Whispers on the street that UniSwap and USDC stablecoin issuer are going to integrate gov't blockchain forensic firms and try freezing out Russians.

So when push comes to shove, we're finding out that this network is made of centralized dapps that do nothing but optimize token interactions to keep the orgy of swaps, wraps, burns, mints, and stakes going. We already got news about the NFT platforms, pools, and small exchanges that are blocking Russian and some eastern European access. A couple seizures reported as well.

So if ETH is a utility token to use centralized dapps that do nothing, where's the value? It's clearly not money, because stablecoins are the only thing in the network establishing themselves as money, which is why 85% of all the volume is stablecoins... That's a nasty case of Gresham's Law in action IMHO. Money is not TPS, TX cost, or throughput either. Those are all features of a blockchain.

So is ETH even a good store of value then? No. I'd argue it isn't. I'd argue bitcoin is orders of magnitude better and that it's established itself as money with the one-dimensional goal of separating money from State—even if that'll take quite some time. ETH simply is the gas that powers centralized dapps that do nothing but bend each other over. This ????????/ ???????? thing is thankfully shining some sunlight on the plague spreading unabated crypto.

Maybe ETH's only saving grace is that it isn't fully PoS yet, because CEX's would run the majority of those nodes as they do now, and most all of them would be hosted on Infura/AWS servers. It would make impairment by coordinated gov't forces quite easy, actually. Or the fact that Metamask pulls all its API from Etherscan (100% hosted on Infura servers) and wouldn't work without it is another vector of attack.