News Controlled Burn: The Ethereum Chain Is Destroying $12,000 of ETH a Minute

[Admin]

The latest hard fork of Ethereum has reportedly caused the destruction of $230 million worth of ETH in just 17 days.

Controlled Burn: The Ethereum Chain Is Destroying $12,000 of ETH a Minute : Read more

 

[JamesJones44]

So let me get this strait. The entire argument for decentralized currencies is so no one organization can fuss with the value for their own personal agendas. Yet, the Ether group has decided to destroy circulation in order to increase value... Sounds like a central bank to me.

 

[freedomfries]

So let me get this strait. The entire argument for decentralized currencies is so no one organization can fuss with the value for their own personal agendas. Yet, the Ether group has decided to destroy circulation in order to increase value... Sounds like a central bank to me.

Well you're not entirely wrong. ETH does not consider itself a currency system as much as a platform to build smart contract apps on top of it. The problem they ran into is rising transaction costs due to increase in network traffic. They had to scrap the proof of work scheme to be able to increase the transaction bandwidth without ballooning cost due to mining blocks... If ETH was a currency, it would be setting itself up for failure by going proof of stake, which as you pointed out is centralized. They want to be a software platform and not a storage of value like bitcoin is. This makes ETH more like shares of a company that delivers a product, rather than units of currency.

 

[coolitic]

So let me get this strait. The entire argument for decentralized currencies is so no one organization can fuss with the value for their own personal agendas. Yet, the Ether group has decided to destroy circulation in order to increase value... Sounds like a central bank to me.

That's why the only crypto to really stay true to the original principles of BTC is Monero. Everything is truly private, fungibility is maintained, and the algorithm is designed to utilize consumer hardware rather than ASICs.