ETH's Judgment Day callers: "Ethereum will eventually be another lesson of what-not-things to do in the history book".

Yes, the whole market has collapsed, but Ethereum has taken heavier hits than most of its competitors that fueled ETH objectors to reemerge with their fists ready to swing against the fallen giant.

The quote from our title came from the fingers of Tweeting by Hugo Nguyen, a cryptanal analyst with a solid following and reputation on Twitter. He wrote a marathon thread that illuminates the flaws and failures of design that Ethereum suffers in his eyes. The crux of his message echoes Greg Maxwell's thesis on the true role of blockchain: verification rather than calculation.

32 / In summary, Ethereum has questionable design decisions without strong justifications for them. We have also seen similar technical disasters at Ethereum.

My hypothesis is that Ethereum will end up being another lesson of what-not-to-do in the history book.

FIN.

– Hugo Nguyen (@hugohanoi) December 31, 2018

There are still no valid use cases for Ethereum

As bitsonline wrote in 2017, it starts from the fundraising of the ICO, whose legitimacy and practicality remain questionable to many – Ethereum has no promising use cases.

Of course, enthusiasts invented all kinds of scenarios in which Ethereum could be used to replace or improve the current financial infrastructure. However, many of their theories seem to complicate things rather than simplify them.

For a technology to become mainstream, it must make life's appearance simpler, not unnecessarily complex.

And when those impractical ideas fail miserably, they become even less useful.

Take the DAO, for example. This 2016 project by Slock.it was a very complex way of financing decentralized projects. Many wondered if it was necessary, and whether it was better than ICOs or traditional VC funding rounds. Then the entire project exploded when a hacker exploited a security vulnerability in the DAO code and tens of millions of dollars were lost in the aftermath.

In the end, the developers of Ethereum forked the blockchain hard to reverse the theft, which literally split the cryptocurrency into two.

Competition is increasing

Ethereum was the only blockchain able to run smart contracts and host developers running Dapps.

It has enjoyed the advantage of the first move in the field of intelligent procurement and has managed to build a brand as a market leader in this segment of the encrypted markets.

However, the market does not sleep and Ethereum is under increasing pressure from competing platforms that have learned from the shortcomings of Ethereum and are adapting their networks to meet those needs.

Worthy of mention in the list of cryptographic or potential asset platforms "Ethereum Killers" are EOS, NEO, the star network, Cardano and Tezos.

The competition is open because these platforms not only have different levels of technological improvements compared to the front-runner of their sector, but they also work hard to attract enough developers for their community and for the safe adoption by the commercial users of the their technology.

The Stellar network (XLM) in particular has grown within this space because of its major partnerships with organizations like IBM, which link blockchain-based applications to traditional financial systems.

In addition, the cryptographic resources of Stellar and other platforms such as EOS have offered alternatives to the "traditional" blockchain consent and governance methods used by Ethereum, providing intuitive solutions to problems such as network bottlenecks and internal network upgrades. .

Price in decline

Anyone who is sane is overwhelmed by the logic behind the Ethereum pricing pogrom, which would sell an asset that was worth $ 1400 at once for ten times lower yield now?

Many theories, little evidence for something. Let's examine a couple of them.

• Conspiracy theories always find their place in the encrypted space, you can explain a lot with them. One of the most popular is that the big banks are behind this inexorable sales pressure because they want to slaughter the bitcoin and put an end to the whole story that surrounds it.
• Another, relevant to the ETH, is that this disappearance is caused by ICO teams who are now selling their token sales deeds, committing a "soft exit fraud" when they become aware of how difficult it is to implement what they have defined in their white sheets. The second possible reason for the ICO downloading their ETH is to have the funds ready once the SEC comes knocking on doors with their fines for sales of non-compliant and unregistered goods. This is, however, unlikely and practically denied by TheBlock. ICOs hold approximately 3.57 million ETHs in their portfolios which make up 3.5% of the total offer of aether. There is still no sell-off of ICOs of ethers, which have sold only about 2% of holdings in the last 2 months, 64% in total. It seems that many teams are responsible for money and are still liquid and operational without having to use treasury funds.
• Perhaps some believers are starting to lose faith and want to cut their losses? This is also a possibility because the rate of adoption of any cryptographic project is almost non-existent and some people are simply impatient and can not take it anymore.
• People who did not care if they did not get rich quickly with little or no effort. Even though most of them have already passed, the last factions are still jumping the ship.