The Euphoria Of Success Of The Merge Ethereum Emerged, But There Are Also Many Skeptics

Crypto mining with GPU has now been abandoned. (photo: twitter @Crypto_Wolf_Of)

JAKARTA - The day before The Merge (merge) Ethereum's historic transition to proof-of-stake left a large part of the crypto community with the euphoria of joy in the successful Merger.

On Thursday, September 15 at 06:42:42 UTC, the last Ethereum block using the legacy proof-of-work consensus mechanism was mined. What they replace is an energy-efficient proof-of-stake consensus mechanism.

A successful ETHMerge is absolutely massive for the entire crypto space.

Hats off 🫡 to the team for executing with the world watching. A historic moment that kept a bullet train on the tracks toward a brighter future for everyone. pic.twitter.com/NkhXhBvsV9

— ║Ꮓ║ (@PlaywinGirl) September 15, 2022

Many crypto enthusiasts and climate advocates around the world have been delighted by the positive impact it will have on the environment and thus enhance the reputation of crypto.

While others have just been amazed by the feat of a new technology to improve the entire blockchain network without any downtime.

I wouldn't at all be surprised to see WEF coin leapfrog Bitcoin in fiat value in the short run, as it is now repositioned as an ESG friendly institutional asset.

Of course, like all other forms of primitive money, it will become worthless over a longer time horizon.

— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) September 15, 2022

Uniswap Labs founder and CEO, Hayden Adams, told his 232,200 Twitter followers on Sept. 15 that Ethereum's reduction in energy use "will improve the network's public image" more than anything else in its "entire history."

According to the Ethereum Foundation, Ethereum's new PoS consensus mechanism is set to reduce the energy consumption of the entire network by 99.95%.

Adams believes that "people massively underestimate this aspect of the Merger."

I wouldn't at all be surprised to see WEF coin leapfrog Bitcoin in fiat value in the short run, as it is now repositioned as an ESG friendly institutional asset.

Of course, like all other forms of primitive money, it will become worthless over a longer time horizon.

— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) September 15, 2022

Ripple Labs CEO Brad Garlinghouse on Twitter called it a "truly remarkable technological achievement". Even NFT firm Yuga Labs told its followers that this was a “big step" in upgrading Ethereum to its “first billion users."

Nischal Shetty, founder, and CEO of Indian crypto exchange WazirX shared his congratulations, saying that Ethereum is a “smart contract OG" and has played a huge role in building the Web3 ecosystem.

I wouldn't at all be surprised to see WEF coin leapfrog Bitcoin in fiat value in the short run, as it is now repositioned as an ESG friendly institutional asset.

Of course, like all other forms of primitive money, it will become worthless over a longer time horizon.

— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) September 15, 2022

Even the Twitter account behind Dogecoin, now the second largest PoW cryptocurrency by market cap, shared “many congratulations" to Ethereum co-founder Vitalik Buterin and everyone involved in the Merger.

Others, however, remain skeptical about Ethereum's new consensus mechanism, as Cointelegraph reports.

Independent journalist Jordan Schachtel said The Merge is effectively transitioning Ethereum into a “WEF (World Economic Forum) coin" that will be “designed, to put all value and control in the hands of the people at the top".

Ethereum Ethereum

30 minutes ago👇 Now👇 pic.twitter.com/cyQb3pAdtt

— WolfOfEthereum.eth 🦇🐬🆙️ (@Crypto_Wolf_Of) September 15, 2022

Cardano fans on Twitter account @Cardanians_io say that the Ethereum Merge will not change its transaction fees and high scalability issues.

The account adds that the Vasil Cardano fork will improve the scalability of the Cardano network. The account shared that “Ethereum is basically after Cardano."

Earlier this week, the president and co-founder of StarkWare, Eli Ben-Sasson, also told Cointelegraph that the Ethereum Merger is “like completing a rocket launch" because there is still a journey ahead of us.

But according to Buterin, The Merge is the first step in this five-part process that will eventually bring the smart contract blockchain to the "end game" of Ethereum development.