Ethereum update: A reply to Jeremy Lubin
The consultant of Stellar made headlines recently and got featured by techcrunch for his article here: https://techcrunch.com/2018/09/02/the-collapse-of-eth-is-inevitable/
The author claims that miners would prefer to be paid in native ERC20 tokens such as BuzzwordCoin making ETH redundant and its price plummet to zero.
If this claims is not obviously immediately ridiculous I will give some input on why is the case:
1) If there is choice and tokens have value then some miners will prefer Ether just because its one of the choices making the price impossible to plummet to zero unless all coins have zero value.
2) If a miner wants to be paid in another token there needs to be price discovery which is firstly quite difficult but even if there is, it’s going to be there for tokens that have sufficient liquidity and circulation. Do you think a miner would like to be paid in the ERC20 token I made for myself to give to my relatives? That’s absurd.
3) If real world asset tokenization will be a thing then do you think I would prefer to pay the miners in the token I cut for my apartment shares so that a Chinese random guy will have a small portion of my apt?
It surprises me that Techcrunch posted such FUD.
I am pretty sure that either author is not a competent logical programmer that can understand if/then logic arguments OR that he is but as he is working for Stellar he posted this to create panic in noobs/non technical people which is malicious.
Which one is it Jeremy?
Edit: Sorry for confusing Jeremy Lubin for Jeremy Rubin if a mod can change the title.
About Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Author: aelaos1
Score: 63
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