified pet rock where even maxis now mock self-custody with a straight face (cf Saylor). Few of the OGs of the genesis era remain. They wouldn’t have celebrated a Bitcoin ETF.
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Thomas
@aviationdoctor.eth
5/ Radical thought: as much as I’d love to see ETH do another 10x from here, what if… this was never the point? Ethereum’s mission isn’t to pump anyone’s bags. If the network can offer plentiful settlement block/blob space at cost, instead of at extractive margins, isn’t that a desirable feature?
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Thomas
@aviationdoctor.eth
6/ As long as Ethereum performs as a decentralized, censorship resistant, credibly neutral, and permissionless global settlement layer, hasn’t Ethereum fulfilled its mission? Why does the price need to do another 10x for people to validate the incredible success to date?
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Thomas
@aviationdoctor.eth
7/ The ETH price is already well above what’s necessary to maintain the economic security of the network. Stakers are being compensated a steady rate which, while not stellar, is quasi risk-free and sustainable from an issuance standpoint.
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Rafi
@rafi
The biggest value I see in Ethereum is how it organizes it self from an organizational and administrative standpoint. The way decisions are made, changes introduced, and value distributed in the ecosystem displays potential for change and improvements of human-to-human and machine-to-machine cooperation.
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Ben
@benersing
I agree. Is there enough incentive to build on it though if the alternative options are as good AND seeing large price increases?
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