Staking ETH in the 2.0 Mainnet Upgrade? ZERO CHANCE.
I dare any of you to justify staking in Ethereum 2.0 at this point.

Staking ETH in the 2.0 Mainnet Upgrade? ZERO CHANCE.

By AlucardLife | cryptoinvesting | 19 Nov 2020


I can't think of a worse investment for midlevel investors than to stake directly in the Ethereum mainnet for the Ethereum 2.0 Beacon Chain upgrade. Here are the top 10 reasons, and I'll tell you, these are just the ones off of the top of my head.

1. The 10% (give or take) annual reward is GARBAGE compared to what even a noob investor can accomplish through speculation.

2. The whales on the Ethernet mainnet are degenerates. That's why the 500,000 ether minimum is taking so long — the traders on the network don't care about its long term viability.

3. You need to invest in a 24/7 node. That's the real investment, not the 32 ETH. Every second your computer is down, you are losing ether.

4. Binance Smart Chain can do everything the Ethereum mainnet can do less expensively. Hive, Solara and any number of other blockchains are objectively better. Eventually, the degenerates will realize this and move their support away from ETH. If you're staked, you're stuck.

5. Yeah...if you stake, you're stuck. Your value is locked for a year or MORE. You also lose the potential to use that ether as collateral.

6. There are third party platforms like Stkr from Ankr that already fixed the collateral problem. They also have a more decentralized staking mechanism than the mainnet itself.

7. The goofballs that DO stake lower the open market ether supply, driving up the price. There's your 10% through capital gains, and it took days instead of years. Oh yeah...and you maintain CUSTODY of your ether.

8. You can get slashed if your node is deemed detrimental to the network. If you aren't a technical ETH expert, expect to get slashed.

9. There is no protection for you if your node gets hacked (SLASH), and there will be hackers coming after this ETH.

10. The Ethereum Foundation has not shown itself to be a team to follow, and I don't believe they are moving towards true decentralization. If a government tells them to hit the off switch, they'll do it, and there goes your ether.

I timed myself — rattling those 10 reasons off AND typing them took me all of 2 minutes, 7 seconds. How the HELL can anybody justify investing in this farce at this point in time? I defy any of you to come up with 10 reasons to do it.


AlucardLife
AlucardLife

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