Anyways, through all this saga, I see ETH is still at $1200, which has held pretty well. I think the right price is around $600, how it was on Nov 2020, before all speculation. The rest of the price is just people playing around. But that's not what ETH is for, and these high prices are hurting it's real goal.
I'm definitely still holding crypto. Mostly ETH, because I believe in the core technology. I've done some smart contracts and have a couple ideas for the future.
But man, I surely hope all cryptos crash and burn this time, so that speculators stop polluting the technology.
However I’ve grown less confident in ETHs longevity following the move to PoS. I’m concerned about the centralization of control and influence (eg transactions being dropped, tornado cash), lack of ability to withdrawal staked ETH, and general lack of trust created by the extreme number of scams. How do you view ETH long term, particularly wrt the proximity it has to these seemingly endless scams?
Why $600 and not $351, $17, or $15,000?
What fundamental reason is there for any specific price?
Even people/groups using it for putatively useful purposes, those purposes often tend to be 10x more complicated or risky than standard financial mechanisms (or, they are using crypto specifically for various forms of money laundering).
Almost nobody cares about optimizing for real world use, just optimizing for "price goes up".
[1] https://www.arthurkoziel.com/generating-ethereum-addresses-i...
Because any profitable trader will tell you just how stupid that logic is.
ETH provides value but it’s moved to an unproven model.
The who crypto ecosystem is filled with charlatans and crooks who want to rob you and your only other alternative is to be your own bank and store in a cold wallet. Not something normal people are interested in.
That process is not at all streamlined for the layperson, and the structure of crypto has only existed to make it harder, and to further divorce from what could otherwise be a straightforward process for 99% of folks.