Well, it’s official. Ethereum’s price is now boring. Says who? Says twastnodes of course, although we may well be surprised.
This could in the realm of all possibilities go straight to $100 or straight to $1 million, but it feels like, price wise, it feels like a bit of consolidation.
You read those, crypto to one trillion in the next few seconds, and now you kind of roll your eyes. On the other end you read some economist or some billionaire said cryptos will go down straight to zero, and again you roll your eyes.
Yes, we know. There’s one quadrillion at one end of the spectrum, and there is no quadrillion at the other. Ok, totally, one eth could be a trillion zillion, or no zillion trillion. We got it. It’s right here on our nodepad. Look, it says bitcoin price between 1 trillion and zero, each. The latter one is heavily underlined.
Price itself is between $6,000 and $6,000, each. For eth, it is just above $420, and kind of looking at it as if to say, should I? Hmmm. Can I be bothered? I’ma just sit here on $430.
The hilarity, and it’s not funny, but chuckle chuckle, is that when price goes up a tenner, and it’s not “them,” it feels like ooo moon. And when it goes down a tenner, it actually feels like oops could this now zero.
Ruthlessnode, playing with fire in such talks about prices. Nor is anyone quite to know really what prices might do. In 2016, for example, you would have thought the congested bitcoin network can’t quite rise in price, but bitcoin went to 10x or 20x.
Of course nothing can go up in a straight line, so a year later bitcoin has “only” 6x. For ethereum it has been a bit more brutal, it has had no gain or loss in a year, but that’s if we ignore the 20x rise in March 2017.
This period now is what is called the Valley of Productivity. Chest pumping lambo traders call it despair or consolidation, but we would call it the buidl time.
It is now that all that talk and all those things start slowly, incrementally, very much unnoticeably, become less talk and an actual thing which starts to take shape.
In a way it is strange. It is sort of a dance. The talk initially gets all these people interested, and then obviously the talk is done so they get to building. Then everyone starts talking about what they’ve built, and so on in a cycle.
Because now with the benefit of hindsight, although at the time it perhaps was reasonable to think bitcoin is doomed without more capacity, now one can easily see how that could be perceived as a very fine problem to have.
There is so much demand for blockchain tech that computer science did not even know how to meet it. Now they’re working at the cutting edge so much so Sergey Brin says it is mindboggling.
You see, before there even was a price for bitcoin or cryptos, there was a problem. How do you keep banks accountable and even more than that, how do you keep the abuse of power accountable.
The old tried and failed arguments like communism showed up again. Then there is ancap which doesn’t really work at this stage, then there was bitcoin and you look at it and you think, well this does sound like an actual solution.
So for many it is a work of love, a work of passion, a thing that gives meaning. There is price and all that, there is the tech, but above it all is the idea of equity, fairness, and so on.
Now we don’t have a crystal ball so whether it will eventually be co-opted and fall back into the same structures is for history to say, but even then arguably there would have been an evolution.
So when you have things like zk-snarks go from academia to production in two years, when outsiders perhaps rightly say that thing shouldn’t even work although it does, what one misses is that certain x factor, that certain passion or effortless drive that makes working on such things not quite work but utter pleasure.
Ethereum is in part driving a technological renaissance, Google’s co-founder said. That’s a very measured way of saying that there is a certain energy in this space, a certain drive, a certain will, that is pushing at the edges of the entirety of computer science.
Because when bitcoin came, it found them. I am Nakamoto is not just a meme, but an idea. And cryptos themselves are, at the very foundations of it, an idea. An idea that is possible due to our technological advances. An idea whose time has certainly come.
So when we, somewhat perhaps dismissively talk about price, there is no intention to not acknowledge the many that may have lost plenty since December.
Or, more concretley, when in the early days all problems were dismissed by, this is good for bitcoin, followed by an utterly persuasive argument as to why even the bankruptcy of MT Gox was good (it incentivized more exchanges so decentralizing control more), they weren’t being dismissive of the actual problem.
Instead, they were trying with all their might to make it work, for they see it is good, for they see it is a solution to the elite corruption.
What is dead will never die. Not as long as the millennials live. There may be problems, including in price volatility which we think is due to mining, but nothing unsuccumable. For where there is will, there are miracles.