As stated in a previous article, I'm definitely not a happy camper about the way certain members of the Ethereum Foundation handled the recent hard fork of the network. Read that article to hear me rant about how the leads in this so-called financial alternative are exhibiting the same oligarchical attitude as those in charge of the systems crypto was originally created to challenge.

Seriously, what the hell are we investing in if the Ethereum network isn't decentralized, AND the leads in the process are just a bunch of autocrats anyway? What the hell are we doing?

Sorry for the yelling. I'm passionate about that.

I seriously don't see a way forward with Ethereum as a primary focus in crypto after the arrogance Peter Szilagyi showcased and the relative apathy of the community. I have never been a bitcoin maximalist, but they are looking smarter every day. Here's why.

Bitcoin Sticks to What it Knows

Although developers are trying to build defi on top of bitcoin, for the most part the network knows what it is — a store of value. Focus on this one purpose has caused bitcoin to serve as the most profitable and secure store of value of the past decade. Mainstream financial institutions have now switched from calling it a fad to ensuring it is a core aspect of their investment strategies.

For example, the bitcoin network has not improved its speed significantly over the past year. And do you know what? I don't care. As long as I don't have to worry about random network blackouts and trading halts due to the arrogance of the network developers, I'm more than willing to wait a few minutes for a block to mine. I'll pay more, too. Why? I'm more than willing to invest in a network that gets things done slow and steady with no BS involved.

Ethereum Defi Looks Like a Huge Ponzi

Don't get me wrong — there are plenty of ways to make money in a ponzi scheme. My problem is when the game doesn't ever stop. That's the reason that I regularly convert Ethereum defi profits into bitcoin. The wallet that holds my bitcoin doesn't move — I'm not wrapping it to use it as collateral on Ethereum, I'm not putting it on a network to trade spikes — I'm waiting until it hits 6 digits and I'm selling. Maybe. I might keep it. 

The point is that I'm more than willing to invest in and hold bitcoin through price volatility and even technical hiccups. Why? Because I know that I am dealing with a truly decentralized network that no government can just force some dev to turn off. Those of you who are having fun in Ethereum defi right now, be sure to watch for the black swan event if the network does not move towards decentralization. Executive Order 6102 all over again — all it takes is a few of these noob investors and weak handed, selfish YouTube shills to cry about a rugpull or two, and the government will have all of the excuse that it needs to pull the plug on everything by leaning on an arrogant dev like Peter.

Bitcoin is the Serious Asset

Central banks and institutional investors are finding their way into bitcoin, not ether. One might conclude that bitcoin has primary name recognition, but I don't think this is the only reason. Many of the anon whales you see in Ethereum defi are institutional finance. They know about ether, and they view the space as a short term pump. They take the money of weaker investors, convert it to bitcoin, and sit on the profits as collateral.

Citizens from countries with weak currencies that are looking for better alternatives choose bitcoin, not ether. Good for them. They get to sidestep false decentralization. The Iranian central bank also seems to know the asset that will give it the most leverage against enemy financial and political structures - bitcoin. Expect the US to be buying petro in crypto (at exorbitant prices) in a few years.

Unless something changes very quickly in the philosophy and structure of projects like Ethereum, bitcoin remains the only unassailable cryptocurrency on the market. Interesting that the first is still the best.