Re: Eth being sold to buy Sol - meanwhile BTC keep winning...
Fascinating to see Eth slowly collapse, with only the truest of believers remaining faithful, and the rest of those chasing the "next hot thing" moving from Eth to Sol / BTC.
Is ETH really collapsing? I mean it is a shitcoin that has been slowing losing its hype and getting dumped. But the centralized authority behind it has millions of dollars (scammed over the years by selling people garbage) to pump into it and keep it alive.And why do you claim people have moved from one shitcoin (ie. ETH) to another shitcoin (Sol) all of a sudden?
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To me it sees clear, that BTC has won the global store of wealth / defence against declining fiat narrative.
The thing about bitcoin is that it does what it promised. It provided people with a decentralized censorship resistant payment system. That is why it has been greatly successful.Conversely ETH is a failure because it promised big things and none of those things came true. From their "decentralized computer" lie all the way to "cheaper than bitcoin" lie.
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So, that leaves ETH (once touted as an "alt" to BTC's core function, with that battle totally lost,
They never said "BTC's core function" since Bitcoin is a currency while ethereum is a token creation platform. They said "replacement".And for your information at least a dozen shitcoins have made such claims. It wasn't just ether pumpers.
I would say Eth is undergoing a slow gradual decline, rather than a "collapse". But this decline trend vs BTC has continued for over 3 years now, and it seems set to continue. Three years ago it cost .083 BTC to buy one ETH. Now its around .037. Its more than halved in value to BTC in that time. A terrible performance and so no wonder those who bought with the belief it would outperform BTC now feel disillusioned.
As for moving from Eth to SOL, I have seen this among friends of mine. Sell the last "hot thing" to buy the latest "hot thing" of this current cycle. Also SOL has a much smaller market cap. In many ways Eth is being punished for what it tried to do to BTC, and is learning the lesson that the "smaller market cap" pitch, eventually goes stale.
Agree, ETH promised a lot. Jack of all trades, but a master of none. BTC took the store of value, SOL has faster throughput. At the time, many thought Eth could be just like BTC, "only better because it does smart contracts"
Well we now see how that turned out...