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Make Ethereum Cypherpunk Again

vitalik.eth.limo

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Re: Make Ethereum Cypherpunk Again

#41

Post by lawn »

beaned wrote: post #34
lawn wrote: post #12

Earlier quoted context omitted.

Only those that want to throw dirt at the project in order to legitimize the development direction of BTC. And those who are clueless and just follow the hivemind.

Well what's BTC and what isn't? The bcash people still desperately cling to the r/btc handle for their subreddit.

If you know your history then you should know that r/btc predates the fork by multiple years, and that it existed as an uncensored subreddit and a refuge from r/bitcoin where you got banned simply for voicing an opinion.

It still lives on as an uncensored subreddit where all forks of Bitcoin may be discussed.

Re: Make Ethereum Cypherpunk Again

#42

Post by AlchemistCamp »

instagraham wrote: post #14
try_the_bass wrote: post #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…

I don't see any possible usecase for crypto if a 100-200$ gas fee during high demand is considered acceptable. You can make anything in the world but if you have transaction fees that high every single time that project will be guaranteed to fail.

This is part of why Solana has been making such inroads the past couple of cycles.

Shopify and others are now using SolanaPay to do USDC transactions and they settle in under a second for under a cent. It takes a very beefy server to run a Solana validator, though, so many worry that it’s insufficiently decentralized.

I suspect that in the longer run, most of the value will be stored on Ethereum and compatible chains while most transactions will be done on Solana and newer chains.

Re: Make Ethereum Cypherpunk Again

#43

Post by jhobag »

AlchemistCamp wrote: post #42
instagraham wrote: post #14

Earlier quoted context omitted.

I don't see any possible usecase for crypto if a 100-200$ gas fee during high demand is considered acceptable. You can make anything in the world but if you have transaction fees that high every single time that project will be guaranteed to fail.

This is part of why Solana has been making such inroads the past couple of cycles. Shopify and others are now using SolanaPay to do USDC transactions and they settle in under a second for under a cent. It takes a very beefy server to run a Solana validator, though, so many worry that it’s insufficiently decentralized. I suspect that in the longer run, most of the value will be stored on Ethereum and compatible chains…

payments is a meme for every bagholder coping about their cheap blockspace chain. literally every cycle cheap l1's come up

eth mainnet is lindy as the most secure settlement/data availability layer, other layers for execution settling back to mainnet or other da layers potentially solve settlement fee/l1 data writing rent issues

Re: Make Ethereum Cypherpunk Again

#44

Post by hanniabu »

AlchemistCamp wrote: post #42
instagraham wrote: post #14

Earlier quoted context omitted.

I don't see any possible usecase for crypto if a 100-200$ gas fee during high demand is considered acceptable. You can make anything in the world but if you have transaction fees that high every single time that project will be guaranteed to fail.

This is part of why Solana has been making such inroads the past couple of cycles. Shopify and others are now using SolanaPay to do USDC transactions and they settle in under a second for under a cent. It takes a very beefy server to run a Solana validator, though, so many worry that it’s insufficiently decentralized. I suspect that in the longer run, most of the value will be stored on Ethereum and compatible chains…

Ethereum L2s are just as fast and in a few months will be just as cheap.

Re: Make Ethereum Cypherpunk Again

#45

Post by hanniabu »

jongjong wrote: post #20
try_the_bass wrote: post #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…

The high transaction fees are intentional and a symptom of a sick system which allows people to profit from inefficiency. The higher the transaction fees, the more validators earn. There is no incentive to build tech which will lower transaction fees, even though it would enable practical use cases. Ethereum community is not interested in value creation because they know that value creation doesn't pay. They can earn…

> Having worked in the industry, I've witnessed how they literally suppress innovations which would result in more scalability and lower fees

False until proven with sources. I'm involved with ethstaker and follow core development closely and have never seen anything like this.

Re: Make Ethereum Cypherpunk Again

#46

Post by [deleted] »

meheleventyone wrote: post #23
livueta wrote: post #6

Earlier quoted context omitted.

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-ki…

In general I think it’s much more about utility and marketing spend versus convenience. Incentives like rewards are what keeps you a good citizen. Decentralized projects find it hard to achieve critical mass when they rely on personal ideology as the main driver of adoption, particularly in spheres where large centralized alternatives exist. Trackers and crypto are popular because they offer utility to users that you…

[deleted]

Re: Make Ethereum Cypherpunk Again

#47

Post by hanniabu »

chrisco255 wrote: post #29
Animats wrote: post #25

Earlier quoted context omitted.

A distributed exchange is a matching service. The trade execution is distributed. But somebody has to maintain the order book and means for distributing and displaying it. When there's a match, something tells two smart contracts to talk to each other and go. The blockchain itself is not a matching engine.

Decentralized exchanges do not typically run on an order book model. Instead liquidity providers allocate capital in specific price ranges that follow a determininistic price curve ratio and a simple formula is used to rebalance as traders swap between token pairs. See: https://medium.com/coinmonks/uniswap-v3-explained-57e0cdf867...

To add to this, there are order book exchanges though, such as Matcha.xyz

Re: Make Ethereum Cypherpunk Again

#49

Post by patriksvensson »

instagraham wrote: post #14
try_the_bass wrote: post #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…

I don't see any possible usecase for crypto if a 100-200$ gas fee during high demand is considered acceptable. You can make anything in the world but if you have transaction fees that high every single time that project will be guaranteed to fail.

L1 (Ethereum Mainnet) fees spike that high, L1 is the highest secure layer of the network and inherently higher price during peak usage. Pick a flavour of L2 of your choice and enjoy cents per transaction. See prices here https://l2fees.info/

Re: Make Ethereum Cypherpunk Again

#50

Post by monero-xmr »

zmgsabst wrote: post #37
monero-xmr wrote: post #7

My user name is a reference to one of the hardcore cypherpunk coins https://www.getmonero.org/ 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…

Okay — sell me on why I should use this coin. (I feel inclined to agree, but I want more solid reasoning.)

Monero is the largest privacy coin, with the largest set of mixins / decoys. If the idea of cash appeals to you - the right to buy something without being data mined and tracked by endless private firms and the government itself - then monero is a digital version of that. Monero means money - it is digital cash. Fungible, private, anonymous.
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