ethereum, many of you in the crypto space (especially new comers) know this as currency number two by market cap. Quickly after it’s inception it surpassed litecoin as bitcoin’s silver and has been side by side it on charts ever sense. And within the last few months gaining greater, and greater dominance.
in the coming paragraphs I would like to describe to you all why I believe, as a whole, ethereum is is ultimately doomed to fail, or at least, if is allowed to rise to some sort of ‘dominance’ over the crypto sphere (which I personally see becoming possible) deserves a huge HUGE * next to its title of fame...
for those who aren’t familiar on forking... please look it up. It’s VERY IMPORTANT but this isn’t that article. Ethereum Classic is actually the original ethereum blockchain (this is debatable by many, but important to be perceived as THE ORIGINAL to achieve the point as to why the Ehtereum platform as a whole, kind of **** the bed).
first, let’s go to the beginning.
2013; Vitalik Buterin creates ethereum platform and begins building and seeking funding
2015; Buterin officially releases and crowdsales it to investors... in arguably the most successful and important ICO of all time, it is important (at least to me) to note that some ethereum was premined before initial sale... already tilting price against initial offerings to some degree.
2015; yes, same year in fact WITHIN THE SAME MONTH ethereum, the second most traded and powerful crypto currency listed today (and gaining in popularity) was hacked.
many of the coins that were basically base investment funds, were hijacked and stolen. As a result Buterin admitted his mistake, asked forgiveness and forked the coin reversing the hack in the new version of ethereum asking people to fallow to the new chain/coin aka ETH(ethereum) leaving the original ETC (ethereum classic) to get support from devs elsewhere when they could. Some people remained to support classic as the original ethereum chain, and most obviously went with the creator to support the new version of ethereum that Buterin was continuing to dev.
2019; years since the fall out, billions trillions invested, forks on forks tokens in chains blur a line that is crypto currency... what it tried to achieve with BTC.
*what I will say next is my own opinion and not a fact*
people have forgotten it’s not about wealth. It’s about a transaction between two (or more) parties that is distributed and proven to be true to a publicly verified ledger, that ledger should be IMMUTABLE and impossible to change, mainly to prevent instances of fraud...
which is exactly what Ethereum did to the community when it came on the scene... it robbed the crypto community of its basic sense of what it was, and denied a newer generation of investors/advocates a real sense of what they were getting involved in.
and now, 6 years after inception, 4 years after implementation, and a forced fork due to programming error within their FIRST MONTH OF RELEASE, they still sit, position two, and climbing, seeking dominance in a world they have already tainted with corruption and fraud.
that being said... it’s popular, and smart contracts are functional so who cares if they need to alter the chain if they feel like it right?...