From the very beginning I was suspicious of the Ethereum project. Being a member of the cryptocurrency community since 2011, I was able to witness the birth of many projects, and was able to learn the signs of projects that were designed to rake in money rather than provide actual utility. The real question is who is the money being raked in for? Around 2013-2014 there started to be a lot of new coins that catered to mass audiences rather than the standard of the crypto-nerd of the past that really gave birth to the community. This came with the added benefit of mass adoption, but came at the cost of creating a user base that was largely ignorant of how these systems worked, why they were created, and simply didn’t care about anything other than easy profits. Additionally there were the corporate and banking system ties from the start that also made me extremely uncomfortable as they are in a position to profit most from reining in control of any free money systems like truly distributed cryptocurrencies.
One of the first signs that something was not right with Ethereum was the fact that it promised everything under the sun. There were so many functions on its promised list of accomplishments, I knew it would never happen, and if it did there would be massive issues. As any coder or system designer will tell you, the more complicated you make a system the more glitches and vulnerabilities you will have. And Ethereum has plenty of those.
Then the DAO hack came, and I was hopeful that people would come to their senses a little bit and pull back on the irrational exuberance. Of course a lot of people lost money. Then they forked the blockchain, spitting in the face of immutability which is a core tenet of the idea of the blockchain and why it exists. Of course for a short time the user base stepped back, but then everyone got back on the train, and sure a lot of profit was made, but at what cost? Still there remains a growing list of unresolved vulnerabilities known in the Ethereum network that people continue to ignore, putting large sums of money at risk.
To this day it grows and grows, more and more people putting more and more of the cryptocurrency market cap into this corporate and bank controlled coin that changes the blockchain when it feels it is convenient, still having a whole host of vulnerabilities. After all of this I think to myself, what if Ethereum is the banking system’s response to cryptocurrency? What is this is part of their plan to wrestle control of this revolutionary independent money system away from the people and put it back in the hand of the money masters?
How could they accomplish this? Consider this scenario. Ethereum keeps growing and growing, until it consists of the majority of the total of the cryptocurrency market cap. Suddenly one of these previously known vulnerabilities is exploited, and billions of dollars suddenly exit the crypto-sphere. Not only would this drag the value of every other coin down, but then this failed flagship would now become the symbol of how cryptocurrency is a failure. You have all seen the media frenzy every time Bitcoin has a rally and then corrects. Every time Bitcoin is over. The CEO of Bitcoin is dead, etc…
Imagine the chaos that would result from a planned collapse of Ethereum. Best case there would be a massive market wide correction allowing corporate and banking systems the ability to suck up controlling interest of all the most important blockchain systems effectively wrestling control of it away from regular people that make it the distributed system it is. Worst case cryptocurrency once again becomes a niche market and never recovers in its previous form, and simply exists as a blockchain version of the existing money system. Once again… it is all blamed on the “hackers”.
Where have we seen this narrative before? Practically anywhere the status quo system needs a boogeyman to pin its failures on. In fact a lot of people suspect that when the global banking system does inevitably collapse, several large scale hacks will be staged in order to pin its failure on hackers rather than having to admit the system itself failed. The result? Well I guess we just have to crack down on internet freedom! No more anonymity, more regulation, more control. It is all for your protection! The narrative is being crafted as we speak. “Anonymous”, LulzSec, “Russian” hackers, WannaCry, the groundwork is already being laid, and legislation is already being introduced in response.
Could Ethereum be the systems trojan horse? Could it be used to introduce overreaching, market strangling control over the cryptocurrency world? Could it devastate the total market cap over night? Could it wrestle controlling interest of the majority of the market away from the real user base? The answer to all of these questions is absolutely yes it could. Will it happen this way? I leave that up to your judgment. Just remember who told you so.
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