Ethereum’s Issues Stem From the Basics
Ethereum is certainly #2 in the market capitalization only second to Bitcoin but it doesn’t mean it’s as easy to use or a good coin. In fact I suspect my recent experience is what is keeping it from rising, Ethereum makes me nervous and reluctant to use it everyday. As someone who has used the client’s/wallets for both I find Ethereum’s is cumbersome and at times impossible to use, thus preventing the user from using it to do any transactions at all.
Imagine if a simple eTransfer or Wire from your bank took over a week to initiate? That’s way too long and beyond the purpose of the infamous but in practice non-realtime transactions in the cryptoworld.
I spent nearly a week syncing 4 months of blocks!
I needed to do a transaction in Ethereum and opened up my Ethereum Client which slowed my whole computer down and ultimately wouldn’t update past a certain point.
I consider myself an above average user who is good at troubleshooting issues.
I updated to the latest Ethereum client and that still didn’t fix it.
Some users suggest deleting the “chaindata” folder and that didn’t fix it.
Eventually I decided to do delete the whole “Ethereum Wallet” folder (never do this without backing up your keystore files safely). Also be aware that this folder “Ethereum Wallet” is not where your keys/wallet data are stored. In Linux they are stored in “~/.ethereum/keystore”which is very misleading when you have a “~/.config/Ethereum\ Wallet” (which is not where your wallet data or keys are stored). I stress this because I came across many who had sworn off the Ethereum Coin and team because of this confusion where they lost their keys and ultimately their investment and coins.
The solution was to delete “~/.config/Ethereum\ Wallet” but the fun didn’t stop there. It was updating so slow through the missing blocks that it felt like I was mining the entire blockchain (you could literally count 1 by 1 as it was processing or sometimes it would take minutes on a single block). I’ve been able to sync the whole Bitcoin or Litecoin Blockchain more quickly and without as much impact on my computer.
I decided to switch the chaindata for Ethereum to SSD it did speed things up but not significantly and still took about a day to catch up and my computer still did slow down.
What I Learned About Ethereum
For all of its features I think the team is out of touch with getting the basics right first, as evidenced by the “Parity” fiasco where through no fault of the users people have essentially lost or have 160M worth of Ethereum coins frozen and lost presumably forever. I have never seen this with another major coin.
Nor have I seen or experienced the confusion on basics of why their client is so complex. Why does it use another program geth to sync the data? Why are there so many different choices, fast sync (which didn’t help speed things up for me), a MIST client and so many different confusing and unnecessary choices and complexity?
I like how I can just download the Bitcoin client or Litecoin client and it works simply, there’s no guessing or confusion.
When it comes down to it, if someone with my background is having to troubleshoot and it slows me down from doing transactions, or I fear my coins could randomly be lost it doesn’t bold well for Ethereum’s future. I don’t mind leaving other wallets running but Ethereum just takes too much computing with SSH so it’s not practical. I will consider Ethereum a wise investment with some risks I’ve highlighted above but for any cryptocurrency to truly be accepted and successful it must be secure, fast, reliable and easy to use (something which most cryptocurrencies still fail at if not for the reason that you require the whole blockchain to keep your money in your own possession or have to rely on dangerous uninsured third party exchanges or services that are often hacked).
As we can see below this is not a sustainable practice for cryptocurrency going forward and I will be posting more about how I think the future of crypto will be significantly different than we currently see.
Read my post about Casper here.
This was a technology post and is not intended to affect your financial decisions.