I have been with ETH since the beginning (ICO), and today, its time for me to say goodbye.
Why am I getting out?
Ethereum doesn't have a "killer app"
STEEM's killer app is Steemit. It makes the underlying currency useful. There is a demand for STEEM, because it powers the revolutionary, fast growing social network.
Meanwhile, Ethereum's ecosystem is mostly comprised of ponzi scheme and degenerate gambling DApps.
I never REALLY understood the use case for Ethereum
Perhaps I'm shortsighted, but I don't get the point of the DAO's?
For many useful applications you still need centralized (external) points of trust to interact with the blockchain. So essentially you end up with a very inefficient, somewhat decentralized platform. Actually, scrap that, as of today today, July 20th 2016, I no longer consider it decentralized.
Ethereum's mission statement is a lie
The "DAO hardfork" is a huge letdown for me.
Perhaps the stakes several members of the Ethereum Foundation had in the DAO influenced their decision to hard-fork. Perhaps they had good intentions. None of that matters now, what is done is done.
If you check out Ethereum's homepage, the first thing you'll see is this statement:
I don't think this is true anymore.
ETH is nowhere near as good as Bitcoin for money transfers
Working with ETH as a payment system is a nightmare. To be fair, it was never designed to do that, so it shouldn't get too much heat for it.
Going forward
Long story short, I don't see ETH as a prudent investment opportunity going forward. I think Steem/Steemit will continue to grow, because it is actually creating value for people. It is the first platform with positive impact potential for all people. And it is getting real traction already, which increases confidence in the model.
Action plan
My plan is simple:
ETH => STEEM => STEEM POWER
I have 250 ETH (~$3,000) stashed away in BitFinex funding. The coins will be available for withdrawal within 2 days.
I've disabled ETH in my lending bot. Permanently.
Powering up
By powering up I will be leveling up to the superuser. I'm looking forward to the boost in the voting power :)
#steem #steemit #money #trading #ethereum #finance #investing