Ɖevcoin Profile picture
May 20 19 tweets 8 min read
The Ethereum Consensus Layer might as well be called the @jpmorgan @ConsenSys layer as @infura_io and @Cloudflare gateways to @IPFS @ethereum networks have all been caused downtime or pose vulnerable to outage events in the future esp. since Cloudflare is going #validator in POS
See what's happening? You have a 95% uptime on @Cloudflare and they rely on a global network of THEIR data centers. That is not a p2p decentralized worldwide #Bitcoin merge mined network of miners and nodes. That's a point of failure connected in one way from their validators
What also happens is that this will cause much traffic thru Cloudflare for Eth2 transacting to add to their Global Network tied directly to ISP's, Facebook/Discord/Shopify and other sites that suffer outages due to Cloudflare DNS resolution usually...
Add in Eth2 traffic and all of this traffic will definitely dent the 95% uptime stat they boast and that's as easy as reading their documentation. If Facebook goes down, the rest of the network could suffer timeouts when trying to resolve Shopify etc through Cloudflare DNS res...
One time, even when Cloudflare was working properly, a Facebook repair on their own backbone cut a fiber line and took down not only Facebook but many other sites Cloudflare services support when Cloudflare DNS reso. etc. was working properly!!! Imagine if FB took down Eth2!!!
Not to mention centralization. This is not running a dot bit site and being routed by a p2p bitcoin merge mined blockchain's phonebook to .bit sites that have 100% uptime. Which brings me to Cloudflare 1.1.1.1 and dns routing. When Facebook caused sites to go down connected to CF
it also caused @Google Public DNS servers (8.8.8.8) to fail as well! Remember your MetaMask extensions? You think surely if I just connect to another service provider than cloudflare-ipfs or infura I will be able to use the Ethereum blockchain. Think again! POS even worse
I mean how many individuals actually run the GB of GB's and have a 24/7 Ethereum node running and connect to Ethereum that way? My guess? practically slightly more than 0.0000000000001% of non-miners. That's bc its expensive to store and not too many can afford the GPU to mine.
So what happens when you realize how f*cked that the largest POS validating nodes will be run by corporations that are still using data centers and supporting the very web 2 companies you hate and even they can cause you to lose access/perm lose your money at the merge?
You will realize it's been that way for a long time. Since the Ethereum Foundation was founded in Switzerland. Private placement investors, completely reliant on corporate miners/indirectly profiting from people who do buy NVIDIA and other GPU rigs to mine. POS will be worse
Ethereum may be good as a front end and easy to transition from Web 2 to the Web 3 era of building dApps and storing digital assets and making digital payments with tokens but it is NOT something that solves the problem no matter how many cult follow @VitalikButerin altruism
What you do have a fighting chance at realizing while these signs of the future I describe are ABUNDANT is to realize the underlying backbone won't be facebook fiber or the global Cloudflare Network data centers and their Eth2 validators...
The future can be found with common sense. Tell me how much downtime Bitcoin and its merge mined original 2011 SHA-256d altcoin chains have had and how much power they are supported by? @CounterpartyXCP infinitely expands Bitcoin thru a simple OP_RETURN entry <40 bytes on chain
By contrast, CryptoKitties crashed the entire Ethereum network in 2017. And I'm sure you'll say WELL Ethereum is mined with a lot of power in its POW too! And I'll just remind you to reread this topic that you're about to lose that. decrypt.co/100634/cloudfl…
Referenced in tweet chain: blog.cloudflare.com/october-2021-f…
@infura_io (by @ConsenSys - dev team working inside @jpmorgan on private Quorum blockchain @ConsenSysQuorum) cryptobriefing.com/ethereum-servi…
I'm not saying all this to rag on @Ethereum either. I'm merely pointing out if you cult follow @VitalikButerin and you don't follow what's actually aligning on the network then you're not learning the lesson about where you should invest your working wages as a pleb consumer...
And if you don't think that the merge mined Bitcoin altchains and BTC chain itself are the backbone of the 100% uptime and worldwide p2p node run net, sans Web 2 tech future - then you'd even be disagreeing w @gavofyork Eth founder, coined term 'web 3' gavwood.com/web3lt.html

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Ɖevcoin

Ɖevcoin Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @DevOfDevcoinSt

May 21
Facebook blamed their fiber "backbone" maintenance fukup for an outage that caused its dns resolver and services provider with its worldwide data centers and many other customers, @Cloudflare, to see outages from its other clientele go down bc of Facebook's outage. Understand? Image
ah yes they took $150 million of fake liquidity from their own Terraform Labs team out of the "backbone" and "center" of DeFi - @CurveFinance Image
Yes #Curve dex swapping $UST for other stablecoin that are much more time proven and say born on Bitcoin blocks like $USDT... "The Backbone" of the most "liquid" #DeFi dex at the time and the @terra_money people decided to take out $150 million in prob not $UST... Image
Read 26 tweets
May 20
At least one satoshi went to college in gen Y, preferred newsgroups before eternal September, participated in Linux groups and shared files using FTP which eventually meant downloading avi to play movies in VLC just before the mass Napster intro to mp3 file sharing.
That satoshi probably ended up in Amsterdam and works now in effort to bypass traditional authority as well as Google who he hates for ruining Newsgroups and his vengeance is coming via Namecoin, blockchain phonebooks, privacy not stored after using public dns and NLnet grants
Probably one of my favorite types of satoshis because you know the dudes not obsessed with the fiat value as much as the freedom and hacking like those guys who founded XS4ALL. They aren’t insane rich like tech CEOs but they are successful and I feel like they’re richer in karma
Read 6 tweets
May 19
Namecoin does everything #Ethereum fails at and will fail at if they want a decentralized web “3”… it’s not a glamorous project and the dollar value is not what you fetch for ETH but maybe there’s a reason for that? It’s obvious what ETH says it’s gonna do is what Namecoin will
The decentralized POS energy efficient bs is all fluff. Ethereum is a cool front end for a guy like me used to web 2 ui and some crypto experiences on EVM and MetaMask but who cares how it looks - is it centralized? Hell yeah it is.
Namecoin will set people free of DNS jacking - targeted ads from the dns servers storing your information - even your ISP restricting what content you may access. It’s a gem and they don’t have to market it - the software already speaks for itself. Ppl just don’t realize the need
Read 4 tweets
May 19
That Terra bs happened at the exact time that the dollar inflation reporting in the US mainstream was peak FUD. Crypto was doing fine then the narrative switched to the dollar becoming a safe haven from all blockchain based cryptos. #Bitcoin is not Terra!
It’s clear Terra was designed to fail, no one is that stupid. Also the peg had to fail as planned to show that Bitcoin and many other POW public and community mined and distributed p2p network nodes could never not survive a “crypto bank run” but also isn’t designed to fail.
If Bitcoin ever failed it would find a route around whatever managed to stop or throw an obstacle at its p2p network. If it was left by pools entirely - a gold rush of GPU and CPU would join in its place. It doesn’t need a DAO or a fork to save it.
Read 8 tweets
May 18
Guy named "Miner" replies (Dec 9, 2002) to "x" virtual coin proposition with problem that Bitcoin 'miners' eventually solve. Lol. Image
"x" replies to "Miner" with very familiar satoshi Bitcoin-like solution to problem (Dec 10, 2002) wow! Image
Read 5 tweets
May 18
Good thread: When the #Winklevii article remains on @Ripple blogs/news since 2012 when they called #Bitcoin the world's biggest social network, you see the big picture. Bridges > mesh networks > routing value on social nets w/o centralized trust authorities. P2P nodes.
@FuturenowXRP gave you some #ripple love here friend. One of my posts that I'm sure too few will see - it's not allowed to say anything relevant or helpful on this platform. That would ruin the abstraction the overlords love over our confused, pathetic, pleb lives.
Winkelvii ref: ripple.com/insights/the-g…

Found all the way on page 72/73 of "insights" (Blog) on ripple.com site which has changed hands many times but is now controlled by Ripple Inc. ripple.com/insights/page/…

Hi @cameron Hi @tyler I get you dudes.
Read 6 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(