This thread got a bit out of hand. I admit that I was pissed that I couldn't mint an NFT, within 5s of a contract going live. I clearly got sniped by bots. I haven't previously minted at a drop on ETH, and didn't realize how Metamask (badly) handles the gas estimation. (1/7)
That said, ETH gas fees make the technology too expensive for mainstream use cases or users. I paid $50 just to run a test transaction to a wallet yesterday. ETH has a lot of good things about it, high gas fees are not one of them. (2/7)
I do want to apologize to anyone who found the tweet offensive, but I've always been an advocate for low-cost blockchains and I will continue to do so because I want to see this technology hit the mainstream. Ethereum will have its place and maybe L2 will help. (3/7)
@civickey stopped creating multisig ETH wallets for users last year, due to gas fees >$500 at one stage. These costs are not practical for companies, let alone individual users not earning dollars. (4/7)
I still think the current ETH 1.0 system is not in a good place, in that it is very exclusionary, but I'm hopeful that ETH 2.0 can solve some of these problems. Competition is good - and we should be cheering on multiple blockchains to see who can hit the mainstream first. (5/7)
Blockchain technology should not be a winner take all scenario, otherwise, we'll be stuck with a Facebook, Google, Apple, Amazon, etc monopolistic world. We should cheer on competition, innovation, and diversity. There is enough of a market opportunity for multiple winners. (6/7)
And lastly, please try to be civil in discourse and not resort to ad hominem attacks. Our industry has some of the best and brightest people in the world - let's not devolve to become a bunch of degenerate apes 😂 (7/7)

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More from @VinnyLingham

10 Apr 19
Many people believe that the crypto winter is over. Here are some of my unfiltered thoughts on this topic. Charts & technicals aside, I don’t believe this rally is sustainable for one reason: The market has not yet decoupled the various crypto assets from Bitcoin.
This means that as the Bitcoin price rises, so does the price of other crypto’s, irrespective of value. This is a key point - Bitcoin could double overnight, but does this mean other assets should too, even if nothing has changed on their end in term of development, network etc?
It’s easy to argue that Bitcoin can be worth $10k or $20k, or even $100k, but the problem is that as the price has been rising towards those levels, we’re not seeing Bitcoin dominance increase disproportionately.
Read 7 tweets
23 Mar 19
I don’t think I’ve been clear on my thoughts on Bitcoin and the various forks, so here is a quick summary. I still believe peer to peer digital cash will win over “Store of Value”, but that doesn’t necessarily mean that it’s BCH or BSV.
Outside of BTC, BCH and BSV - the other forks are largely unsupported with tiny communities that have little chance of longevity and are, by and large, either outright scams or very poor attempts at forking a protocol and building community & adoption. They may survive sub-scale.
The main forks (BTC, BCH and BSV) are all competing to solve problems relating to a combination of scale, utility, adoption and security, amongst other goals.
Read 15 tweets

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