• FlashMobOfOne@lemmy.world
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    8 days ago

    No, man. People are sounding like these prices are fixed, when we’ve seen time and time again that crypto prices are cyclical.

    Now’s a time to buy. ETH is at a 50% discount. Your assets would be in a pretty good spot right now if you’d bought Bitcoin in 2017 when it “crashed” to $4000 per unit. I picked up shares of EZBC at an average of $32 a share (currently hovering between $45-$50 in a supposed crash) and XRP at 50 to 75 cents, currently hovering around $2.10.

    What you do is invest, and then just forget about it and let those assets sit. Investing is about forward-thinking.

    • ubergeek@lemmy.today
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      8 days ago

      Now’s a time to buy.

      Never is it a good time to invest in a ponzi scheme. It’s just a matter of playing “Greatest Fool”.

      • dx1@lemmy.world
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        8 days ago

        “Greatest fool” description relies on the precept of its utility or demand returning to zero in a near-future timeframe. If people have utility for “the thing”, that won’t be the case.

        • ubergeek@lemmy.today
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          8 days ago

          There is no utility really, for ponzicoins. You can’t make anything from it. You can use it to make anything. You can’t eat it. You can’t hydrate with it. And you can’t use the notes to summon military aid.

          I suppose you can buy drugs with it. Maybe.

          So yes, it’s a Greatest Fool game.

          • dx1@lemmy.world
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            8 days ago

            Yes, for the limited subset of ERC20s or whatever you describe as “ponzicoins”. Things that actually do nothing, particular not doing anything more than L1 cryptos but “this is yet another token”, are not really adding any value. But I would be really surprised if you can name any more complex contracts than ERC20s (or ERC721s), which is where the work in the space actually goes.

              • dx1@lemmy.world
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                8 days ago

                Yes, work. Smart contracts are designed, programmed and, if they’re done right, rigorously audited for correctness. Then you have user-facing interface and everything surrounding that as well. Look at the documentation of AAVE, for one example.

                And this isn’t even getting into the protocol level (L1 or L2) work either. Bitcoin was relatively simple, Ethereum is not. They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.

                • ubergeek@lemmy.today
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                  7 days ago

                  Smart contracts are designed, programmed and, if they’re done right, rigorously audited for correctness.

                  What do these “smart contracts” make? And why do we need to burn up tons of fossil fuels, just to have contracts like we had before?

                  And how is this better than a typical contract?

                  https://www.zdnet.com/article/hackers-hijack-smart-contracts-in-new-cryptocurrency-token-rug-pull-scams/

                  Bitcoin was relatively simple, Ethereum is not.

                  Both are simple ponzi schemes.

                  They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.

                  And all that time, they are still ponzi schemes that do none of the above very well. We’ve had all of that in the merchant payment systems for decades now, all without the need to consume more electricity than many small nations, just to approve a transaction.

    • explodicle@sh.itjust.works
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      8 days ago

      We’ve seen time and time again that not all crypto prices are cyclical. Ethereum has been performing poorly relative to BTC. If you’re just going to forget about it, then you should avoid proof of stake! When you log back in you’ll see that everyone who staked was sitting on a musical chair and you’re not.

      Plus, it’s run by a central foundation that bailed itself out when the DAO flopped. Requires attention at best.

      • cm0002@lemmy.worldOP
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        8 days ago

        The underlying tech is actually very cool and neat, unfortunately it got co-opted by cryptobros and bastardized :(

          • AnyOldName3@lemmy.world
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            7 days ago

            Ethereum’s been proof-of-stake rather than proof-of-work for couple of years now, so it’s no longer energy intensive.

            There inherently can’t be a way to make proof of work lies wasteful as long as there are people who want to do the work. If you make hardware more, then it makes it cheaper to do the same amount of work, so people buy more hardware and do more work and more power gets used. If you make hardware less efficient, people just use the old hardware. You have to abandon proof of work altogether and switch it to something else that isn’t inherently tied to energy usage.

          • Knock_Knock_Lemmy_In@lemmy.world
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            7 days ago

            Most of the 2nd and 3rd generation blockchains are much less energy intensive (although still more than a home PC).

            For example, Ethereum could be run on the energy equivalent of a single wind turbine.

    • vga@sopuli.xyz
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      8 days ago

      It’s a pretty old cryptocoin: initally released back in 2015, and a significant change deployed in 2022. It was then when they changed from proof-of-work to proof-of-stake, which basically means that they don’t use mining anymore to keep the network running. They use like 1% of energy compared to PoW coins.

      Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.

      Still, I think Eth is one of the cryptos that actually tries to be useful and efficient in some way and not just a stupid pump and dump scheme. Turns out, nobody gives a fuck about that, perhaps?

      • dx1@lemmy.world
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        8 days ago

        Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.

        Anything you need complicated multi-party interactions for that you want guarantees on. Real estate escrow comes to mind first. Depository accounts with yield. An immutable archive of records. Multi-signature corporate treasuries. Whatever. It’s programmable money. It’s not even necessarily monetary, because smart contracts can just deal with arbitrary data.

        Never impressive to see a technical audience shit all over Ethereum for internet points. By far the least scammy crypto people have actually dedicated years into building something real on.

          • keegomatic@lemmy.world
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            8 days ago

            Respectfully, I think it’s just you. Ethereum smart contracts are universally publicized and utilized in the crypto community, and it’s why people were/are interested in the project. Many other coins are built on top of this technology. It’s pretty foundational. If you look into crypto any deeper than just buying and selling it, then the topic should have come up pretty much immediately.

    • musubibreakfast@lemm.ee
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      8 days ago

      Ethereum is a petroleum based lube used in gay porn. When multiple dudes double dock during an orgy, that’s called a block chain. The ethereum on their foreskins creates an immutable ledger.