Ethereum update: ETH is a currency and the success of Ethereum is tied to ETH being valuable. Is it time to change the narrative and start refuting bogus claims?
Dear everyone, I think it’s a bit of an issue when Ethereum Foundation members refuse to call ETH a currency and humour nonsense arguments like the one going around these days, that “Ethereum can be successful even if the value of ETH goes to 0”. While I can appreciate that Vitalik took the honourable approach of trying to engage in a fact and merit based discussion, it should have been clear that the article was a direct attack on Ethereum by a Bitcoin core contributor, and it should have been met with a stronger rebuttal. Because it wasn’t, we’re now seeing this article being picked up by several different sources and “news outlets” and used as ammunition by trolls and shills to sow doubt about the value of ETH.
Unless there are explicit plans to let validators stake in other tokens, pay rent in other tokens, deploy contracts or use services such as ENS with other tokens, it simply isn’t feasible that Ethereum can be successful while ETH isn’t.
Even if you could do all of these things with other tokens, it would still be unlikely to take precedence over ETH which is the *native currency* of Ethereum. Additionally, if ETH were to go to 0, Ethereum’s security model wouldn’t work as it would be associated with 0 cost to attack the platform. It’s therefore absolutely crucial to the security of Ethereum that ETH is valuable and frankly ridiculous to claim that Ethereum could be successful while the price of ETH plummets. This is a point that needs to be stressed to the public.
Back in 2014-2015 it made a lot of sense to push the notion of ETH being ‘gas that fuels the world computer’ as a way to distinguish Ethereum from other platforms and currencies that simply were Bitcoin re-imagined. But it’s 2018 now, Ethereum has established itself as a smart-contract platform and I think it’s time to change the narrative. The security of Ethereum hinges on the value of ETH, which is the native currency of Ethereum and can’t be replaced. I’m not suggesting that EF members engage in price speculation and pump attempts, I’m just of the opinion that it’s time to cement the role and importance of ETH to the ecosystem, to dispel the misinformation and doubts being sowed by those with a vested interest in the failure of Ethereum.
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: CoverYourOrifices
Score: 525
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