Crypto is becoming mainstream, and with that many perks are coming to the market, one of which is that new capital is flowing through the system.
However, among all the things I thought I would see, I had to admit that I never anticipated the following, the rise of the fiat millionaire who takes FUD to a next level, through a weird combination of bad analogies, excessive confidence, and a weird blindness that portrays itself as enlightened.
This i the case with Alex Becker, a YouTube millionaire that likes to push videos about all sorts of topics, but that is recently on a mission to spread as much FUD against Bitcoin and Ethereum as his channel allows, sometimes with headlines like “Tesla is about to sell its bitcoin” and other ones.
Today we analyze the video titled: “A deep analysis of why Ethereum is terrible” you can search it for yourself if you want to see the full rant.
Since I value your time and it was a real pain to wach this trashy take, le me walk you through some of the talking points, plus, my opinion on each one of those.
Talking Point #1: “Ethereum is actively punishing you to use it”
This take is so emotionally charged that is almost funny, in this talking point Alex is anthropomorphizing Ethereum as if Ethereum is an individual, worst still, an individual out to get him, with malicious intent and all, just for some sort of perverse wickedness.
No, Alex, Ethereum is not punishing you, is just that the Ethereum blockchain is clogged. You consider it to be expensive, then don’t use it, no one is really forcing you, if you are using the network is because in your own voluntary estimation, you calculate, maybe intuitively, that you are getting more out of the transaction than what you are giving.
Talking Point #2: “The new proposal doesn’t do anything with the fees”
That was such an ignorant take that I almost threw up, the whole point of the proposal is to reduce gas fees, so I thought that Alex could not be serious about this, however, later I found out what he means, he means that gas fees should disappear, making the whole blockchain feeless.
Some blockchains claim to have feeless transactions, like nano, however, it is unclear to me how this is accomplished while maintaining security and decentralization, since one of the core incentives for the miners to secure the network is getting paid.
Even banks who don’t charge outright when withdrawing fiat from one of their brand ATM’S are charging you, they charge you with time, by forcing you to look for their brand ATM’S, they take a painstakingly precise balance of how much energy each ATM consumes, and those costs are paid by the user with fees and interest rate, in essence, you are getting charged per transaction, just in a less obvious way.
There is no free lunches, ever.
Talking Point #3: “The people in charge don’t know about business”
I almost throw up with this one as well, specially because the level of pride on this one was highly repulsive, Alex prefaces his talking point by “jokingly” saying how successful and rich he is, and how much he understands the customer. Do you get it? he is drawing a parallel between a centralized business with customers, and a decentralized network running dapps. The boldness of the blindness is almost shocking.
Ethereum is NOT a business, is a network of whatever you want, any person can build, participate, disconnect and reconnect.
There is no centralized CEO deciding things, no board member or centralized marketing apparatus.
But even if we consider, just for the sake of the argument that Alex knows better than people who through meritocracy arose within the crypto space, even when comparing both, he losses. Most influential crypto people are millionaires, and many are even billionaires, so the criticism is not even true on its own merits.
Besides, between a swarm of millions of humans participating voluntarily on a network and Alex Becker, I took the swarm any day of thew eek.
Talking Point #4: “Other coins will take over Ethereum and Bitcoin”
Well, here is where things get a little bit more dangerous, for the untrained eye, what Alex is saying here might have merits, but if you are familiarized wit the crypto market, you can correctly see that the FUD that Alex is spreading on an established project has as its goal to pump his own bags of experimental coins, one of those being Cardano, which, last time I checked , doesn’t have a main net yet.
Believing that a coin will moon is one thing, but to persuade retail investors with bad arguments is almost criminal, a coin doesn’t live just from retail investors, it lives or dies with full communities composed of developers, millionaires, market makers, exchanges and many other components that a small cap coin CANNOT have and will not have for years, even if the coin is really interesting as a project, which is more than enough time for retail to get totally REKT, since the majority of retail investors are not sophisticated and they usually play with rent money.
The worst part of the horrible take of Alex Becker is that in his comment section you see a ton of normie looking fiat users bashing Ethereum and even crypto in general as a result of such video. What a pity.
It would be even more infuriating if later we found that Alex is just doing these videos to accumulate more Bitcoin and Ethereum.
Anyway, Do your own research, DYOR, and never allow a fiat millionaire brainwash you, it seems that Alex Becker is just the first in a new genre: bold and blind fiat millionaires becoming crypto pump and dumpers.
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