Clone of Ethereum is a Glorified Memecoin

I'm currently in Nashville for our Portfolio Accelerator event. It's always a bit of shock for this quiet Kiwi to go from living in the forest and mountains to the middle of an American city overnight.

I suppose it's good for me to get out there and see what's actually happening outside my island.

But it doesn't make me miss New Zealand any less.

I remember coming to these conferences and everyone would approach me with my thoughts on Michael Saylor, Ethereum, and whatever shitcoin I was buying that day.

But these last few events, it's been silent.

So it didn't surprise me that the single largest believer of Ethereum, the guy that started the "Bankless" movement, just sold all his ETH and said he no longer believes in the vision.

But it gets worse.

Several of the largest members of the Ethereum Foundation, which is responsible for driving the network's growth, have left unexpectedly. And the foundation itself is selling their ETH like no tomorrow.

The institutional era of crypto is here and tokenization is coming.

But despite all the headlines that the media will tell you about BlackRock and JPMorgan launching Ethereum funds, this is NOT where the most amount of value will accrue in the coming years.

Ethereum is NOT Suitable for Institutions

Living on an island, I have a very simple life.

I love fresh food, hikes, and staring at mountains.

So when it came to something as bloody complex as tokenization, I just asked a stupid question.

What do the largest firms in the world need to make this stuff work?

The first and most obvious answer was privacy.

Goldman Sachs and JPMorgan can't be having their trades, collateral movements, payroll on Ethereum because everything you do on there is advertised publicly to the world.

I saw this tweet today and almost lost my mind.

Someone made a payment with a large Ethereum credit card and some guy on Twitter who saw the transaction and said "hey look at what this guy bought.