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- Arthur Hayes believes Ethereum can trigger a ‘Free Money’ chance for crypto traders.
- It will be difficult for a forked version of Ethereum to flourish for a long time- Hayes.
Arthur Hayes, the co-founder of BitMEX, presents his viewpoint on the crypto framework after the Ethereum (ETH) merge is implemented.
In an interview with the unchained podcast, Hayes evaluates the potential achievement of a forked Ethereum token supported by proof-of-work miners whose business framework will be dumped after Ethereum shifts to proof-of-stake.
Hayes explained that it would be very hard for a forked version of Ethereum to flourish for a long time as it probably does not fulfills important levels of adoption.
“Ethereum is important because people still use it and the portion of people who use Ethereum are not much techie. So, if I approach you and say that there is ETH proof-of-work and proof-of-stake – which one would you choose?
Most people will answer that I don’t know and only want to use Ethereum. I will simply go to MetaMask and Uniswap to purchase some coins… I want to have the new ETH in that environment, and it is quite cool.
So, from this thing, what I’ve noticed, the service providers or the critical decentralized applications in Ethereum are all using the proof-of-stake merge and not that proof-of-work.
Many of the significant stablecoins, such as Tether and USDC, have clearly said that they are not using proof-of-work. So, from where are the users of proof-of-work going to come from? The simple answer is that they will be left with no users.”
If the forked token introduces when Ethereum shifts to proof-of-stake, which is anticipated to launch within a week, someone holding Ethereum is placed to get the same amount of forked tokens.
Hayes finds the trade exciting
Hayes says this portrays a potential trading chance for investors.
“They may have some people who actually want to trade it like me due to it is very exciting. And if it has a value over zero, it will be considered free money.
If I have some proof-of-work coins, then I would like to sell them at a very good time. Maybe that time is as soon as I receive it or maybe not. I have no idea. It only revolves around the hash rate, where they are trading on various platforms.
It is such an amazing trading chance, and just ensuring that you are totally ready to fly and see the originals is the main. Mispricings will happen for sure, and no one can stop it thinking that it happens…
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
