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Ethereums Decentralized Computer is idiotic
578 sats \ 8 comments \ @tomlaies 22 Mar 2022 bitcoin
Consider this as an answer or part 2 of this: #15675 why Ethereum is a Shitcoin. I was inspired by @ugmug's take on why Ethereums economics won't win out. I want to explain why Ethereums decentralized computer makes no sense.
To explain the situation in short: The Ethereum blockchain computes a new block every 15 seconds, stores
Ìt is a Computer! Ok, you know what else is a computer? My computer is a fucking computer. I can run any code on my computer.
But it is decentralized You know what else is decentralized and even more anonymous? Tor. A tor hidden service can be accessed through a decentral network of Tor relays. And it does not depend of an unnecessary blockchain to do so.
It is Turing complete, it can do anything You know what else is Turing complete? Javascript. My tor hidden service is Turing complete. And it is battle tested by billions of humans on all kinds of devices in all form factors from so many manufacturers. Which ironically gives more decentralization than the Ethereum Foundation overlords centrally controlling everything Ethereum.
Smart Contracts let people decentrally and trustless agree on Code and Code outputs. Code is law!Which makes even less sense. We have multi-signature schemes to sign and agree on things. You can sign any contract with pen&paper or digitally and sign any outcome with pen&paper or digitally. There is literally no difference.
Having a technology first and searching desperately for a use case second is idiotic. You need a use case first and solve it with a technology second. What an ass-backwards idea.
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221 sats \ 2 replies \ @ibz 22 Mar 2022
You know what is the true "web3" nobody talks about?
All the nodes running Umbrel, Start9 Embassy, RaspiBlitz, etc.
They run self-contained apps on hardware people own.
They talk to each other over Tor and they can achieve consensus either over Lightning Network or over the Bitcoin network, whichever is needed, on a case by case basis.
You know what is not web3? Everything people call "web3".
Rather than being decentralized, these apps run on a blockchain somebody controls that itself runs on top of AWS that runs on machines in somebody's data centers. How is this decentralized compared to people running their own software on their own hardware in their own homes and having this software achieve consensus whenever needed?
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11 sats \ 0 replies \ @tomlaies OP 22 Mar 2022
Thanks 🙏🏻
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11 sats \ 0 replies \ @falsefaucet 22 Mar 2022
balller, have some sats
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36 sats \ 1 reply \ @ugmug 22 Mar 2022
Thanks for the mention!
I think it comes down to the implementations of how coins or tokens are spent which is the root cause of Ethereum's "world computer" issue. In Bitcoin, there is very little complexity at the base layer to determine how coins are spent. You basically only spend by signing a transaction with your private key, sometimes multiple private keys in the case of multisigs. However, Ethereum adds too much complexity by enabling arbitrary contracts the ability to create and spend an unlimited number of assets on the base layer. Meaning, to validate the state of the chain, assuming I'm capable of running a full Ethereum node, I not only have to validate all the ETH spends, but I also have to run every contract and interaction to validate the state of every token created as well. In contrast, I only have to validate bitcoin spends on the Bitcoin network. It's obvious (at least to me and likely most people reading here on SN) that only one of these can scale globally.
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11 sats \ 0 replies \ @tomlaies OP 22 Mar 2022
In Bitcoin, there is very little complexity at the base layer to determine how coins are spent.
True, although Script in Bitcoin is already very powerful. But it executes atomically which is the main point for me.
arbitrary contracts the ability to create and spend an unlimited number of assets on the base layer.
Agreed. The most insane part for me was that Ethereum Smart Contracts can literally run out of gas fees while running. Then there is an unfinished program execution on the blockchain for eternity. WTF. What kind of spam do these people want on their base layer? Nuts.
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1 sat \ 2 replies \ @notgeld 22 Mar 2022
Yes. Use Etleneum.com. We have Lightning auctions there.
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1 sat \ 1 reply \ @tomlaies OP 22 Mar 2022
Etleneum is a global, open-source platform for dethe centralized applications.
lmao, shots fired
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0 sats \ 0 replies \ @notgeld 23 Mar 2022
Yeah. This is trolling but I wouldn't say that it is completely useless. Also look at https://chainmarket.etleneum.com for liquidity.
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