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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?

#341

Post by defiamazing »

DennisP wrote: post #324
defiamazing wrote: post #317

Earlier quoted context omitted.

Having an economic model doesn't make it not a memecoin. LINK has an economic model and most would agree that there's no reason for it to exist other than to dump on retail. The burn is there in large part to enshrine ETH so that investors can dump on retail, otherwise fees could be paid in other ways. It provides no liquidation or dividend rights. The closest thing to that is rights to MEV, which the base fee contro…

You need ETH to pay transaction fees. As long as there's more demand for blockspace than the space available, ETH will have a non-speculative value. The reason for the burn was the 1559 upgrade, which fixed the horrible user experience of guessing what minimum fee level would get your transaction through in a timely manner, and often either overpaying, or underpaying and suffering long delays. If not for the fee burn…

Basically you're arguing for chartalism, it has value because validators say it's the only thing they'll accept. That can change at any time, it's not the same as a company's stock's value being backed by liquid revenue. Imagine situations where the network just decides they want to accept other tokens at the expense of ETH. Imagine what happens to network security if there's a huge speculative dump - would network hard fork to avoid other protocols getting owned? What happens to ETH then?

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

#342

Post by qweqwe14 »

wslh wrote: post #283
Version467 wrote: post #127

As far as I can tell, the only cryptocurrency that actually delivers on its name (i.e. being used as a currency) is Monero. Sure, it's all drugs and stolen credit cards, but it does undeniably solve a real world problem for its users instead of just being used as a vehicle for speculative investment. With that said, I think if anyone comes up with a "killer-app" for crypto, then it'll be on the Ethereum chain. They s…

And Zcash and others doing the same?

They aren't. Zcash has opt-in privacy, which I think we've established doesn't work. By this logic BTC also has opt-in privacy – just use a mixer. Well, except that your BTC will be tainted if you do it, which effectively makes BTC non-fungible for all intents and purposes.

The only way to have a private, fungible cryptocurrency is to make privacy mandatory and not "something you enable because you are a drug dealer". Does this mean that everyone using Monero is automatically a drug dealer? Even if it does, it's waaay better to have consistency vs having a cryptocurrency partitioned into "normal coins" and "darknet market coins"

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

#343

Post by threeseed »

evantbyrne wrote: post #198
shuntress wrote: post #173

Earlier quoted context omitted.

The "Killer App" for a cryptocurrency would be the ability to use it as a currency.

imo this is less of a technical issue and more of a regulatory one in 2024. Sending and receiving large amounts of btc/eth for instance might take a minute. For lower value point of sale transactions you don't really have to wait. And that's money in your pocket at that point not an IOU like a pending transaction at a US bank. Paying capital gains on transactions and constantly changing value dampens adoption quite a…

> And that's money in your pocket at that point not an IOU like a pending transaction at a US bank

In Australia, we have instant transfers between bank accounts.

I imagine the US will get to that point soon in which case there is no benefit to crypto for this use case.

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

#344

Post by wslh »

qweqwe14 wrote: post #342
wslh wrote: post #283

Earlier quoted context omitted.

And Zcash and others doing the same?

They aren't. Zcash has opt-in privacy, which I think we've established doesn't work. By this logic BTC also has opt-in privacy – just use a mixer. Well, except that your BTC will be tainted if you do it, which effectively makes BTC non-fungible for all intents and purposes. The only way to have a private, fungible cryptocurrency is to make privacy mandatory and not "something you enable because you are a drug dealer"…

Grin's Mimblewimble?

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

#345

Post by sfjailbird »

medellin wrote: post #189
Version467 wrote: post #127

As far as I can tell, the only cryptocurrency that actually delivers on its name (i.e. being used as a currency) is Monero. Sure, it's all drugs and stolen credit cards, but it does undeniably solve a real world problem for its users instead of just being used as a vehicle for speculative investment. With that said, I think if anyone comes up with a "killer-app" for crypto, then it'll be on the Ethereum chain. They s…

I mean i have been using bitcoin for the past 6 years to send money to people outside the country with little issue. I know it’s hard to imagine for the west but places exist where working around the local financial system is a huge benefit.

And lots of people pay for lots of things with bitcoin, today. It works fine, even if the confirmation takes 15-20 minutes and it costs five bucks. For some things where you prefer discretion, it's fine.

For privacy, just use a coinjoining wallet. It's a solved problem for a long time.

Commenters here are sour over bitcoin, for a variety of reasons, and ignorant at the same time.

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

#346

Post by defiamazing »

arandomusername wrote: post #310
defiamazing wrote: post #275

Earlier quoted context omitted.

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.

No one would use it because people don't actually want to send money internationally badly enough to create a profit opportunity. They want to interact with DeFi protocols, that's why USDC exists on eth, once the DeFi protocols die then so will USDC.

There's no good other way because people don't actually want to send money internationally badly enough to create a profit opportunity.

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

#347

Post by idlewords »

coffeebeqn wrote: post #187
gehwartzen wrote: post #162

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. Sure, it's all drugs and stolen credit cards, but it does undeniably solve a real world problem for its users instead of just being used as a vehicle for speculative investment. This is exactly my use case (the former not later) with Monero and it's been amazing. Only marginally more difficult…

So you pay with monero but you still need to give them an address to ship to which some probably store somewhere where the police might eventually find it ? I guess depending on the local police the chances of that leading to any trouble are lower than getting stabbed by a tweaker when you go out into the community to purchase your stuff

The risk is not just 'stabbed by a tweaker' but 'surprise fentanyl'. And police are very unlikely to come after some random online buyer who is not distributing/reselling.

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

#350

Post by ipnon »

orbisvicis wrote: post #349

I don't understand half of this. How do I go from "yay, I read the bitcoin paper" to this? A single comprehensive resource so I'm not hoovering crumbs from site to site.

There is a lot to learn but it's all well-organized here: https://a16z.com/tag/the-canons/ It would take even a bright student a year or two to go through all of this so pick and choose as you see fit. a16z has an excellent AI canon as well for self-study: https://a16z.com/ai-canon/
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