Okay, so, picture this: a veteran Ethereum insider, right? Not just some random keyboard warrior, but someone who’s been in the trenches. This person, let’s call him Soleimani (because that’s his name), drops a truth bomb. He suggests Ethereum has become a bit of a, shall we say, *religion*. 🤯 You know, all faith and no trousers. A critical look at Soleimani’s thread, and why it struck a nerve, follows!
Ethereum gets called out “again”
On Apr. 17, Ameen Soleimani, possibly after a few too many space whiskeys 🥃, posted a detailed thread on X (formerly Twitter, may it rest in peace… or not) that sharply critiqued what he sees as Ethereum’s (ETH) growing detachment from practical concerns. It’s like when your spaceship’s autopilot decides to start reciting poetry instead of avoiding asteroids. 💫
Okay so I’m drunk, bored and on a plane, so I’m going to address this point by point. I’m doing this because I despise the part of the Ethereum religion that promotes euphemisms over reality, as in my view it gets in the way of real progress.
Why do you think I named it…
— Ameen Soleimani (@ameensol) April 17, 2025
if ETH were to lose its value, how would Ethereum continue to secure its network? It’s like asking: if the oxygen runs out, how will we breathe? 🫁
This is a fundamental issue within Ethereum’s current architecture. Since the network’s transition to proof-of-stake in 2022, Ethereum no longer uses miners. Instead, it relies on validators who stake ETH to verify transactions and keep the system operational. It’s like switching from a coal-powered spaceship to one that runs on the faith of its passengers. 🙏
The effectiveness of this model depends on both the amount of ETH being staked and the market value of the token itself. It’s like your spaceship needs both enough crew members and a valuable cargo to make the journey worthwhile. 🧑🚀
If ETH’s price falls too low, the rewards for honest validation decrease, making it less attractive for participants to stake. It’s like if the salary for piloting your spaceship gets cut, fewer people will want to do it. 📉
At the same time, the cost of attacking the network becomes cheaper. This dynamic weakens both the incentive to secure the network and the deterrent against malicious activity. It’s like if the defenses on your spaceship are weak, space pirates are more likely to attack. 🏴☠️
As of Apr. 18, ETH is trading around $1,570, reflecting a drop of over 52 percent from recent highs. According to data from Beaconcha.in, more than 34 million ETH is currently staked, representing roughly 28 percent of the total supply. It’s like your spaceship is running on fumes, but at least there’s still some cargo on board. ⛽
Soleimani’s argument is that proof-of-stake systems do not separate monetary value from security. ETH’s price is not just a market metric. It is a core part of how the network stays resilient. It’s like the price of fuel is directly tied to the structural integrity of your spaceship. ⚛️
Can Ethereum reconcile and move forward?
Soleimani closes his post with a question that extends beyond any single disagreement. Can Ethereum, as a system and a community, recognize its internal contradictions and still find a way to move forward? It’s like asking if humanity can overcome its flaws and still make it to the stars. ✨
Despite his strong criticism, he does not write off the network. Instead, he reflects on past moments where change did occur. For example, early debates around the importance of ETH’s price eventually led to the emergence of the “ultrasound money” narrative. He sees this as proof that the community is capable of adapting when it chooses to. It’s like remembering that time your spaceship almost crashed, but the crew managed to pull off a miracle maneuver. 🌠
His hope is that similar shifts can happen again. The challenges facing Ethereum today are different in nature — they involve legal risk, coordination problems, and questions about how power is distributed. These are not technical issues alone. They require a broader view of how the protocol fits into the world around it. It’s like realizing that navigating the galaxy requires more than just a spaceship… it requires diplomacy, strategy, and a really good lawyer. 🧑⚖️
Whether Ethereum can reconcile these tensions depends on how it responds to them. That includes being realistic about the risks developers face, the tools it depends on, and the systems it interacts with. It also means accepting that decentralization comes with trade-offs that must be managed, not ignored. It’s like accepting that exploring the universe comes with risks, but it’s still worth doing… just maybe with a bit more caution and a lot more paperwork. 📝
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2025-04-18 17:14