Will Ethereum Ever be Stable Enough...?
My question goes out to everyone in the crypto world... Will the Ethereum Network ever be strong enough to support all the traffic and DAPPS on it's blockchain? It has been shutting down and slowing up due to the increased traffic which causes inconvenience for businesses and individuals alike.
I just read an article that said a company on the Ethereum Network plans to leave it because of the instability it is currently experiencing. Are more companies soon to follow or avoid the network all together?
The Ethereum Network it's growing more popular every day, which means more traffic and transactions.
I'm long Ethereum, but I do have my concerns about the current state. What are your thoughts on Ethereum's future?
The big problem are the speculators. They don't actually care about the functionality and technology of Ethereum, rather they are looking to cash out a Lambo as soon as possible. Ethereum is unfortunately used to make a quick profit. The recent ICOs just intensified this situation unfortunately. But I think this situation will improve over time and in the long run Ethereum is a very interesting technology. Nevertheless, another crypto network might replace it ..
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ETH got massively inflated based on mostly ridiculous claims made by the various tokens and projects developed off that platform.
Remember there is always a slight fall after a huge rise. This is the summer sell-off. Happens every year.
Think of it as your opportunity to buy cheap ETH.
Remember that 7 years ago when BTC first was used to purchase material goods, 10,000 BTC was worth $41. Today that figure is near $25million.
ETH is going to remain among the top currencies, if not replace BTC as #1.
HODL HODL HODL and snatch up that ETH as cheap as you can while you still can!
I have severe reservations about Ethereum, or ETH.
On price action, the daily ETH chart from GDAX looks like it is going for another leg down after a small bounce. My initial target of 260 was nearly hit, and I think there's more downside there.
The other problem is one of scaling -- the ETH network has ramped up confirms, which means it produces more blocks. This means that there are higher storage requirements for the ETH blockchain. It is estimated that by the end of this year, it could be close or exceed 1 TB in size.
Compare this to Bitcoin, which has been around for 8.5 years and only has a chain about ~131 GB. A difference of 86%! This isn't sustainable if they are trying to put more ICO's on the ETH platform.
It also has a problem with the market absorbing the huge amount of mined ETH - 26,205 are mined every 24 hours compared to 1,838 BTC. That means that the market has to absorb a factor of 1,325% every day!
The Status ICO brought the network to its knees, several wallets had to be deactivated and exchanges stopped processing transactions to cope. That is very worrying.
This leads me to be very wary of ETH as a long term investment. If you trade it on a short-term basis, I can see how you would make money on the swings. But I'm not so sure about it dominating when it has such obvious scaling problems.