I paid off all my student loan debt and bought a house last summer because I got scammed into buying ETH about 2 years ago. Thanks for your insight though.
1. Immutability
2. Decentralization
3. Cheap, fast, secure cross-country money transfers
4. Protection against inflation
5. Independence of banks or arbitrary freezes of your funds
6. Access to a vast variety of financials services
7. Is quite likely the replacement of money
The fact that people still don’t get that in 2022 is astonishing.
2/14*3600 = 514MB per hour
514*24 = 12.3GB per day
12.3*30 = 369GB per month
How many nodes will there be if ETH hits $0? What will happen to the services like ENS?
1. https://www.bitrates.com/guides/ethereum/how-many-ethereum-a...
Is the above accurate? Wikipedia says the whole network is 1TB, so that doesn't quite add up for me.
People will continue to run nodes regardless of the price of ETH, just like Bitcoin.
ENS is a smart contract protocol, so I don’t see how it’s related.
>2 is increasingly untrue
That’s also incorrect, Ethereum has become more decentralized every year
> 3 and 6 aren't inherent benefits of Ethereum and 5 aren't true Yes they are. Ethereum is deflationary and will became three times more inflationary later this year.
> 7 is speculative and begs the question.
No speculation here, check here yourself for just a small overview https://www.defipulse.com/
2. No one is responsible for anything, you'll never get any support, and one day the decentralized consensus might be to abandon the whole system.
3. It takes 16 seconds for a transaction to post and the average transaction fee [a] is over $2. Cross-country money transfers (assuming you mean international) benefit money launderers and criminals a lot more than me.
4. I never understand this sentiment. Thousands of tokens have been invented to create hundreds of billions of dollars. If the federal reserve told everyone they could print their own fiat and have it accepted at the bank, what do you think would happen? Inflation, right? Think of it another way. If the liquidity for the market is fixed in the sense of the amount of fiat people are willing to bring in, then every token mined or minted is diluting the value of anything you're holding.
5. This is at the risk of losing your keys and your life savings. No thanks. Also, banks act as a backstop for a lot of things people don't even think about. They won't let you wire your life savings to Nigeria without trying to make sure you won't get scammed. The indemnify you from the risk of fraud if you're using a credit card. Money you give them is backed by FDIC (or similar) insurance, so if the bank fails your money is still there.
6. Like?
7. Yeah. I'm sure the super elite that control almost all of the money and assets on the planet are going to sit by and watch as the crypto community anoints themselves as the new rulers of the wealth.
And what happens in this utopia where everything can be anonymous and governments have lost control of the money supply? Does everyone stop paying taxes? Who funds the schools, hospitals, and all other infrastructure? Do you think the rich are going to suddenly become charitable and start funding everything? They already contribute as little as possible, so it's difficult to imagine a world where they'd contribute $1 if they aren't forced to do it?
> The fact that people still don’t get that in 2022 is astonishing.
We don't get it because it doesn't make sense. It might make perfect sense for those of you that mined millions of (on paper) dollars of crypto currency, but it's not a good deal for anyone else. It's objectively worse in terms of stability and predictability and the best outcome for us is to get a different set of wealthy elite that control everything.
a. https://ycharts.com/indicators/ethereum_average_transaction_...
Crypto already has replaced money in several countries, especially third world countries where it has replaced money for 30% of the population that have protected their funds against inflation thanks to the inherent scarcity of respective cryptos.
There's too much money in the system now for it to all be from mom-and-pop marks. That's just not a viable explanation at these market capitalizations. That's not to say that average people aren't going to find out that they're long crypto - but it'd be in the way they found out they were long real estate.
In case it helps: the first two comments you posted with this account (a couple weeks ago) were much more substantive and much more along the lines of what we're looking for.