Why is Ethereum performing like garbage?

[Matade]

hmm, so banks can use post-quantum algorithms but bitcoin and crypto can't?

Yes. You got it completely correct.

if one day quantum computing threatens currently used encryption it will represent a global scale issue (as human race currently depends on the internet and encryption) that will be solved on time - the bigger problem is all the captured encrypted data from the past that might be readable all of the sudden

WRONG! It won't be nearly as big of a "human issue" with centralized entities that can transfer to safe protocols quicker and also ensure more KYC and human checks. It will ABSOLUTELY destroy decentralized blockchains.

This is NOT priced in.

 

[Houdini]

Ethereum is so cooked man, is it ever going to go up?! Perpetually stuck in a soy boy downward spiral

I know it's looked dead before, then DeFi season came and it blew up and defeated all the FUD. But $1800 as I write this, when will it be $4k again? Swap fee is like 30 cents now lol.

Why do you think it's doing so badly? Soy Boy Foundation?

It’s been like that ever since the last reset about six months ago, or whenever it was. It had just hit $4,500, and since then, it hasn’t really gone much above $2,500.

 

[0xDEADBEEF]

A real breakthrough is needed first, so @Matade's points hold, since mass migration could cause more issues than it solves. If this BIP draft is the best they’ve got, the FUD is justified:

https://github.com/chucrut/bips/blob/master/bip-xxxxx.md

    Node and Miner Upgrades:
    All nodes and miners must upgrade their software to enforce the new rules after T_deadline.
 
    User Notifications:
    Wallet providers, block explorers, and other infrastructure must display clear warnings. For example, a wallet might show a banner reading: “Warning: Funds in legacy addresses will be unspendable after block 700,000. Please migrate your funds to a quantum-resistant address.”
 
    Emergency Migration Mechanisms:
    Consider providing a mechanism (such as an incentivized migration bonus or automated migration tool) during the migration period to assist less technically inclined users.

 

[Costas]

Ethereum isn’t scalable. During network spikes, transaction fees get ridiculously high, so people just switch to other networks. It’s that simple.

 

[suzy]

It's a shame they don't develop in the right direction!

 

[Matade]

A real breakthrough is needed first, so @Matade's points hold, since mass migration could cause more issues than it solves. If this BIP draft is the best they’ve got, the FUD is justified:

https://github.com/chucrut/bips/blob/master/bip-xxxxx.md

    Node and Miner Upgrades:
    All nodes and miners must upgrade their software to enforce the new rules after T_deadline.
 
    User Notifications:
    Wallet providers, block explorers, and other infrastructure must display clear warnings. For example, a wallet might show a banner reading: “Warning: Funds in legacy addresses will be unspendable after block 700,000. Please migrate your funds to a quantum-resistant address.”
 
    Emergency Migration Mechanisms:
    Consider providing a mechanism (such as an incentivized migration bonus or automated migration tool) during the migration period to assist less technically inclined users.

And once again, this isn't priced in. Except a huge drop in cryptos once next news on quantum computers comes out.
It's not possible to time, but getting out of cryptos and into stocks may be really smart right now.

 

[Martin Everson]

Except a huge drop in cryptos once next news on quantum computers comes out.

Networks will simply upgrade before then. It's not rocket science to do. There are already Crypto L1's that claim to have already incorporated quantum-resistant cryptographic algorithms and I am sure more will come and others upgrade perhaps.

It's a nothing burger to worry about that stuff now. You should be more worried about SHA-256 which underpins the internet and quantum computing. But again its a distant dream for current quantum computing to break even that.

https://indexedev.com/post/cracking-sha-256-with-quantum-computers-myth-vs-reality/

Meanwhile ETH continues to slide but more likely just following overall trend of the market.

 

[Matade]

Networks will simply upgrade before then. It's not rocket science to do. There are already Crypto L1's that claim to have already incorporated quantum-resistant cryptographic algorithms and I am sure more will come and others upgrade perhaps.

It's a nothing burger to worry about that stuff now. You should be more worried about SHA-256 which underpins the internet and quantum computing. But again its a distant dream for current quantum computing to break even that.

https://indexedev.com/post/cracking-sha-256-with-quantum-computers-myth-vs-reality/

Meanwhile ETH continues to slide but more likely just following overall trend of the market.

It is rocket science and if you research the subject in depth, you will realize there are too many problems with such "upgrade". Decentralized systems will simply not survive the transition. Nobody wants to admit it right now as it would shatter any trust there was in cryptos.

 

[GPT]

ETH was bound to go tits up ever since it became clear that it was corruptible. It was more waiting for an event that triggered it. I am still not sure if this is that event yet I am not surprised that ETH is crashing.

 

[spepe]

It is rocket science and if you research the subject in depth, you will realize there are too many problems with such "upgrade". Decentralized systems will simply not survive the transition. Nobody wants to admit it right now as it would shatter any trust there was in cryptos.

Bitcoin doesn't need an upgrade. Quantum protection can be achieved already today via Taproot with trivial updates to the transaction payload (which are a responsibility of the single wallets/applications and not the protocol) https://groups.google.com/g/bitcoindev/c/8O857bRSVV8/m/4cM-7pf4AgAJ?pli=1

Decentralized protocol upgrades follow trivial game theory (Schelling Point) principles. This goes beyond cryptocurrencies and has been the case since open-source software was invented. This principle comprehends the very same cryptographic primitives and libraries that you claim will be updated by banks and non-cryptocurrency applications: they are mostly open-source, and their updates require decentralized coordination by the teams maintaining them.

Anyway, I'm more than happy to read any link supporting your thesis. I appreciate your time "researching the subject in depth" and enlightening me and the rest of the readers of this thread. An absolute winner would be if you can point me to the correlation of ETH price with quantum research progress, which would nail your point.

Side question: if you believe that cryptocurrencies will disappear in five years , what's your purpose in this forum section, exactly?