Insightful article from @LynAldenContact. I love this question:

“[…] are there use-cases for a partially-centralized and partially-decentralized database?”

My answer is no. Because it’s a highly slippery slope. 1/
It is evidenced by the dilemma Ethereum faces when dealing with challengers.

You can’t claim “you’re not decentralized enough” when decentralization is a fuzzy metric, and especially when you don’t have a clear set of principles like Bitcoin. 2/
Part of what makes decentralization fuzzy is that it’s only a means, not an end. And the end is not nigh.

What we want is not decentralization for decentralization's sake, but something else. 3/
Decentralization mostly matters in worst-case and very long-term scenarios, for which most people don’t care about.

Like wars, economic sanctions, pandemics, hyperinflation, etc. Long-tail sort of events that humans simply aren’t wired to cope with day-to-day. 4/
So if you are half-assed about decentralization, you are essentially full-assed about decentralization. There is no in-between. 5/
A thing in motion tends to stay in motion. Until it crashes into something and implodes. This is altcoins.

A thing at rest tends to stay at rest. And it has a chance to be an anchor of stability. This is Bitcoin. 6/
Bitcoin, for its own part, also needs to stay vigilant against centralization forces.

And this is one advantage that IMHO gold has over Bitcoin. Gold will forever be gold (thanks to its enormous up-front PoW), even if we collectively all lose memory tomorrow. 7/
A little bit of complacency, and decay might creep in.

That’s why it’s super important for Bitcoin to have clear principles from the beginning. And hope people many years from now will still remember what they are. 8/
If we do manage to keep Bitcoin alive, we'll get to a place we've never been before: planet-wide cooperation at maximum efficiency.

A new Dunbar level. 9/…
Clarification: this is under the context of global adversarial networks.

Obviously for apps/services where you know and trust the providers, semi-centralized can be useful. E.g. Multisig or Liquid.

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More from @hugohanoi

29 Nov
Ethereum’s BS and intellectual dishonesty.

A thread. 1/
Some background: About 3 and 1/2 years ago I started looking into PoS systems and published a series of articles documenting my thoughts & findings. 2/………
Since then, I haven’t paid much attention to Ethereum. Until @TuurDemeester’s and @BitMEXResearch's tweets made me curious. So I take a quick look to see what they’ve been up to. 3/

Read 57 tweets
12 Jul
Can MEV happen in PoW? Yes.

Will it be a big deal? No.

IMO the mistake with these doomsday analyses of PoW in the fees era is to assume non-adaptive behavior.

Simply waiting for more confs under PoW will give strong protection against reorgs (CZ-like scenario). Not so for PoS.
Read 9 tweets
5 Jan
A friend, who's a seasoned CFA analyst, cited Buffett's criticism of Bitcoin that it's a nonproductive asset and most successful Bitcoin investors were "lucky", i.e. investing based on sentiment not skill (like valuing stocks based on DCF).

Of course I need to play defense 🙂 1/
First of all, I’ve always been a fan of Buffett. Love his autobiography “Snowball” and I take his compounding interest lesson to heart. In investing and everything else in life: everything compounds. Knowledge, friendship, etc. 2/
I also love his humility, most successful people have a lot of luck on their side, whether they know it or not. There’s no such thing as a self-made man (Ovarian Lottery theory). 3/
Read 25 tweets
31 Oct 20
I just published Introducing Nunchuk: Multisig Made Easy
(Bitcoin, year 11.)

Alice: This year sucks. You know what’s almost as bad as 2020?
Bob: Yeah?
Alice: Multisig is still scary.
Nunchuk: Hold my beer.

It’s somewhat ironic that for a technology that reveres decentralization as its central operating principle, Bitcoin still heavily relies on single point of failure as the dominant method of ownership. 2/
Read 32 tweets
12 Apr 20
Why S2F has been misapplied in Bitcoin, in mathematical terms:

By using S2F and by restricting ‘flow’ to merely rewards, you are saying Bitcoin supply is an integral function (of changes in supply over time).

But asymptotically changes are zero. There’s nothing to integrate.
Applying S2F to things that are not integrals in nature is a mistake. Math is useful only when it’s applied correctly to phenomenon. It’s mental masturbation otherwise.
Examples of things with true S2F characteristics: population, CO2 concentration, the Bitcoin’s ledger (security strength as an integral of fee flows over time)
Read 6 tweets
28 Jan 19
Last few words on @VladZamfir's poor piece of “work” (or is it propaganda?).

A 18-min rant to express what are some very simple ideas should be enough of a major red flag. But let me point out some tactics/fallacies. They are used elsewhere in this “space” too.
Tactics/fallacies used:
(a) “Call black white, white black”
(b) Deflection
(c) Framing
(d) Ad Hominem
(e) Intentional Vagueness
When someone suggests Zamfir’s idea invites centralized control/reinvents the status quo, note that he doesn’t respond to that point directly.
Read 15 tweets

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