I've got this sneaking suspicion that ETH was built to explode, just like Celsius, Voyager, and FTX. It would crater the bitcoin price, killing any bullrun. All you would need is for the SEC chair to deem it a security, then game over.
Discussion
I don’t think ETH blowing up would crater Bitcoin’s price. I think the degen bucket shops got pretty wiped out. Hard to believe there is much ETH backed debt levered into BTC at this point.
It would, they are highly correlated; like 85-90% correlated. Also that amount of wrapped BTC on Ethereum is not a small number... that would get force liquidated.
They have been highly correlated, but it’s just the slowest demonetizing shitcoin. ETH has followed in Bitcoin’s footsteps, not the other way around. That is the difference.
Maybe...
The thought just occurred to me: Does the amount of wrapped BTC on the Ethereum blockchain make Ethereum the first drivechain?
I might have to think more about that. I already think drivechains are pure AIDS, but having a drivechain running on ethereum is like AIDS + cancer.
I can’t worry about all this nonsense. Just stack a scarce asset that I control. Left bell curve is the place to be.