Several things:
1. Reading the original blog is highly recommended, whether you agree with Hayes or not, because his concerns are worth understand more fully.
2. Arguably, “money” has three social functions: storing value, acting as a medium of exchange, and providing accounting. Both BTC and ETH do all three to some degree, but ETH adds a computational and execution element to the accounting that raises the question/concern that Hayes is naming.
3. Some projects are trying to help ETH have more of its cake and eat more of it too (TRU comes to mind here), but as you can tell from the gas fees there has been no significant solve as of yet.
4. The POS change will have secondary and tertiary consequences that nobody yet fully understands.
Original blog below:
[https://cryptohayes.medium.com/fear-is-the-mind-killer-f838d9a0d1c1](https://cryptohayes.medium.com/fear-is-the-mind-killer-f838d9a0d1c1)