About Laura Shin unchained podcastjournalist and BitMex founder Arthur Hayes explains why he changed his view on Ethereum, believing the ETHPoW fork will fail. Hayes says utility is the main difference between Ethereum and Bitcoin I explained that there is.
“Ethereum is not money…Ethereum has uses…Bitcoin has no uses.It’s just money.”
Hayes explained that in the first ICO, investors didn’t see value in Ethereum because they “didn’t get anything”. He argued that scarcity and lack of a fixed supply simply cannot be compared to what Bitcoin has to offer. rice field. A statement he does not keep today.
The evolution of dApps built on Ethereum and DeFi in the summer of 2020 helped change Hayes’ view on the value of $ETH. In support of his change of heart, he described Ethereum’s DeFi revolution as “reconfiguring the way humans do finance over the internet.”
Hayes also cited the evolution of NFTs, ENS domains, DeFi TVLs, and social utilities as core technologies that will change the Internet environment. However, it will take more time for these technologies to become “true value drivers” for the Ethereum network.
When asked about the potential deflationary nature of Ethereum after the merger, Hayes said, “Does it matter at a macro level?” Hayes believes deflation will be better, but that is not critical to its success. I’m here.
Hayes admitted he’s still worried the merge won’t happen because he’s “a little tired”. I’m skeptical about whether it will finally be done. As a result, he argued that the success of the merge was not reflected well on Ethereum because the market held similar beliefs.
Regarding Ethereum’s Proof of Work fork, Hayes argued that Ethereum’s value is based on the use cases available to $ETH holders. However, the new he ETHPoW chain has no real utility as the main he Ethereum dApps do not support it.
Hayes revealed that he would be interested in trading ETHPoW if the price goes above zero, as ETHPoW is “free money.” He will sell his ETHPoW coins he received “at a very opportune time.”
Without a place to use the ETHPoW token, Hayes cannot foresee its success. The lack of node operators, exchange lists, and active dApps makes forked chains obsolete.
The entire podcast is available on Unchained Podcast website.
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