It's often believe that there is no loyalty in crypto and while this comes with some element of truth, I do believe it doesn't entirely cover the whole narrative.
For example, profit is the primary reason why people remain in business: they devote their time, effort, and contributions, including providing value.
However, when they do not make a profit, we tend to question the value and money invested in the game. No matter how much we claim to love technology and all that, without a nice profit to cap it all, it is completely useless and has no meaning.
One of the biggest question in this cycle is whether or not there will be an alt season. There are strong arguments on crypto Twitter about why there won't be an alt season, and this narrative have become so strong to the extent that even those who are faithful to alts are beginning to believe this as well.
Many have sold their alts bags over the years; they will tell you they are loyal and true, but when there is no prospect of profit, loyalty becomes stupidity.
Ethereum
For example, the Ethereum Blockchain is in trouble, and the majority of Vitalik's followers are turning against the Ethereum wizard. They are starting to wonder why the Blockchain is lagging behind while chains like SUI and SOLANA are dominating the competition.
Over the years, many Blockchains have been dubbed "the Ethereum killer", but many have died and failed to meet expectations. However this cycle looks like one where Ethereum faithfuls are beginning to get worried.
The majority of these reasons are technical. These guys are concerned that no one anymore values it (eth), and projects would prefer to launch on Solana.
Some argue that it is because Eth has transitioned from PoW to PoS, while others believe it is because Vitalik is selling the coin and using it to pay incompetent DEVS, and some believe that everyone has discovered that Ethereum is not so special in the first place.
Vitalik Buterin
At the moment, it is extremely difficult for Eth MAXIs; these guys are all over Twitter, lamenting why they did not abandon the coin and chain when they had the opportunity, and so on, and somehow these things are reaching Vitalik.
He has been venting his frustrations on Twitter. For someone who only posts memes or pictures with fans from his vacations or summits, he is been tweeting differently lately, and you can tell he is been under a lot of pressure to do something.
Nobody cares; everyone wants him to do something, and you can tell that most of the time, the loyalty that motivates people is based on the price. I do not think Ethereum is broken; I just believe that there has not been much development on the chain over the years.
It is a solid Blockchain that is still functional and operational, and the obsession with how poorly the coin has performed is primarily related to how allegedly poor the chain has been.
Remember how we always blame the DHF and valueplan when Hive prices fall, or how we believe we have not gotten our marketing right, which is why we have not gone mainstream?
Yeah. The market does crazy things to the mind, and this is starting to happen with Ethereum. The price has been depressing, and it appears that it either drives the alt market, or that the alt market takes its cue from it to begin an alt season, which has occurred in two cycles already.
If Ether Fails, Will Alts Fail?
So, is this the cycle in which the alt season fails because Ethereum fails to lead the charge?
This is more of a rhetorical question because I do not have an answer for it. I believe we have new shiny kids on the block, and there is plenty of competition everywhere.
I think BTC is the only one without a competition so except you're only holding BTC and not involved with other chains or projects, then you'll have that period in each cycle where you'll always wish you choose BTC and nothing else.
The crisis in Ethereum is caused by those who are FUDing the chain due to its price. However, if ether breaks 4k, everything will change quickly.
Until the alt market moves, most people will continue to doubt, and perhaps there will be some mind-bending dump that gives the impression that this bull cycle is toast
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Posted Using INLEO
