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0/ Yesterday I said I now have concerns over protocol based funding for development after watching conversations unfold. Here is a very high level overview of why I feel that way...
1/ We pay miners for security. Now we’d be paying devs for development. We’ve seen how complex/contentious/political mining rewards get, we are now doubling this.
2/ Devs have the most power in Ethereum’s governance. Once you introduce a faucet of funds, it will be hard to turn off despite what people think.
3/ Too much “we absolutely need this” and not enough “here is why we need this”. What’s enough funding? Who needs the funding most? What if ETH goes to $3,000 do we need it then?
4/ Money isn't always the answer. Over funding can create apathy and lack of progress. Is Ethereum too lean at the moment? Probably...? However that doesn't mean it needs a protocol level faucet of funds unleashed on it to fix all the problems.
5/ I’m not sure if we are tackling funding or concerns around EF centralization anymore. Which is it? Part of me feels some groups want to introduce new funding JUST so they can manage it outside the EF.
6/ Obsession over perfection really concerns me. I was open to a simple solution of small block rewards or small cut of fees just going to the EF for more immediate funding but was met with pushback in over complicating things. Perfection is the enemy of progress.
7/ In just 4 weeks I've seen 3 different groups attempt to capture control of this idea and future funding. That is only the beginning of those attempts.
8/ And finally there is simply no way to govern this. Yes we all have our idealistic ideas of how these funds could be properly managed but the reality is it doesn't exist at the moment and won't for years.
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