This is excellent:
The EIP repo is seen as a place where EIPs are drafted and kept as records. The hard-fork coordination process now is a separate process that passes EIPs “into law.”

Excellent job @EthCatHerders!
Some background: past EIP-related "governance blowups" (such as ProgPoW) stemmed from a mis-use/mis-consideration of the EIP process by most. An EIP being moved to Accepted signaled to some that it was "official", where the reality is anything but.
By making this change to streamline the EIP process to Standardization-only, we remove the space for politics to derail important technical work in Ethereum. With this change, an EIP can move all the way to Final if it meets the technical requirements of the EIP process.
This means that an EIP in "Final" no longer means that's what "Ethereum" *is*, it simply means that's what it *could be* if the relevant (and purposely under-defined) political process of Ethereum bears fruit (i.e. client teams implement it, and it goes live in a network upgrade)
What most people care about who caused such heated arguments in the past is the *political* status quo is maintained, basically avoiding changes to certain "intangible qualities" the Ethereum community considers important.

An EIP is a record, meant to aid that discussion.
The "political process" of Ethereum is much more difficult to follow, because there's no on-chain governance procedures (X% of tokens vote with Y% quorum by Z date). It's left purposely open-ended, to ensure that "governance capture" remains a difficult and time-consuming process
In my opinion, Ethereum acts as a sort of "representative democracy", with various "delegates" (e.g. node runners) of heterogeneous power in the ecosystem (e.g. miners, exchanges, API providers, etc.), belonging to a particular "political party" (e.g. Geth, OE, Nethereum, etc.)
That complex mish-mash of forces comes together to ultimately determine what "Ethereum politics" is.

Don't like what a client team is doing? Migrate from them, and ask others to do the same.
Don't like an exchange or mining pool is doing? Move your miners/funds to another locale
Ethereum is an open network, an unlike on-chain governance systems, the ultimate political power isn't in how many tokens you own, it's in the "political energy" of various entities and personalities, earned from years of consistently growing a reputation in a difficult ecosystem
This might sound like it's very much replicating the systems we see as broken now, and to some degree it is, but relying on "political energy" is a much more robust solution to the problem than any token voting scheme one can devise.

Just look up "shareholder governance"
It is still possible to build a reputation in Ethereum the old fashioned way: by building relationships and community, by doing important technical work that needs to get done, by educating and solving problems for others

It's hard, but worthwhile if you want to earn your place
Anyways, to tie it all back together, this is a major improvement to a process that many have called "fundamentally broken" over the years (it's not), and should lead to better outcomes by actually *reducing* the space for political conversation and forcing it to the right forums

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More from @fubuloubu

29 Oct
Let's say you have a protocol token that earns dividends.

It earns $20m in fees per year (on average). Those fees are split evenly among it's holders.

Let's say there are 20k tokens. That means each token earns $1k per year (this is called earnings)

What should the price be?
Well, if you're naive about it, then the price could be $1k per token. That means if you held it for a year, it would effectively pay for itself. Almost no asset trades at a price to earnings ratio (P/E) of 1:1. No one is that conservative!

Typical P/E ratio is more like 5-30
Why is that? Well, the asset has underlying value above and beyond it's earnings potential, such as it's *potential* to keep increasing it's earnings potential, which makes it trade at a premium to the simple considerations of earnings.

So our example should trade at $15k or so!
Read 8 tweets
8 Oct
When you are investing in a token, you are *not* investing in the software it runs on.

Not in the technical community members who pour their energy into new creative ideas.

You are not investing in someone else, you are *asking* to join a community and build value for yourself.
The software? It's meaningless. Just bits and lost ether.

Technical community members can add a lot of value through their creativity, but that value ultimately doesn't matter without a community that cares enough to use it (and use it correctly).

A token isn't just a meme.
I mean, a lot of people treat it like this. They think smart people are going to make their bags moon, a lot of other people think they can make money betting against it.

This is the marketplace of ideas, made liquid. Buy and sell ideas, but ideas are meaningless without action.
Read 7 tweets
8 Oct
And sometimes you just need someone chad enough to stick themselves into that probe. Our job is to keep those brave souls as safe as possible while exploring the new frontiers of DeFi!

This is my personal design philosophy I bring when I contribute to yearn.
Me, watching our brave chadstronauts from my safe space
btw, "chad" is a state of being, not an identity
Read 4 tweets
7 Oct
I don't always generate GPG keys, but when I do it's in a coffeeshop using unsecured wifi
2017 me, setting up a new seed phrase:
- constructs electronic clean room
- puts phone in a hermetically sealed lockbox
- visually inspects hardware for tampering

2020 me, setting up a new seed phrase:
- in a coffee shop
- generated on phone
- yells the 24 random words out loud
Read 4 tweets

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