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@ mike
2025-05-06 09:05:56
I’m going to talk about Ethereum, hear me out.
Ethereum is a Turing complete consensus blockchain tokenised by its own currency Ether.
This idea by Vitalik Buterin was incredibly compelling and still is today, even though few real world use cases have emerged.
For example, as a company, I could pay a carbon tax in Ether, locked into a smart contract. If the temperate rises by more than “n” degrees year on year based on a known agreed external (blind) oracle, say a weather station located near my factory.
Fantastic, we now have an automatic climate tax.
In reality, few realistic applications exist, however the idea is very compelling and many flocked to Ethereum as a promise of the future. This inflated its utility token “Ether” into stratospherically high prices.
This, in turn, attracted speculative investors and traders only looking at the price signal of the token and no longer considering the utility. This created a bubble which has gradually deflated over time.
This is why we are seeing Bitcoin, which only attempts to be money, succeed relative to Ethereum.
As Ethereum fails, and Bitcoin development strides on, an opportunity arises to try to do what Ethereum and all the other related altcoins have so far failed to do. Computational utility. And to do this on Bitcoin, the most successful “Crypto”.
The first unintended hijack of Ethereums utility are the JPEGs we are seeing on our blockchain.
This latest drive to make Bitcoin Turing complete is potentially the final destination for developers keen to explore the potential of Bitcoins eco-system.
Perhaps Bitcoin is going to absorb all the altcoins. Perhaps that is the goal of Bitcoins developers.
I don’t comment whether this is good or bad, I’m just exploring whether this may be the agenda.
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