ETH Reddit Mentions | ChartExchange

Altcoins are offtopic here but I would avoid ethereum
Not every altcoin is a scam but if I were you I would just focus on education and Bitcoin until you learn more because that one is indeed a scam. no point to ethereum , its on a slow decline because its primary use case was launching pump and dump scam tokens and now solana can do that cheaper than ethereum because of higher gas prices. If solana ever becomes more popular than their fees will rise like eth and another altcoins will overtake solana
1) Vitalik and many others in the Ethereum space are known scammers. Vitalik is not an idiot thus he should have known better than pitch something as ridiculous as quantum mining to potential investors. This is a snake oil salesman pitching technical nonsense to the credulous.
https://www.youtube.com/watch?v=DkUpZkeqhF4
https://medium.com/bitcoinerrorlog/vitaliks-quantum-quest-9e6af6570f23
2) ETH is an illegal security according to the Howey test with a premine of 72 million eths. They purposely misled investors by suggesting merely 12 million gifted premine ignoring the 60 million they sold. Misleading total supply graphs in their prospectus.
3) Vitalik and many other have been falsely representing Ethereum and misleading others over and over again. example - pitching turing completeness as the valuable aspect of ETh , now pivoting away from that and saying it was never about turing completeness but "rich statefulness"
4) Ethereum is a pointless project that will lead to no efficiency because there is no censorship risk in code execution. If a project has no hope of ever creating an efficiency(like bitcoin has found with regulatory arbitrage) than every company and project will ultimately fail in its ecosystem. Are you trying to suggest that someday in the future there will be censorship risk in code execution? If not than what purpose does Ethereum solve if it comes with a horrible tradeoff of an extremely large attack surface and huge scaling problems?
5) Advertising immutability and unstoppable contracts that were than immediately reversed with multiple hard forks.
6) For goodness sake the inflation distribution rate or final algo is not even defined and people are investing in this. This is insane and basically amounts to faith in vitalik and his team, while at the same time newbs are misled into believing eth is decentralized.
7) Ethereum has already failed to scale as expected and so they created a whole new blockchain instead of upgrading and following the difficulty bomb/ice age as they promised and lied about many times.
8) the fact that ethereum is switching over to staking rewards has serious tax implication in many countries where merely holding your eth unlike bitcoin being staked will expose you to taxes. Coinbase for example files 1099MISC for any staking over 600 usd a year to the IRS
https://www.youtube.com/watch?v=wUUVlatCvp0
https://www.youtube.com/watch?v=mCiHTJRbIf4
https://www.youtube.com/watch?v=BgFXqVpGDNg
https://medium.com/startup-grind/i-was-wrong-about-ethereum-804c9a906d36
https://np.reddit.com/r/EthereumScam/
Proof of stake as a whole is pointless, insecure, and will always trend to centralization
Proof of stake game theory insures that those with the most coins will continue to collect the most fees , thus creating a vicious cycle of centralization where they continue to accrue more coins with 0 effort unlike with Proof of work where a meritocracy exists of those trying to be more efficient and miners are forced to sell most of their coins
Ask yourself why metamask which is open source wallet was forced to ban certain people in certain countries recently while no open source bitcoin wallet needs to do that
Its because ethereum is so centralized only a few companies can afford to run a full archival node(infura) which is necessary for metamask functionality and governments can target these single companies unlike bitcoin full nodes.
Most people will lose money day trading due to these reasons
https://www.reddit.com/r/BitcoinBeginners/comments/c4zpw9/what_are_the_steps_to_trading_bitcoin/erzkfmm/
https://www.youtube.com/watch?v=rMJI1_TfJnU
https://NeverTrade.org
This study shows that 97% of traders lose money
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101
Wiser to invest long term , stack those BTC , and use bitcoin to save money
If you do decide to day trade than at minimum consider that its easy to make it seem you are profiting in a bull market because the "tide is rising for all ships" in this ecosystem as new money rushes in but what you need to compare your gains to is what you would have gained with using the much safer and easier option of investing in Bitcoin longer term .
Thus you should
1) take the gross profits you made from trading
2) Subtract the tax exposure and transaction fees . Remember every trade from a BTC to altcoin, altcoin to altcoin(stablecoins are considered altcoins) , altcoin to fiat or btc is a taxable event thus a tax nightmare
3) Than with the remaining profit, see if this exceeds what you would have made by just investing in Bitcoin and waiting
4) If you are lucky enough to make a profit above investing in Bitcoin than you take this net profit and divide it by the amount of hours you spent trading and researching altcoins and looking at charts to come up with your hourly salary to see if it was time well spent
This also does not consider the risks of keeping coins on exchanges and using multicoin wallets that have a much bigger attack surface either.

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