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For better or for worse, we live in a post-merger world. Ethereum is finally a Proof-Of-Stake blockchain. The change is one of the biggest and most controversial news of the year. The Ethereum side sees it as a technological marvel and the bitcoin side as a big mistake. For the first time since we launched the Crypto Reacts feature, the two camps are on completely opposite ends of the spectrum.

Take some popcorn. It’s gonna be fun.

It all starts with Vitalik’s bizarre philosophical explanation of what fusion means.

Is this man kidding?

“Proof of work is based on the laws of physics, so you have to work with the world as it is…While proof of stake is virtualized in this way, it essentially allows us to create a universe simulated which has its own laws of physics.”

Is Vitalik real? What does this man mean by that? In a more lucid state, the man behind Ethereum tweeted:

“Happy merging everyone. This is a great moment for the Ethereum ecosystem. Everyone who helped make the merger happen should be very proud today. »

The question here is, what did everyone say?

The Ethereum community fought for the merger

  • Our friends from Coindesk wrote of the live viewing party: “When the merger officially kicked off at 6:43 a.m. UTC, over 41,000 people tuned into an ‘Ethereum Mainnet Merge Viewing Party’ on YouTube. They eagerly watched key metrics that suggested Ethereum’s core systems remained intact.After about 15 long minutes, the merger was officially finalized, meaning it could be declared a success.
  • Messari founder Ryan Selkis doubled down on his bet on Ethereum: “The positive impact of the merger is huge, and there’s a good chance institutions and the woke crowd will be offering ETH to the moon now that she is ‘clean.’ Still like me BTC, but the game just changed!
  • Steve Fink of Nouns NFT praised the development team, “With the merger being uneventful, the engineers are absolutely elite.”
  • Shape Shift’s Erik Voorhees went a bit too far in tackling the same idea: “The sheer triumph of human ingenuity demonstrated by the Ethereum merger is hugely inspiring. This happened without the centralization of a company, without the coercion of government, without patents, politicians or borders.
  • Ethereum maximalist Eric.eth lived up to his name: “It’s an absolutely incredible feat to transition a globally used blockchain to PoS without most end users noticing. or have to do anything.”

This is the positive side. You can’t say we didn’t reflect the positive side of the merger, because we did.

ETHUSD Price Chart for 9/16/2022 - TradingView

ETH price chart for 09/16/2022 on Eightcap | Source: ETH/USD on TradingView.com

Bitcoiners don’t believe in post-merger Ethereum

Are bitcoin maximalists too grumpy and anti-innovation? Or are they onto something that changes everything? The answers depend on who you ask. One thing is certain, however. Bitcoin maxis came out in full force to mock and paint the Ethereum merger as a serious tactical error.

  • Synonym’s John Carvalho described the situation and attacked where it hurts: the price. “Bitcoin’s biggest and most controversial competitor, Ethereum, ditched competition for hashing power and transitioned entirely to enterprise security today in what the media is calling ‘The Merge’. ETH prices fell 12% on the news.
  • The legendary Adam Back defined Proof-of-Stake as “neo-feudal serfs and digital fiefdoms ruled by premine lords. The digital dark age accelerated by premine money controlled by corporations.
  • Space Force’s Jason Lowery predicted the possible outcome of the situation. “PoS is not going to fail. PoS is not going to collapse. PoS is going to behave exactly as PoS is designed to behave, just like all trust-based, permission-based, and unequal resource management systems have behaved for the past 7,500 years.
  • Tuur Demeester from Adamant Research described the state of the Ethereum network after the merger. “44% of ETH is held by just 2 entities, Lido and Coinbase. Add Kraken, and that rises to 52% of the total ETH staked by 3 entities.
  • As far as centralization issues are concerned, finbold provides more data. “Following the upgrade, the first address has validated about 188 blocks representing 28.97%, while the second largest has 16.18% or 105 blocks. Generally, the two wallets dominate Ethereum’s transaction processing, data storage, and adding new blockchain blocks.

And today is Crypto Reacts.

Featured Image by StartupStockPhotos from Pixabay | Charts by TradingView

Post-merger Ethereum mining rig





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