Make Ethereum Cypherpunk Again
vitalik.eth.limo
Make Ethereum Cypherpunk Again
1–10 of 70 posts
Re: Make Ethereum Cypherpunk Again
#2> there is a large ideological rift where significant parts of the non-blockchain decentralization community see the crypto world as a distraction, and not as a kindred spirit and a powerful ally
This line stood out to me and is sad to see.
Re: Make Ethereum Cypherpunk Again
#3> there is a large ideological rift where significant parts of the non-blockchain decentralization community see the crypto world as a distraction, and not as a kindred spirit and a powerful ally This line stood out to me and is sad to see.
> Non-blockchain decentralization projects are often chronically underfunded, blockchain-based projects get a 50-million dollar series B round. It is not from the benevolence of the staker that we get people to put in their ETH to protect the Ethereum network, but rather from their regard to their own self-interest - and we get $20 billion in economic security as a result.
Re: Make Ethereum Cypherpunk Again
#4> there is a large ideological rift where significant parts of the non-blockchain decentralization community see the crypto world as a distraction, and not as a kindred spirit and a powerful ally This line stood out to me and is sad to see.
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Re: Make Ethereum Cypherpunk Again
#5> Having lived through that era, the number one culprit that I would blame as the root cause of this shift is the rise in transaction fees.
Haha no, the number one culprit is that 99% of blockchain projects are either scams, bullshit, not actually decentralized, or simply fail despite pulling in vast amounts of funding (sometimes more than one of the above!).
However, I do agree that most--if not all--problems in the cryptocurrency space arise from the "currency" aspect. Just not so directly as "transaction fees".
Re: Make Ethereum Cypherpunk Again
#6> there is a large ideological rift where significant parts of the non-blockchain decentralization community see the crypto world as a distraction, and not as a kindred spirit and a powerful ally This line stood out to me and is sad to see.
> Non-blockchain decentralization projects are often chronically underfunded, blockchain-based projects get a 50-million dollar series B round. It is not from the benevolence of the staker that we get people to put in their ETH to protect the Ethereum network, but rather from their regard to their own self-interest - and we get $20 billion in economic security as a result.
I think time has demonstrated that some form of (possibly itself centralized to some degree) incentive system can be important for a healthy decentralized ecosystem, but it doesn't necessarily have to be directly monetary: private trackers do pretty well with ratio systems, even through they're not wholly decentralized in the classical sense.
I think this has a slightly ironic benefit in practice: by paying out in-kind, as it were, you inherently filter for participants who actually are after the functionality provided by the distributed system and aren't just out to make a quick buck, which leads to a better true believer:huckster ratio. Reminds me of how capitalistic incentives don't always translate to good content: see cooking recipe / other SEO blogspam, or capeshit. Scene respect is the sort of in-kind pseudocurrency that, while not without its own flaws, ime incentivizes better art.
Re: Make Ethereum Cypherpunk Again
#7My user name is a reference to one of the hardcore cypherpunk coins
They also run the cryptocurrency village at Defcon.
Monero researchers have figured out how to do true atomic swaps between Bitcoin and monero, ensuring the exchange delistings will not kill the ultimate privacy coin https://eprint.iacr.org/2020/1126.pdf
Finally, the IRS offered a bounty if you could trace XMR. Not claimed (as far as we know!). How many other coins have that level of state interest
https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs...
Re: Make Ethereum Cypherpunk Again
#8> Having lived through that era, the number one culprit that I would blame as the root cause of this shift is the rise in transaction fees. Haha no, the number one culprit is that 99% of blockchain projects are either scams, bullshit, not actually decentralized, or simply fail despite pulling in vast amounts of funding (sometimes more than one of the above!). However, I do agree that most--if not all--problems in the…
You are right but it is by design.
From day one Satoshi had a road map to scale BTC to Visa-like levels while keeping TX fees around a penny. Just incrementally increase the block size over time.
Soon after Blockstream's Greg Maxwell and Adam Back hijacked the Bitcoin Core GitHub repo they locked down the block size to 1mb, something Satoshi and the original devs never imagined anyone being dumb enough to do let alone intended.
Bitcoin Cash (BCH) stayed with the road map and has worked great with low fees for over a decade now. BTC twisted itself into a digital ponzi scheme for morons.
Re: Make Ethereum Cypherpunk Again
#9> Having lived through that era, the number one culprit that I would blame as the root cause of this shift is the rise in transaction fees. Haha no, the number one culprit is that 99% of blockchain projects are either scams, bullshit, not actually decentralized, or simply fail despite pulling in vast amounts of funding (sometimes more than one of the above!). However, I do agree that most--if not all--problems in the…
I think it is speculation if you invite large-scale speculation then you hit some unexpected consciences. Just look at housing or cryptocurrencies.
Re: Make Ethereum Cypherpunk Again
#10> Having lived through that era, the number one culprit that I would blame as the root cause of this shift is the rise in transaction fees. Haha no, the number one culprit is that 99% of blockchain projects are either scams, bullshit, not actually decentralized, or simply fail despite pulling in vast amounts of funding (sometimes more than one of the above!). However, I do agree that most--if not all--problems in the…
You are right but it is by design. From day one Satoshi had a road map to scale BTC to Visa-like levels while keeping TX fees around a penny. Just incrementally increase the block size over time. Soon after Blockstream's Greg Maxwell and Adam Back hijacked the Bitcoin Core GitHub repo they locked down the block size to 1mb, something Satoshi and the original devs never imagined anyone being dumb enough to do let alon…
> Soon after Blockstream's Greg Maxwell and Adam Back hijacked the Bitcoin Core GitHub repo they locked down the block size to 1mb, something Satoshi and the original devs never imagined anyone being dumb enough to do let alone intended.
Doesn't this point to Bitcoin's decentralized nature being largely smoke and mirrors?
You're claiming that just two individuals have had a significant negative impact on a project that was intended to be free from central control. That in itself seems like a failure of the project's goals.