At a recent event creator of Ethereum Vitalik Buterin expressed his worry about Ethereum. His main focus in this was expressing concern over people using it for fast cash money grabs and let's be honest this is the second time it's happened.
The first time came during the first rally of 2017 in which Ethereum pretty much fueled with it's second layer tokens. It was the first time that projects could easily launch a token for whatever project they wanted. Out of that came a mess of scams, rug pulls of launching ICOs taking the funds and then never launching the project and countless other issues. Some blamed it on the lack of scalability of Ethereum while others simply scammed people out of funds.
That being said there where also great advancements and legitimate projects. This is when we saw the dawn of NFTs and the future for them but this wouldn't come to light and really be focused on for another few years. It was also the dawn of layer two solutions that would help Ethereum scale a bit during the next rally but still run into issues with it's original stop gap which has always been high fees on Ethereum. It stifles and kills growth of projects however it still needs some type of fee system in place so I'm very curious how the PoS roll out will be like.
First let me say this rally is still playing out and with it have come some very wild swings. In the span of a year bitcoin itself has reached $60,000 and fallen to $35,000 or below. Ethereum also during this time frame has touched $4,000 twice and now looks poised to do it again soon.
The second came in the form of a combination of DeFi and NFTs however primarily that rally was based on NFTs and not so much DeFi. I have a feeling DeFi will be our next rally we see or some form of it and it will most likely be this year or next when it happens.
I feel what he said needed to be said and it should be said. There are a lot of bad actors and a lot of people focused money and quick profits only and not building anything long term. Without long term projects the crypto markets would rally and come crashing down to near nothing levels.
With longer envisioned projects such as Hive has, the LeoFinance team, real NFT collections, Play2earn games that continue to grow and advance, metaverses constantly being built out and so forth these projects are the real groundwork that provide value to everything. They take more time, they take more funds and often times they are not flashy and cool at first.
It's all part of the process and it's one of the reason I still heavily invest here at Hive and LEO as I believe they will continue to build and grow. I also am starting to invest and support other projects here on Hive and other platforms that are growing and offering up other solutions that will pave the way for what I am calling the Creator Economy which I firmly believe will be part of the next largest rally ever for crypto and crypto based projects. My hopes are that Hive and Leo are in a good position to be able to be a part of that rally.
