Flaw, as I've mentioned is it resembles the old financial system and can be changed. It is premined, had founding members. What's to say Russia avoids sanctions by using Ethereum, how is the government going to stop them? They'll threaten its founding members of Eth with jail time if they obey their demands.
There is a reason why the legacy system and its players are coming after POW and endorsing POS, it's not an environmental issue. They know they can control a POS network if need be.
Full disclosure, I have a position in Eth similar to yours. I Stake it and at this point given my cost basis, where I live its not worth selling due to tax implications. I believe Eth will exist in years to come however Btc is my main holding.
Didn't they recently upgrade Bitcoin with Taproot? So Bitcoin can also be changed. It is not something that will never change. The reality is nothing in the Universe stays static. That's why we have time. Time just means a change in things. If nothing ever changed then time becomes meaningless. Our sun for example is burning up hydrogen as it fuses it to helium. Eventually it will run out of hydrogen and burn out in a helium flash during its red giant phase. It will seize to be a main sequence star. And eventually star formation in the Universe will end and the Black Hole Era will emerge. After a very long time, trillions and trillions and trillions and even more magnitude of years into the future the black holes will evaporate. And then in the end all that will remain are photons darting around in space. And then the Universe will cool down to absolute zero and seize to change. At that point time stops. Well that is one of the prevailing current theories.
https://www.investopedia.com/bitcoin-taproot-upgrade-5210039#:~:text=Taproot%2C%20Bitcoin's%20latest%20upgrade%2C%20is,verify%20transactions%20on%20Bitcoin's%20network.
Where are you staking your Ethereum? I have it staked on Coinbase and now I see in the news users could lose their cryptos in Coinbase goes bankrupt. This worries me. Them saying don't worry we are not going bankrupt is not good enough for me. My staked Ethereum is also locked up until the ETH Merge. I contacted Coinbase to get clarification. I hope I am not going to get fucked by this.
https://www.businessinsider.com/coinbase-warning-users-could-lose-crypto-bankruptcy-earnings-2022-5Coinbase warns users could lose their crypto holdings if the company goes bankrupt- Coinbase said its users' crypto assets could become company property if it went bankrupt.
- The company added the disclosure for the first time in its earnings report Tuesday.
- Its CEO said shortly afterward that users' funds were safe and there was no risk of bankruptcy.
Coinbase, one of the largest cryptocurrency exchanges, said its users might lose access to their holdings if the company ever went bankrupt.
The disclosure was included in the company's first-quarter earnings report, and that was the first time the risk factor was mentioned. It also noted that Coinbase held $256 billion in fiat currencies and virtual coins.
"Because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors," the company said.
That means users would lose access to their balances because they would become Coinbase's property.
It's a different scenario from traditional investments. Many bank accounts, including checking and savings, are insured by the Federal Deposit Insurance Corp. for up to $250,000 per account if the bank goes under, while the Securities Investor Protection Corp. helps if a broker or dealer goes bankrupt.
Crypto enthusiasts have long heralded the decentralized movement as, in part, a way to give people complete control and ownership of their finances. That's only the case for those who physically store their cryptocurrency in personal wallets, as opposed to a platform like Coinbase. (Coinbase does offer a self-custody wallet called Coinbase Wallet.)
Following the earnings report, which sent the company's stock plummeting more than 23%, Coinbase CEO Brian Armstrong said there's no risk of bankruptcy right now.
On Twitter Tuesday night, he attempted to reassure users that their funds were safe and apologized for not being more forthright with communicating this risk when it was added. He said the company included the disclosure because of rules recently set by the Securities and Exchange Commission.
"This disclosure makes sense in that these legal protections have not been tested in court for crypto assets specifically, and it is possible, however unlikely, that a court would decide to consider customer assets as part of the company in bankruptcy proceedings even if it harmed consumers," Armstrong said.
