$ETH The two biggest mistakes made in this bull market

1. Switching the POW mechanism to POS, resulting in no miners to support the market.
2. Using L2 for scaling, creating a bunch of baggage that continuously diverts funds belonging to ETH.
If ETH had not shifted from POW to POS back then, but instead kept its proof-of-work consensus, and combined with this round of the AI hardware cycle, the outcome could have been completely different. GPU miners and ETH holders might have been the biggest winners in this cycle, and the POW track wouldn't have been directly decimated.
First, hardware + POW would break through the boundaries directly.
Graphics cards, memory, hard drives, and even precious metals would see increased demand. Mining coins and ETH would become the assets most easily understood and most willing to be participated in by traditional capital—buying equipment, mining, compliant profit-making—these are their most familiar models.
Second, POW reintroduces "cost" onto the chain.
Mining involves real costs—electricity, equipment, depreciation—all of which are tangible. Unlike POS, which almost has zero cost to issue tokens and relies on consensus to withstand inflation. ETH's value anchor would naturally be higher.
Third, and most importantly: decentralization.
The sacrifices made initially for efficiency, experience, and cost were precisely the most fundamental and important consensus in the crypto space. POW public chains + mining economic models are fundamentally two different paths from POS.
If POW still existed, ETH surpassing $10,000 would not be an exaggeration. Since ETH shifted from POW to POS, without miner support, its exchange rate has been hitting new lows. The market has proven with price that POW is the real value support, POS has been discredited, the world computer has been discredited, and smart contracts have been discredited! Except for Bitcoin, everything else is fake!#加密市场观察