{"id":6980,"date":"2022-09-08T05:22:11","date_gmt":"2022-09-08T05:22:11","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=6980"},"modified":"2022-09-08T05:22:12","modified_gmt":"2022-09-08T05:22:12","slug":"arthur-hayes-is-bullish-on-the-merge-believes-ethpow-will-fail","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6980","title":{"rendered":"Arthur Hayes is bullish on The Merge, believes ETHPoW will fail"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>On Laura Shin\u2019s Unchained Podcast, the journalist and BitMex founder Arthur Hayes explained why he changed his view on Ethereum and believes an ETHPoW fork will fail. Hayes explained that utility is the main difference between Ethereum and Bitcoin.<\/p>\n<p>\u201cEthereum is not money\u2026Ethereum has use\u2026 Bitcoin has no use, it\u2019s just money.\u201d<\/p>\n<p>Hayes explained how he didn\u2019t see the value in Ethereum during the original ICO as investors weren\u2019t \u201cgetting anything beneficial.\u201d He claimed the lack of scarcity or fixed supply simply didn\u2019t compare with what Bitcoin offered. In fact, at the time, he wrote that Ethereum was \u201ccomplete dog shit;\u201d a statement he would not adhere to today.<\/p>\n<p>The evolution of dApps built on Ethereum and the DeFi Summer of 2020 helped change Hayes\u2019 views on the value of $ETH. In support of his change of heart, he described the Ethereum DeFi revolution as \u201creconfiguring how humans want to do finance over the internet.\u201d<\/p>\n<p>Further, Hayes listed the evolution of NFTs, ENS domains, the TVL of DeFi, and social utility as core technologies that will change the internet landscape. However, these technologies will take longer before they become a \u201creal value driver\u201d to the Ethereum network.<\/p>\n<p>When asked about the potential deflationary nature of Ethereum post-merge, Hayes stated, \u201cat a macro level does it matter?\u201d While Hayes believes it will be better if it becomes deflationary, it is not critical to its success. The \u201cmassive reduction in the amount of ETH emitted\u201d is more important than deflationary tokenomics, expressed Hayes.<\/p>\n<p>Hayes admitted that he is still concerned that The Merge will not happen as he is \u201ca bit jaded.\u201d The historic delays and the difficulty of the upgrade make Hayes dubious that the Merge will finally happen in 2022. As a result, he argued that the markets have a similar belief causing a successful merge to not be fully priced into Ethereum.<\/p>\n<p>Regarding a proof-of-work fork of Ethereum, Hayes argued that the value of Ethereum is based on the use cases available to $ETH holders. However, a new ETHPoW chain will lack any real utility as no major Ethereum dApps will not support it.<\/p>\n<p>Hayes revealed that he is interested in trading ETHPoW if it has a price above zero, as it is \u201cfree money.\u201d He will sell any ETHPoW coins he received at a \u201cvery opportune time,\u201d which may be as soon as they come out.<\/p>\n<p>Without anywhere to use an ETHPoW token, Hayes does not foresee its success. The lack of node operators, exchange listings, and active dApps will render the forked chain obsolete.<\/p>\n<p>The entire podcast is available on the Unchained Podcast website.<\/p>\n<p><em>CryptoSlate<\/em> is hosting an Ethereum Merge Watch Party on the day of the upgrade. Set a reminder to ensure you are notified when we go live.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/arthur-hayes-is-bullish-on-the-merge-believes-ethpow-will-fail\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Laura Shin\u2019s Unchained Podcast, the journalist and BitMex founder Arthur Hayes explained why he changed his view on Ethereum and believes an ETHPoW fork will fail. Hayes explained that utility is the main difference between Ethereum and Bitcoin. \u201cEthereum is not money\u2026Ethereum has use\u2026 Bitcoin has no use, it\u2019s just money.\u201d Hayes explained how [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-6980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6980"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6980\/revisions"}],"predecessor-version":[{"id":6982,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6980\/revisions\/6982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6981"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}