Ethereum Price is Going to $0 if No Blockchain Protocol Changes are Made: Vitalik Agrees?
No one could believe that the second most respected and biggest cryptocurrency in the space could be said to be heading towards zero. Different theorists have posited this, but the on recently aired by Rubin is worth paying attention to.
Jeremy posited that with time, ETH may be unnecessary in the space, stating afterward that the Ethereum platform may be necessary and needed owing to the fact that the Ethereum Virtual Machine (EVM) is being used by decentralized applications (dApps), as promised.
His argument is that it is possible miners bypass the need for gas using ETH by selecting token-only transactions.
He said: “If all the applications and their transactions can run without ETH, there’s no reason for ETH to be valuable unless the miners enforce some sort of racket to require users to pay in ETH. But if miners are uncoordinated, mutually disinterested, and rational, they would prefer to be paid in assets of their own choosing rather than in something like ETH.”
“[I]n a stateless ecosystem, replacing ETH is a Pareto Improvement (i.e., all parties are better off). The only party disadvantaged is existing ETH holders.”
Meanwhile, in a sensitive but lengthy reply in which the likes of James Lopp believed it actually confirms the statement of Rubin, Vitalik Buterin, the co-founder of Ethereum disagreed with its extinction theory, saying it is an impossibility after referring the creator pointed to two imminent changes on the Ethereum protocol.
Vitalik writes: “Economic abstraction can still happen at the user level; users could pay in spankchain tokens, but the block proposers would still need to cough up ETH. One could also use intermediate solutions, where third parties create “wrapper transactions” that take the fees for operations from users that are paid in spankchain tokens, and the third parties provide the ETH to the block proposer.”
He reply pointed that gas payments are a necessary part of the Ethereum network and they are unavoidable.
The next thing Vitalik pointed to is that there is an ongoing effort to evolve Ethereum into a proof-of-stake (POS) network.
Meanwhile Rubin pointed that Stellar network may witness the same on XLM when the asset becomes unnecessary.
Meanwhile, different individuals have complained about Ethereum network on several occasion. Wax (WAX) earlier said the platform nearly killed the most popular app, VGO, before it departed the platform.
In the same line, Tron have condemned Ethereum network due to its slow and inactive nature before it decided to move to its mainnet.
What do you think – is there an real possibility of Ethereum (ETH) Price heading to $0 – meaning its over and done with? Seems like a bit of a twisted story but recently we saw the big ETH news of 1) 2 ETH rewards cap and 2) Cboe Ethereum Futures being introduced by end of this year – so while it may not look bright yet, Ethereum has a ton of development support even if bigger projects (EOS, TRX etc) have left the Ether platform for their own mainnets one would be wise not to count out Vitalik and a large umbrella of developers, programmers and coders who all came up from the blockchain breakthrough that was and still is, Ethereum.