Underneath all the songs, pandas, and memes, the #EthereumMerge is bittersweet.
5+ years of waiting, and it's finally here!... Only, it's not like I imagined.
A thread on the ugly/glass-half-empty side of the #Merge from a long-time $ETH bull...
It's going to be impossible to make my argument and not sound whiny or a buzzkill or ungrateful or simply FUDing. That's not my intention. But like with everything, the merge comes with a cost.
However, lemme stress, this is a HUGE accomplishment. Kudos to all the devs involved
Backing up a bit.... blockchains are ONLY worth a damn if they are permissionless, neutral, secure, & censorship-resistant.
That's the truth. If you don't have those, you simply have a corruptible database.
And 99% of the thousands of projects out there don't offer these traits
Notice how I didn't say energy use. It's IRRELEVANT.
There are 1000s of PoS "green" chains. And they are all centralized, insecure POS (this one stands for pieces of shit!)
#PoW and #PoS are simply different ways of trying to secure a blockchain.
It's SECURITY you're after.
We're trying to upend the global financial system for f*cks sake!
You know, the one run by out-of-touch elites that have left ~3B people behind, exacerbates bubbles/recessions, & weaponizes $ to oppress its citizens
If that takes "0.2%" of global energy, I'll make that trade
#ETH folks celebrating "reducing the world's energy consumption by 0.2%" (which is patently false)
#BTC feeling threatened & disparaging #PoS to justify #PoW
Zoom the f*ck out
Keep your eyes on the prize people!
- permissionless
- neutral
- security
-censorship-resistance
The global "good" that could come from creating a neutral, secure, censorship-resistant alternative financial layer is incomprehensible.
So, stop taking victory laps over your TRIVIAL energy reduction when it potentially comes at the cost of censorship-resistance! @_Checkmatey_
#Ethereum was one of the few #cryptos that was
- permissionless
- neutral
- secure
- censorship-resistant
But is less so today. It just is....
Staking diversity is abysmal. It's no secret but CEXs and Lido present a huge attack surface for ETH. @0x_illuminati
Security and decentralization are tough to quantify in crypto land
Trust me, I've tried (image)
And no, @aeyakovenko, Nakamoto Coefficient ain't it.
$ETH is arguably more secure today in a crypto-economic sense, but it is drastically more susceptible to regulatory capture.
Given that, is #Ethereum more secure today than it was yesterday? I'd say no.
And yes, I'm familiar with PBS and social slashing and everything else.
But #ETH is pretty vulnerable for the near future should this administration decide to get frisky. @laurashin
That's why I think withdrawals should be prioritized ASAP. I've seen the "6-12 months post merge" estimates (and we know how ETH timelines go).
I think everything should be shirked to enable withdrawals ASAP. This is our best defense to CEX centralization @dannyryan@TimBeiko
Enable people to withdraw and stake elsewhere. I know I will.
I'm guilty of staking some ETH on several CEXS as well as Lido bc I was "diversifying" my staking risk. I didn't want all my eggs in one basket.
Now, I want them out of there & into a home staking setup! @superphiz
We are locked into a sh*tty situation currently. What's more important?
Getting rollup transactions from $0.05 to $0.02 in the depths of a bear market. @apolynya
Or freeing up 12% of the supply and possibly eliminating THE single attack vector on the network?
Anyways, just to be clear, everything is relative.
#ETH isn't dead.
It hasn't "jumped the shark."
It's still the top smart contract chain.
It's still more secure than any chain other than #BTC.
I'm just hoping this is one step back for, ultimately, a million steps forward!
Ethereum just moved to #PoS but #Avalanche and its C-Chain have been PoS for ~2 years. So, what's the big deal?
How does $AVAX PoS work?
How does its consensus algo differ from what ETH just implemented?
And can #Avalanche truly have a million+ validators one day??
The Avalanche network doesn’t use just one consensus mechanism but rather a collection of consensus protocols.
What is the Primary Network?
A three-chain (X, P, and C) system that segregates the work done by the overall network.
This enables more efficient use of network resources & the ability to process more txs simultaneously.
Avalanche’s primary network consists of three governing blockchains with diff consensus algos:
SNARKs allow someone to prove they have a particular piece of info without actually revealing the contents of the info.
Popularized by @zcash for enabling anonymous txs, zk tech provides scaling efficiencies for the rollup chain that are then submitted to the main chain.
Quick thread on @CryptoEQ Fundamental Ratings as we get TONS of questions around them.... especially in a bull market when XYZ coin is pumping and outpacing #BTC and #ETH
We list ~50 crypto assets but only have a Fundamental rating on ~30. Why so few?
Because that's all that ACTUALLY matters in the #crypto ecosystem.
And, if we're being honest, probably just 15 but we feel a bit obligated to cover the crap/scam coins in the top 30 as warnings
The top ~15 assets make up ~90% of the market cap.
With ~5 of those being #stablecoins and 2 are wrapped assets (#stETH and #WBTC)
So, by and large, we may seem selective but we cover 90%+ of the MC and 99%+ of what is actually legitimate, innovative, or intriguing.
Seems #Ethereum has an affinity for making up words these days! And it all starts with (the normal sounding) #calldata
Let's figure out why, define some of these ridiculous terms, and see how #ETH can get even better
2/ #Rollups (RU) post their compressed L2 batched transactions as calldata onto mainnet Ethereum. But what does that mean and what is calldata? #l222
Calldata (CD) is a specific form of read-only memory data used by smart contracts to call external functions.
Once a RU has batched enough txs, it posts this state transition change in a compressed form to the L1 via CD.
RUs currently utilize L1 CD for data storage, which is limited to ~10KB per block. This is so anyone has the ability to reconstruct the chain & verify the latest state
🧵 on some of the major smart contract chains, their different approaches, and how HOPEFULLY (for the love of all that is holy) we are moving away from simply "X chain is superior because it did XXXX TPS on a closed environment testnet" #Ethereum#terraluna#Solana#AVAX
As @epolynya has alluded to several times, #TPS numbers are almost meaningless now. Especially anything under 100k.
At the risk of having this thrown in my face 5 years from now, TPS is essentially solved.
This is due to many things but some reasons include: