Founder & CIO of @CyberCapital Europe’s Oldest Cryptocurrency Fund, full-time crypto researcher since 2014. My words are my own & are not investment advice.
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Nov 11 • 9 tweets • 2 min read
1/9) The bull market has arrived, here is what you need to know: 🎓
Out of the top 30 by market cap; the majority are scams or make ZERO sense!
Distracting good people from the crypto revolution's gems
No shill! I cannot tell you what to buy; only what features to look for: 🧵
2/9) Scalability:
Without scalability, real adoption & growth are impossible!
There is no point to chains that do not scale...
Capacity is measured in "Transactions Per Second"
Scalability is about getting the most TPS for the smallest possible validator (node) requirements;
Oct 28 • 9 tweets • 2 min read
1/9) Ethereum is cooked
Corrupted by L2 VC funding & tokens, nobody is scaling ETH's L1 anymore; they will not allow it!
That is why there is no hope left for ETH anymore
Following the bitcoiners into irrelevance with quasi-religious word salads justifying their mediocrity: 🧵
2/9) A sad end for such a beautiful chain that once promised to change the world
Today ETH could not be further away from that original cypherpunk dream, as L1 capacity is so limited
While all major L2s can steal, censor & freeze user funds, where did they expect users to go?
Oct 27 • 9 tweets • 2 min read
1/9) BTC is a dinosaur; the technology is ridiculously out-of-date
At an embarrassing 7-13 max Transaction-Per-Second, it is in a position to disrupt nothing
All while being the most inefficient possible, as it excels at nothing
From utility to economics, BTC is a failure: 🧵
2/9) As an experiment, BTC was a great success, paving the way for better blockchains
Instead of 10-60min, competitors have a finality of 1-6sec
Instead of a TPS of 13, competitors have capacities exceeding 100k
The alternatives are also more programmable & economically sound!
Sep 23 • 9 tweets • 3 min read
1/9) NEAR has finally implemented sharding!
The holy grail of blockchain scaling, solving the blockchain trilemma once & for all
Stateless validation was the last missing piece of the puzzle
Giving us massive capacity without sacrificing decentralization, the future is now! 🧵
2/9) Horizontal scaling is the name of the game
Instead of all nodes verifying all state, a fundamentally unscalable paradigm; quadratic growth
Sharding breaks up the workload between groupings of nodes (shards); linear growth
Allowing for unbounded scalability; Ad Astra!
Sep 20 • 9 tweets • 2 min read
1/9) Frankendancer was announced to be live on SOL mainnet today!
A massive leap in scalability, reliability & decentralization
Putting SOL in the August ranks of chains with client diversity, as they can be counted on one hand
Let's break down why this changes everything: 🧵
2/9) Starting with Decentralization:
Multiple client implementations are critical for achieving true decentralization over the long term!
Without client diversity, blockchains are reduced to single-party systems
As a stakeholder vote, without any real choice, is meaningless!
Sep 14 • 17 tweets • 5 min read
1/17) Tether is a 118 billion dollar scam; bigger than FTX & Bernie Madoff combined!
No proof of reserves & an audit has never been done; USDT is printing counterfeit money (fraud)
Caught falsifying documents, obscuring identities & lying about reserves
Stop using USDT now! 🧵
2/17) The potential for collapse here is greater than Terra Luna!
Making it one of the biggest existential threats to crypto as a whole
As we have to trust they hold $118B in collateral without proof!
Even after the CFTC fined Tether for lying about their reserves in 2021...
Sep 5 • 12 tweets • 2 min read
1/12) Most L2s will never decentralize!
All of the proposed solutions require L2s to sacrifice sequencer revenue...
This is a fantasy, as for-profit companies do not act against their own financial incentives, nor should they
The fault lies with ETH for not scaling the L1! 🧵
2/12) L2s are not "extensions" of Ethereum, as they do not inherit its qualities at all
All major L2s can steal & censor user funds; that is not decentralized, so that is not ETH!
It is a lie perpetuated by L2s who are parasitically leeching off ETH for their own selfish profit
Aug 26 • 9 tweets • 2 min read
1/9) Ethereum is dying while L2's dance on its grave
ETH cannot sustain high fee revenue because it lacks the capacity
At the same time, L2s are seeing record highs in usage & fees while they lobby to keep ETH's capacity down!
That is what makes it a parasitic relationship: 🧵
2/9) Since EIP-4844 (Proto-Danksharding), fee revenue has collapsed!
That is why the fee burn can no longer catch up with inflation, as L2s are taking all the fees instead!
This is why inflation has risen over ETH ever since L2s took over, as ETH has outsourced all execution...
Aug 17 • 26 tweets • 8 min read
1/25) The two biggest offenders for "fake" TPS metrics are SOL & ADA:
SOL is misleading investors by a factor of 6.5, while ADA does so by a factor of 26.5!
Both are guilty of ignoring industry standards for TPS
Time to break down the numbers & separate truth from fiction: 🧵
2/25) To begin with, here are the facts as they stand now:
SOL has a max theoretical TPS of 10k
ADA has a max theoretical TPS of 18
SOL's current true TPS is 739
ADA's current true TPS is 0.4
Depending on who you ask, you will get wildly different answers for these figures:
Aug 5 • 25 tweets • 6 min read
1/25) MultiverseX (EGLD) is the technological holy grail of crypto
Capable of exceeding 100k TPS now, as it has fully implemented sharding!
After ETH & others gave up on this goal, EGLD came along & proved them all wrong!
Come with me & explore the cutting edge of crypto: 🧵
2/25) The blockchain scaling trilemma has been effectively solved!
EGLD achieves massive throughput without high node requirements
Thereby maintaining decentralization & security while scaling!
This breakthrough also entirely invalidates the "L2 scaling" thesis; repercussions:
Jul 21 • 9 tweets • 2 min read
1/9) The biggest innovation in all of BTC is OP_CAT:
An opcode that Satoshi removed from BTC in 2010!
That is what passes for innovation in BTC, re-implementing 14-year-old code!
This might even take years to implement, if ever... Clearly, BTC cannot evolve at all anymore: 🧵
2/9) What makes this even more ridiculous is that BCH implemented OP_CAT in 2018!
Proving that the code is perfectly safe, as it runs without problems on multiple Bitcoin forks now
The hype is also totally unjustified, as it will not bring a wave of DeFi innovation to BTC...
Jul 8 • 38 tweets • 9 min read
1/38) BTC's security model is broken
It has to double in price every 4 years for a century or sustain extremely high fees!
Just to maintain the present level of security...
Which is impossible, as it would exceed global GDP within decades
Therefore, BTC security is doomed! 🧵
2/38) Each halvening exponentially lowers the security budget; until it is gone!
These halvenings continue after exceeding global GDP for atleast 70 years before running out completely
If you understand exponentials & economics, you should know that this is entirely impossible!
Jul 1 • 18 tweets • 4 min read
1/18) There is no ETH scaling anymore, only "L2 scaling"
No matter what breakthroughs are made, none of it will be implemented on the L1
That is how committed ETH core devs are to L2s; it has become self-destructive...
The tech behind MegaETH could scale ETH, but it won't: 🧵
2/18) Ironically, MegaETH aims to scale an EVM-based chain to over 100k TPS!
The irony here is that if we implemented this tech on ETH, we would not need "L2 scaling" at all
That is why MegaETH was a glimmer of hope for me, quickly crushed by the realization of its true purpose
Jun 27 • 14 tweets • 3 min read
1/14) We need to bring ICOs back!
Fundraising in crypto used to be democratized; anyone could participate on equal terms
Now, the market is dominated by predatory VCs instead!
The culprit; regulators made ICOs illegal, as this gave the entire early-stage market over to VCs: 🧵
2/14) It is a dirty game that is being played
VCs get in on the pre-pre-pre-sale at discounted prices, only to sell into retail at inflated prices
Why do we not allow anyone to participate on the ground floor?
This is where accredited investor laws come in to "protect" retail:
Jun 23 • 7 tweets • 2 min read
1/7) The introduction of ZK compression on SOL is huge!
All of the upsides of a roll-up without any downsides
No bridging, no multi-sigs, no sequencer & no fragmentation!
That is why stateless validation is also on ETHs roadmap, even if that will take years longer to deploy...
2/7) This breakthrough can give SOL up to an x1000 reduction in state growth!
This clearly puts SOL way ahead of ETH in terms of real L1 scalability
Solving one of SOLs biggest existential problems; the ballooning of historic state
Growth is estimated to be up to 4TB per year!
May 29 • 5 tweets • 2 min read
1/5) Solana TXs are working reliably!
Did the testing today & sent over 20 TXs from the phantom wallet & not a single one failed!
Hate SOL all you want, but at least be accurate in your critique
The "TX failure rate" is caused by bot spam & does not reflect the real UX at all:
2/5) People throw around the bottom chart as if it means the majority of SOL TXs fail...
That is far from the truth, as bot spam is doing things like "double spends"
Which the network then correctly marks as "failed"
This is even clarified on the same Dune Analytics website!
May 20 • 8 tweets • 2 min read
1/8) Cardano still has "genesis keys"; a multi-sig that controls all rules!
ADA is extremely centralized, as this is uniquely hardcoded into the protocol
IOG owns 3 out of 7 keys & can unilaterally block anything!
Ironic, as ADA claims to be the "most decentralized" chain: 🧵
2/8) It gets worse;
The genesis keys allow code changes to be pushed out seamlessly without a hard fork!
Only requiring IOG to gain the support of ONE of the two remaining parties; CF or EMURGO
This is an unprecedented degree of centralized control for an L1 chain; shocking!
May 17 • 96 tweets • 17 min read
1/96) Scaling a blockchain exclusively with L2s is a terrible idea:
Horrible UX due to fragmentation, terrible economics & worse trust trade-offs!
Pushing users into centralization & ultimately into scalable L1 competitors!
That is what makes "L2 scaling" a losing strategy:🧵
2/96) L2 Centralization:
Arbitrum, Optimism, Base, Blast, Mantle, Starknet & ZkSync all have admin keys!
This means they can steal all users' funds right now; this is true for all of the top L2s...
If this is considered safe, then we might as well go back to legacy banking!
May 9 • 21 tweets • 4 min read
1/21) NEAR can scale to meet global demand with sharding!
There are six shards delegated to 467 permissionless validators now 🔥
The cutting edge, working on stateless validation & dynamic load balancing!
ETH & SOL better stay sharp as NEAR will eat their lunch otherwise: 🧵
2/21) Even though NEAR sharding is not fully implemented
As all validators still validate all shards, it can still exceed 1k TPS, keeping up with SOL!
In a few years, as the roadmap comes to fruition, NEAR will likely be able to exceed 100k TPS
That is the power of sharding!
May 2 • 16 tweets • 5 min read
1/16) SUI has a great design, except for its token economics:
SUI claims to have a capped supply of 10B, with 52% being "unallocated" till 2030
The problem is that over 8B SUI is being staked right now!
Over 84% of the staked supply is held by founders! SUI is centralized: 🧵
2/16) The founders control the MAJORITY of supply without lock-ins & ZERO legal guarantees!
The legal fine print protects them, as the truth is sobering
That is what makes the below chart published by the SUI foundation a lie:
The staked SUI implies there is no lock-in at all!
Apr 4 • 21 tweets • 8 min read
1/21) I used to be one of Solana's biggest critics
