The only thing better than Ethereum, is Ethereum, which comes with its own warning; don't try building Ether on top of itself.
Ether is a breakthrough in the growing cryptocurrency space, but some things are not even meant to be built on the platform, and it took a $700,000 pump to prove the theory correct. It would be true if it weren't satire, but stranger things have happened in crypto!
The Ethereum platform allows people to create their own tokens with minimal difficulty and effort. In fact, much of the current cryptocurrency market is created as ERC20 Ethereum-based tokens. But, what would happen if someone tried to build Ether on top of Ethereum? Who cares if it's possible or not; it makes for a funny thought.
Over recent months, it seems that everything is being created to make real-world assets accessible on the blockchain. People create stable-coins backed by physical dollars or equivalent assets. Others great gold-backed coins. There are projects focused on bringing stock assets, ETF's and everything one can imagine into the crypto space. Much of the time, these are built on the Ethereum platform. We've seen Bitcoin getting wrapped into ETH tokens, allowing exchanges and swap protocol websites to provide trading pairs with Bitcoin that were not available before, because they were not on the same chain with Ether. It isn't actually Bitcoin, but it is pegged to Bitcoin's market price.
So, some genius decided to wrap Ether with Ether, and apparently a series of market buys caused an infinite loop of value, driving the price of Ether to $700,000. Shocked by the results, the mystery coin alchemist market sold their profits, causing the reverse loop, sending ETH to $86 dollars until the rest of the world bought the dip, bringing the price back to it's current value of $227, 12:15 pm EST.
When asked about the ETH-wrapped ETH ERC20, Vitalik simply said:
Yeah, you can't really do that. Of course, maybe you could. But, you shouldn't.
Based on the wack results, the same developer created a smart contract to peg an ERC20 pegged to Tether to trade against his exponential ETH, but it only caused a spike of Tether to $1.0111.
Our inquiring team of deep dive journalistic researchers were the first to scoop the loop, and as such offer no proof that any of it ever happened. But, if you go look at ETH at market right now, it still sits just above $227 12:28 pm EST, so this report now holds more water than mainstream news about anything that has taken place in 2020. We consider that a huge accomplishment. Also, there's only me... there is no "we".
Thank you for reading. This was kinda dumb, but sometimes you want to just throw silliness out there in the world to see what it will do. This is one of those times.
P.S. Maybe someone actually did this. I don't know. Don't care. Just felt like writing it.
For now, Gordon Freeman, intellectual pseudo-super hero, out.
originally posted by me here.
I give me permission to re-port my me mine myself made content.