Thread by @bkiepuszewski

1/ What are your favourite blockchain myths ? Can you add sth to this list of my personal favourites (in no particular order) ? Which one you disagree with ? Myths and Truths below: 👇🧵

2/ M: There is no extra social layer in blockchains, consensus is programmed into the software and blockchains are truly immutable
T: Users can decide to change consensus rules, fork the blockchains, change history

3/ M: Users will prefer immutable, code-is-law, blockchains over blockchain that changes former consensus rules
T: If programmed consensus rules seriously clash with what is understood to be the social consensus (the intent) users prefer a forked blockchain (ETH vs $ETC)

4/ M: Above might be true for other blockchains but Bitcoin is immutable and consensus rules have never changed in the past
T: The consensus rules have been changed with Bitcoin in the past, they can be changed again

5/ M: Ok, some rules in Bitcoin changed, but the 21.000.000 limit cannot be changed
T: We will see

6/ M: Merge mining provides as much security as the “host” blockchain
T: Blockchains merge mined can be “destroyed” by host miners, it happened in the past, sometimes singlehandedly by individual actors (@LukeDashjr)

7/ M: On-chain Oracles might be manipulated, but off-chain Oracles has never failed in the past, have huge Lindy effect and can secure multi-billion DeFi space
T: Off-chain Oracles failed in the past with disastrous effect blog.synthetix.io/response-to-or…

8/ M: User will learn from past Ponzis and won’t participate in new ones
T: Users will try to recoup their losses from past Ponzis with the new ones hoping that this time they will find bigger fools than themselves

9/ M: All crypto tokens are Ponzis
T: Many crypto tokens are Ponzis, some of them are definitely not. The hard challenge is to educate yourself to find ones that are not

10/ M: Algo crypto coins can work, it’s a matter of finding a good design
T: Most (maybe all ?) algo coins will not survive brutal bear market as evidenced by BitUSD, NuBits and many others. Good stablecoin needs sound collateral coingecko.com/en/coins/nubits

11/ M: Users don’t care about decentralization, they prefer fast txs and low fees
T: They will start to care if they are censored or rugged by unscrupulous centralised miners, either because they are dishonest or are forced by regulators

12/ M: zkRollups cannot be rugged by their teams, because of the moon matc
T: zkRollups can be rugged in a number of ways, most easily by including a backdoor in the circuit that is not detected by the larger community until it is too late

13/ M: In zkRollups state growth is not a problem and they can scale almost infinetly
T: To achieve true censorship resistance users need to be able to independently reconstruct the state which will be a challenge if state growth is too fast for the average user to keep up with

14/ M: Users will prefer projects with sound tokenomics and super-star team that spent millions on security audits, formal verification and countless peer reviews of their protocols
T: Users prefer coins with dog meme

15/ M: @sassal0x can single-handedly crush the market with one tweet given his superpowers and ungodly time zone in which he operates
T: This one may actually be true

16/ M: ETH archive node is gigantic compared to Bitcoin archive node
T: ETH archive node allows you to query the state at any point from the past. It's like asking Bitcoin node about UTXO set from a year ago. Comparison makes zero sense as the meaning of "archive" is different