Examining Ethereum, the mother asshole from which all shitcoins are birthed
78 sats \ 4 comments \ @NorthKoreanHostage 23 Dec 2022 bitcoin
So let me get this straight.
If you want to hold ETH, you need to stake it, otherwise you won't up having your share of the whole ETH supply diluted because of payments to the validators.
You need 32 ETH to do it yourself. Or you can band together with others and get paid a smaller reward.
This rewards bigger holders over smaller ones.
The Ethereum foundation hasn't even written the code to unstake ETH yet, and it's against their interests to do so and give up billions of dollars in security of they don't have to. It's extremely likely they're going to drag it out either literally forever or to the point where ETH is so undervalued that they have to to save their brand.
The Ethereum foundation created an incentive structure to rob everyone who's stupid enough to interact with ETH in any way, except for the founders and early VCs.
The 74 million ETH premine means the large holders bought in at basically no cost and they use the smaller users as the fuel for their their infinite free money scam. Don't be someone else's exit liquidity.
Ethereum is far and away the best and most popular scam of all time.
Everyone should just buy and hold Bitcoin forever.
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10 sats \ 0 replies \ @ek 23 Dec 2022
Well said.
And then there is still this:
https://www.mevwatch.info/
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0 sats \ 0 replies \ @gandlaf21 23 Dec 2022
It has been examined plenty. Mother-asshole-shitcoin-factory confirmed
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0 sats \ 1 reply \ @timechain 23 Dec 2022
If you think about it, this was inevitable, once they made the decision to make a "world computer." ➡️
block size needed to be very big to handle this kind of thing. ➡️
blockchain needs a lot of resources to store and becomes increasingly centralized ➡️
if they had no intentions already of befriending the government, they start to in order to survive, knowing their chain is NOT censorship resistant➡️
The government implies they will stop chain if foundation doesnt censor transactions➡️
Foundation switches to proof of stake.
Its funny, i know it was always the plan to switch to proof of stake, but i think it got pushed off. For years. Because they knew this exact thing would happen. Eventually the devs got pushed to do it anyways. I heard a video of ETH devs talking and they sounded really sad and freaked out, after they were forced to push it through.
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0 sats \ 0 replies \ @timechain 23 Dec 2022
Oh wow! Didn't think I'd find it! Heres that ETH meeting, where the devs totally know ahead of time about the censorship that will happen. And they seem seem like they are about to cry. The ETH ecosystem is nothing like the BTC ecosystem. They have bosses they can't disobey.
https://twitter.com/DylanLeClair_/status/1592719571529580544
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