Ethereum OG blasts "ETH is doomed": The foundation must admit to four major mistakes, having once held the world's largest Computing Power in 2021.

Visiting the old OG, who joined the Ethereum development community in 2016, he talked about the history of the rise and fall of Ethereum, he believed that four major decision-making mistakes made Ethereum miss the opportunity, and predicted that ETH/BTC will continue to decline for a long time in the future. (Synopsis: Vitalik landed in Taipei!) Ethereum Foundation's mission, where to go next? Full answer with EF's new executive director Wang Xiaowei (ETH Taipei direct hit) (Background added: Ethereum hell mode: ETH/BTC exchange rate fell to the lowest level in 5 years, and for the first time it could not beat Bitcoin in the halving cycle) The ratio of Ethereum to Bitcoin (ETH/BTC) hit the lowest point in nearly five years at 0.02193, triggering a low pressure on Ethereum supporters and investors, and the "soul figure" of the founder of Ethereum - The recent moves of Vitalik and the Foundation have also caused dissatisfaction in the community, and institutions have recently been bullish on Ethereum, and it is difficult to see new breakthroughs in a limited cycle. This great public chain that created the term smart contract, created the possibility of Bitcoin blockchain technology from zero to one, from one to many, and the possibility of continuance with real finance, why it has decayed to today's point is also the focus of recent discussions in the Ethereum community, and in some Ethereum technical discussion groups that existed in the early days, the moving area contacted an old OG (pseudonym Anti-Scale Dragon) who claimed to have joined the Ethereum development community since 2016 and quit in 21 years. In the private community to discuss the major decisions and impacts of Ethereum's development so far, this article will integrate the major reforms and decisions made by Ethereum since 2021, as well as the key failure points, mentioned by the dragon of the scale, and the moving area will supplement the details of the story at that time as a supplement to the complete story. Ethereum's golden age: early 2021 When it comes to Ethereum's most glorious era, at the beginning of 2021 after Defi Summer, not only began to have the role of "on-chain detective" appear, began to solve flash loans, but also many new token innovations, such as NFT, liquidity fragmentation, and even the "farming" term that discusses fixed on-chain returns also has many tools, and the first generation of on-chain leverage and contract agreements appeared, which is an era of geniuses and on-chain innovation. In fact, the investment targets with the highest returns in my career, in addition to Bitcoin and Ethereum itself, are concentrated in projects in 2020-2021, especially in 2021, which should be the era when the most projects survive, such as Ethereum, BNB, and SOL's cash valuation exceeded hundreds of millions of dollars in infrastructure, many of which were created at that time. Compared with the "pheasant feeling" and "madness" of many projects in 2020, many founders in the first half of 2021 are not only real geniuses, they also know what kind of products the market needs, how to survive, and at the end of 2021 and the beginning of 2022, many projects are obviously to cut leeks, so I personally will use the middle of 2021 as a dividing line between different eras, and people who usually enter the circle after 2021 or after 2022 are usually already another atmosphere. Extended reading: In-depth view|"APY addiction": Andre Cronje's DeFi endgame EIP-1559 brings up the "ETH deflationary theory" In the past such a glorious era of Ethereum, when did it start to decline? We communicated with group owners during the discussion, initiated a vote in the old OG group, and a total of 117 people voted 59 votes to believe that the biggest decision and moment affecting Ethereum was around the EIP-1559 proposal in mid-2021. The Ethereum community began to be divided and strife, which also caused small-scale Ethereum talent to leave at that time, but the community discussion believed that the most important impact was not the content of the proposal itself EIP-1559, but the idea of "deflationary assets" around this proposal, which has still harmed the overall development of Ethereum: At that time, many Ethereum developers did not make much money, until Defi Summer, transaction fees rose so that PoW miners began to make money. It may make the mentality of Ethereum developers unbalanced, I myself had a little feeling at the time, and some colleagues found that some traders suspected of trading the extra fees mined by the mining pool, and raised the gas fee, which was spread in the core developer circle as an ideological "transaction blocking perpetual motion machine", suggesting that EIP-1559 be used to burn, of course, this proposal caused a lot of controversy at the time, for example, some people thought that this idea was out of touch with the actual situation, but finally under the confrontation between the two sides of the community, Those "progressives" triumphed. The impact of EIP-1559 is very deep, and there are still some legacies, when many core developers thought that "PoS" merge could be completed in 2021, and their group of PoS in order to promote the passage of EIP-1559 and future progress of PoS, suddenly appeared a "deflationary assets" narrative slogan, so there were a lot of people and articles at that time preaching the benefits of PoS, including the media community Bankless close to Ethereum. At the time, it seemed like you were going to catch that bus, so that you wouldn't be obsolete by the times, and you, as a developer, would receive interest if you owned Ethereum and maintained it, and it would go up, and Ethereum developers thought at the time that it was very bright in their careers, but now looking back, the pie is a little bit more than painted. As a result, I think this is closer to promoting the political slogan of everyone to vote, the progressive ideas put forward by the progressives of Ethereum at that time feel like a political action to squeeze out the old school, I think EIP-1559 has created a kind of ideological reckoning and community politicism, too much to let the community have expectations for Ethereum to rise, is this itself, is it lost the original intention of Ethereum as a decentralized computer? When users and the community care about the price of coins rather than the technological progress of Ethereum itself, some developers choose to leave the Ethereum community, and it is understood that some developers who have recently left Ethereum have also revealed to me that they planted roots at that time, but did not leave until last year. Read more: Is Ethereum more secure 2 years after EIP-1559 was passed? The pan-politicization of the community seeks the legitimacy of "Ethereum value" In the community, the dragon of the anti-scale talked about the "deflationary assets" brought by EIP-1559 is actually very deadly, which is not only contrary to the idea of Ethereum and Ethereum classic split, but also revealed that Ethereum core developers, in politics in order to seek to compete with bitcoin "digital gold" new slogans, and such proposals and political ideals, in reality, have a very big side effect, which makes Ethereum's issuance situation serious and ". On-chain transaction frequency" is heavily bound. When Ethereum is blocked, Ethereum has a deflationary upward narrative, and on the contrary, if there is no trading volume at all, it will return to the inflationary stage. But more importantly, the EIP-1559 controversy fostered a culture in which the community sought "Ethereum value" and that non-eccentrics had to be excluded, bathing Ethereum in an atmosphere full of seeking political interests: no one at all expected that Ethereum would be used so little today... Now all indicators, trading volumes, Gwei numbers are hitting new lows in recent years, and then the gains brought by this "deflationary asset" have all been given up, and looking at other factors, I think Ethereum may continue to be sluggish for a while. Then it is necessary to return to the original intention of implementing EIP-1559, Ethereum progressives believe that the fee will repeatedly backfill the average gas of the transaction, but the problem is that in ...