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Ethereum has blobs. Where do we go from here?

vitalik.eth.limo

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Re: Ethereum has blobs. Where do we go from here?

#301

Post by ASinclair »

dylkil wrote: post #100
Mahn wrote: post #74

Key quote from the article: > Many have argued that the lack of large-scale applications for the past ten years proves that crypto is useless. I have always argued against this: pretty much every crypto application that is not financial speculation depends on low fees - and so while we have high fees, we should not be surprised that we mainly see financial speculation! > Now that we have blobs, this key constraint th…

> which adds a great deal of UX complexity to the end user Not exactly, L2s are being abstracted away, end users eventually wont even be aware what chain they are interacting with without tracing the tx

If you don’t know which chain you’re interacting with how can you trust your transactions are secured by a chain at all?

Re: Ethereum has blobs. Where do we go from here?

#302

Post by DennisP »

MadnessASAP wrote: post #267
vernon99 wrote: post #129

Earlier quoted context omitted.

Having a couple hardware wallets in different places + a paper backup split in a couple pieces gives you enough redundancy not to worry about this. Source: my own experience of close to 10 years now.

Unfortunately I will never be willing to entrust my financial safety solely to an algorithm. An algorithm cannot be reasoned with, it cannot understand that your house burned down and destroyed your ID. It cannot accept liability for it's actions. If I lose my bank card I go to a branch, verify my ID, and get a replacement. The bank is liable if they allow somebody other then me access to my accounts, regardless of h…

Key redundancy and social recovery are pretty much solved problems in crypto.

Re: Ethereum has blobs. Where do we go from here?

#303

Post by pixelpoet »

Hendrikto wrote: post #18
somedude895 wrote: post #8

Earlier quoted context omitted.

There's a security researcher who calls herself Isis Agora Lovecruft and I'm pretty sure it's not her real name. I thought it might be the same with this guy, but Dankrad seems to be an actual German name meaning something like "thanks for the advice"

As a German, I have never heard that name, but your translation is about correct. "Rat" as in "advice" is spelled with a T, but the name might be older than that spelling.

Yep, Dankrad is "thanks for the bike" :D

Re: Ethereum has blobs. Where do we go from here?

#304

Post by willmadden »

rglullis wrote: post #258
willmadden wrote: post #246

Earlier quoted context omitted.

That's what Bitcoin used to be about, before its development team was taken over and it was crippled.

Bitcoin original plan was about "digital cash", it was fully focused on permissionless payments, but that's about it.

The whitepaper's plan wasn't, but that's not true at all for Bitcoin itself. Satoshi included OP_RETURN which allowed smart contracts - mastercoin being the first L2 (on Bitcoin). He also wanted to increase the blocksize to allow scaling. Vitalik started Ethereum because the "core devs" (bank incumbent funded usurpers) refused to cooperate. This is also the reason the original maintainers like Gavin and Mike Hearn split off to Bitcoin Cash and other alt-coins.

Re: Ethereum has blobs. Where do we go from here?

#305

Post by golergka »

Solvency wrote: post #289
golergka wrote: post #277

Earlier quoted context omitted.

> As far as I can tell, the only cryptocurrency that actually delivers on its name (i.e. being used as a currency) is Monero. In the last two weeks I've paid to people who cleaned my air conditioning, my girlfriend's nails, our lawyer, for delivery of some goods from US, for food delivery, for a sightseeing tour, and for exchange to local currency (delivered to my home) — all in USDT. I've also got USDT from a friend…

Yeah where do you live, Izhevsk Russia or something?

Buenos Aires, and yes — community of (mostly political) Russian immigrants. I don't think USDT gets much use in Izhevsk though, Russian local financial services are pretty good, especially compared to Europe or US.

Re: Ethereum has blobs. Where do we go from here?

#306

Post by chrisco255 »

danpalmer wrote: post #107
Mahn wrote: post #74

Key quote from the article: > Many have argued that the lack of large-scale applications for the past ten years proves that crypto is useless. I have always argued against this: pretty much every crypto application that is not financial speculation depends on low fees - and so while we have high fees, we should not be surprised that we mainly see financial speculation! > Now that we have blobs, this key constraint th…

5 cents per transaction is high for many parts of the world, and exceptionally high if every interaction in normal life is turned into a financial transaction.

It's really not, especially if you want to transact in USD and your native currency is not USD, you regularly will pay a 5-10% or more conversion fee.

Re: Ethereum has blobs. Where do we go from here?

#307

Post by skybrian »

wslh wrote: post #284
rglullis wrote: post #139

Earlier quoted context omitted.

One of the things that made me less skeptical of Ethereum was that Vitalik has consistently argued based on his view of "Ether as digital oil to power the blockchain", which is to say that the point is not to just hodl, but to create a core technology that can enable different applications. I still think that we should not forget the "I need a censorship-proof way to send money to someone overseas" story, but mostly…

The problem is that this gospel has been said for almost a decade now and despite, literally, billion dollars of assets that Vitalik has, and others flowing this is not happening. Not saying that this could not happen as an hypotheses but cryptocurrency foundations are far far from business execution basic practices. As an insider I can say that most money flows to a very small group of people and the governance is n…

It does seem slow, but they did manage the proof-of-stake transition pretty smoothly despite delays and widespread skepticism, so I give them some credit for that.

I have no idea what Vitalik is funding. Do you?

Re: Ethereum has blobs. Where do we go from here?

#308

Post by chrisco255 »

tootie wrote: post #164
Mahn wrote: post #74

Key quote from the article: > Many have argued that the lack of large-scale applications for the past ten years proves that crypto is useless. I have always argued against this: pretty much every crypto application that is not financial speculation depends on low fees - and so while we have high fees, we should not be surprised that we mainly see financial speculation! > Now that we have blobs, this key constraint th…

In the many, many years they have spent building a pile of gibberish tech, traditional finance has begun transitioning to T-0 settlement on centralized platforms. FedNow is going to replace ACH and wires and allow 24/7 real-time transactions.

It hasn't at all. If you try to transfer money internationally, you will still pay huge fees and it will take sometimes days to settle. Crypto is truly international, and ERC20s like USDC remain fully programmable in a way that cash will never be. It makes things like permissionless 24/7 exchanges (see Uniswap) possible. Which is more than just point to point or account to account transfers. It's an exchange from one asset to another controlled completely by an automated market making algorithm. You cannot find that in trad fi.

Re: Ethereum has blobs. Where do we go from here?

#309

Post by throw-the-towel »

golergka wrote: post #305
Solvency wrote: post #289

Earlier quoted context omitted.

Yeah where do you live, Izhevsk Russia or something?

Buenos Aires, and yes — community of (mostly political) Russian immigrants. I don't think USDT gets much use in Izhevsk though, Russian local financial services are pretty good, especially compared to Europe or US.

Even the local businesses in Argentina sometimes accept crypto. I've seen a clothes shop in Jujuy that had a sign claiming to accept Bitcoin.

Re: Ethereum has blobs. Where do we go from here?

#310

Post by arandomusername »

defiamazing wrote: post #275
arandomusername wrote: post #264

Earlier quoted context omitted.

Sending USD across countries, e.g from EU to US, is a LOT easier and faster with USDC than any other solution out there.

That's because it has regulatory approval (for now). It's not because of a blockchain. You can start the thought experiment by asking why USDC is on Ethereum and other popular chains rather than own private blockchain. People could make payments faster. Fees would be lower or more likely zero.

If it's not because of a blockchain, how come there is no other good way?

It's not on it's own private blockchain because then no one would use it.

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