Why Ethereum is a Shitcoin Affinity Scam
You may be asking what an affinity scam is. In the bitcoin space it is anything pretending to be something that it is not in order to lure unsuspecting victims to believe they are purchasing something that is ‘the same as’ or ‘like’ Bitcoin. Ethereum is one of the biggest affinity scams in the space. It pretends to be ‘like’ Bitcoin but better. This couldn’t be further from the truth.
Being in the Bitcoin world for several years now, there are many narratives floating around. One of the most disingenuous narratives revolves around Ethereum (ETH) being somehow superior to Bitcoin with things like transaction speeds and smart contracts and let’s not forget their 6 year long move to POS (Proof of Stake). What if bitcoiners are right? What if Eth is really just an affinity scam? lets explore some of the evidence which points to Eth being a security and a host of other issues.
Ethereum IS a Security. Deal with It’s fanbois!
We often hear the argument from Eth supporters that bitcoiners are hypocrites for cheering regulation against Eth, more specifically calling Eth out as a security and should be bound by securities laws. Let’s be clear. Bitcoiners aren’t cheering for regulation. That’s just a convenient shitcoiner narrative that helps them sleep at night. What we are doing is making sure people have a proper counter narrative before plunging their hard earned money (which is really time they can never get back) into a ‘crapto,’ which is touted as ‘better than Bitcoin’. Unfortunately for Eth supporters there is clear evidence that Eth fails the Howey test (meaning it IS a security).
Eth Trades Off the Most Important Qualities of Bitcoin to Bring You, ‘Muh Feature Set!’
Now lets talk about Eth security. The Bitcoin space isn’t very old, and information is always changing, so lets address the false narrative of ‘Eth handles more transactions per second. Indeed when centralization is introduced, it may seem people are getting better functionality, but it’s coming at the cost of censorship resistance and decentralization. What’s also important is network security and above all TRANSACTION FINALITY. The chart below makes it clear beyond the shadow of a doubt ETH is not and will never be a better Bitcoin and isn’t actually faster. See how many confirmations are equivalent to Bitcoin’s 3 confirmations in the chart below from
We could write a book for all the fails Eth is and will be. The point here is to outline the low hanging fruit which should be obvious but unfortunately is lost to time and growing misinformation that is propagated through the corporate paid media outlets and shills. Before you dive into some shitcoin thinking about all the bells and whistles it has, never forget there are going to be tradeoffs, and you need to realize what those tradeoffs really mean to you in the grand scheme of things.
Eth is centrally controlled through the Ethereum foundation and Vitalik
Eth has NO HARD CAP on its supply; meaning more Eth can be created in perpetuity, so burning existing tokens is equal to a government or a federal reserve body removing dollars from the current money supply on one hand and continually printing money with the other (exactly what we live through today).
There is no reliable way to verify Eth’s circulating(current total supply).
Before you fall for shiny narratives and hopium, never forget Eth is not Bitcoin, and the shills of it need you to forget why Bitcoin is important.
Memes are the most effective way to convey truth, The more accurate the meme, the more powerful it is. Eth described perfectly in 1 image.
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