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April 25, 2018 | Ethereum: Stick a Fork in It

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
Squabbling and infighting rage in the crypto world. Ethereum is at the heart if it today.

Ethereum appears to be at a notable crossroads on technical direction.

At least, that was the mood at a meeting of top ethereum developers late last week where a discussion on a controversial code proposal called EIP 999 led some to speculate the scenario is now a possibility. Indeed, it’s now believed the proposal, which which seeks a technical fix that would return $264 million in lost funds, is so contentious, some users may chose to defect to a new version of the code.

Those in favor of the proposal point to the frequent losses of ether due to buggy contracts, arguing that the platform should ensure against such avoidable mistakes. But on the other side, many warn that editing code after deployment could damage not only the security but also the integrity of the platform.

“It’s clear no matter where you stand that the issue is contentious enough that if [EIP 999] goes forward and implements then it will generate a contentious hard fork,” developer of ethereum’s Mist browser Alex Van de Sande, said during the dev meeting on April 20.

“It’s unavoidable that it will create a split,” he continued.

Another Fork

Each split is another fork in the road.

While Bitcoin remains the top dog, it’s important to note that it has numerous scalability and other issues.

The other top cryptos supposedly exist to fix flaws in Bitcoin. While doing so, they introduced new flaws.

Flawed Top to Bottom

The entire crypto setup is flawed from top down.

That does not necessarily mean the top is in, yet, I believe it is.

Mike “Mish” Shedlock

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April 25th, 2018

Posted In: Mish Talk

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