The facts presented are real but also have an emotional component and the perspective of a BTC maxi, which is ok! :) I honestly believe that ETH is the second strongest asset and will perform well due to the following reasons:
- there is still no other battle tested ecosystem which has performed as good. ETH becomes a secure and safe place to store value just like BTC because it gained the most important quality: TRUST.
- it still doen't have any strong competitors as Solana has downtime, Cosmos hasn't managed to achieve a large market share, the others are EVM based chains and more centralized and are derivatives of ETH which came first.
- the rise of gas price could be seed as a feature because ETH becomes store of value similar to BTC. It has the necessary security and because it runs smart contracts it should be a similar asset class. If you want cheap gas for memecoins you could go in other ecosystems, but if you want security and trust you stay in ETH
- they invented smart contracts, proved that they are secure and this is enough to remain a strong ecosystem
The main issue I see is related to centralization after the migration to POS but we should see how they will mitigate this.
Really enjoyed the essay. Thanks & keep up the fabulous work!