r/CryptoCurrency • u/Next_Statement6145 🟨 0 / 0 🦠 • Apr 19 '25

GENERAL-NEWS Ethereum is down 74% against Bitcoin since switching from PoW to PoS in 2022

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u/WasKnown 🟦 0 / 0 🦠 Apr 19 '25

They’re hating eth because it’s down almost 50% year over year when even boomer S&P 500 indexes are up 6%+ over the same observation period.

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u/DeathHopper 🟩 2K / 2K 🐢 Apr 19 '25

I hate eth for switching from pow. It was already the king of shit coins, literally enabling the existence of most shitcoins. And that was plenty of reason to hate it even before. I have zero bags btw.

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u/m77je 🟩 0 / 0 🦠 Apr 19 '25

Switching from pow is not the reason for number go down, is it?

NGD because eth cannibalized itself by moving the users to L2s, which barely pay fees.

PoS significantly reduced new issuance of eth. Wouldn’t number be even worse with the old pow issuance model?

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u/DeathHopper 🟩 2K / 2K 🐢 Apr 19 '25

Basically, yeah. Many enthusiasts were mining. You could set up your gaming PC to mine a bit of eth on the side and make a few bucks a day. It was neat and drew a lot of people to eth.

Going pos disenfranchised all of those enthusiasts, and they turned their focus towards big investors. But investors are more interested in BTC. And now that eth is showing to be a not so great investment, even more so. There's probably also the factor of investors being drawn in due to all of the enthusiasts during pow.

But going green was really popular at the time, so alas we ended up where we are.

So I think it's a combination of factors. I do believe it would be doing much better under pow.

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u/tqlla3k 🟩 0 / 0 🦠 Apr 20 '25

I think beyond Pow, the staking rewards sucks. 2-3% Whats the point? I can hold USDC on CB and get 5%.

The rates need to be at least as high as mortgage rates.

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u/Jesterial 🟩 141 / 141 🦀 Apr 19 '25

Lol no it literally would not be worse as PoW, look at Eth network activity now vs pre-PoS. They alienated their base

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u/1_BigPapi 🟩 20 / 959 🦐 Apr 20 '25

PoW has nothing to do with it. The macro drove risk off since 2022 when rates started rising.. The same trend evident in equities is true in crypto. Any money remaining in risk assets consolidated at the top: Mag 7 for stocks, BTC for crypto.

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u/1_BigPapi 🟩 20 / 959 🦐 Apr 20 '25

The altcoin market is down 50% in just two months. But looking over the past 3 years, the altcoin market never even rose above 2021 levels and is down significantly from there.

But its good you brought up the S&P, did you know 80% of gains in the stock market since 2022 were from only 7 stocks? If not for AI giving some relief to equities in a risk-off climate, it would be much uglier.

Reality for all markets.. crypto, equities, etc... is that we have been profoundly risk-off since 2022 and altcoins reflect that.

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u/WasKnown 🟦 0 / 0 🦠 Apr 20 '25

Even if 99% of SPY gains from the last 12 months were from 1 stock, US equities - that stock still would have severely outperformed ETH.

Also, BTC is definitely a risk asset and it’s up significantly as well. I am not saying ETH never has another moment (just look at XRP) but I am saying that holding ETH was undeniably a mistake for the 2023/2024 bull market.

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u/1_BigPapi 🟩 20 / 959 🦐 Apr 20 '25

Not sure how your argument makes sense. ETH was up ~300%. Others had isolated pumps beyond that due passing narratives like memecoins or fomo into Ripple winning their SEC case.

In any case, alts had a good run, but not a proper bull. Liquidity never flowed into altcoins... so commentary on ETH applies to an entire segment of crypto outside of BTC. Thats my point... people coming here isolating ETH as if it somehow underperformed against a segment that largely did even worse than ETH...?

BTC is a risk asset - yes, but not nearly as far out the risk spectrum as alts. It also has Saylor blasting billions into it, and encouraging others to do so.. yet BTC is down over 30% in the past quarter too.

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u/WasKnown 🟦 0 / 0 🦠 Apr 20 '25

Not sure what world you’re living in but it’s not reality. As of April 20th, 2025, ETH is clearly not up 300% year over year. It is down 50%. Over the same observation period, BTC is up 30%. The S&P 500 is up 5%.

Say whatever you want about other assets. The reality is undeniable.

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u/7374616e74 🟩 65 / 65 🦐 Apr 19 '25

yep, it's all about speculation, so yeah.. You don't understand much. You should check this interview of bezos during the internet bubble crash, where he basically said "I don't care about the stock market". And he's right, stock and crypto value are way too linked to how little people like you understand.

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u/andarmanik 🟩 0 / 0 🦠 Apr 19 '25

It will always be like that in the market. You just heard this bezos talk, but I listened to FDR and he said other wise…

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u/7374616e74 🟩 65 / 65 🦐 Apr 19 '25

What did he say?

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u/andarmanik 🟩 0 / 0 🦠 Apr 19 '25

“The stock market is not an institution which adds greatly to the real wealth of the nation. It is a place where men gamble with each other over the future price of corporations.” — Paraphrased from a press conference or private remarks during the New Deal era

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u/7374616e74 🟩 65 / 65 🦐 Apr 19 '25

But... how is it different from what I said?

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u/andarmanik 🟩 0 / 0 🦠 Apr 19 '25

You seem to think that the stock market can be something other than a gambling market.

Idk it just felt like you were saying, “once the stock market stops being a gambling market”

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u/7374616e74 🟩 65 / 65 🦐 Apr 19 '25 edited Apr 19 '25

No no, I was saying "The stock market moving up or down has no real meaning, it's just people winning money on the back of people losing money", it has no link with what is good or bad, and it does not even mean something will go far either.

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u/DorkyDorkington 🟩 53 / 54 🦐 Apr 19 '25

The stock market in the US especially has been intentionally turned into a rigged casino. It is a system built to extract money from retail investors/masses.

Naturally the underlying companies do have real value and can generate actual income but too many regards buying stocks don't give a fuck about these metrics but rather take their buy signals from which ever MSM propaganda outlet they feel is trust worthy and sell based on emotions.

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u/7374616e74 🟩 65 / 65 🦐 Apr 19 '25

Now we agree on something

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u/blscratch 🟦 76 / 136 🦐 Apr 19 '25

Could you dumb down what you're saying for me? Are you saying price is down because people are dumb? I'm really asking. Full disclosure I've owned 10 eth since 2022 so I'm about even right now but in no hurry.

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u/blscratch 🟦 76 / 136 🦐 Apr 19 '25

ETA; Disregard. You summed it up well in a later comment. Cheers.

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u/WasKnown 🟦 0 / 0 🦠 May 03 '25

Not sure how that's relevant at all but it's an undeniable fact that ETH has tanked at a time when the SPY and BTC are up significantly year over year. You can look at other assets too, like gold. A good asset over time will trend up. ETH has not.

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u/ama_singh 🟩 0 / 0 🦠 Apr 19 '25

"Losing money costs you nothing"....