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21 sats \ 1 reply \ @slender_trikes_0c 22 May 2023
Quick, who is bitcoin's leader? Mind blanks on this question. Quick, who is ethereum's leader? Easy answer. The point is the answerability of the questions.
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0 sats \ 0 replies \ @fiatbad 22 May 2023
Hi there. Do you have a moment to talk about our Lord and Savior: Micheal Saylor?
(Just kidding. I know it's not the same. Still funny. And sadly, many outsiders do see Saylor and Vitalik as equal counterparts)
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11 sats \ 1 reply \ @siggy47 OP 22 May 2023
More detail here:
https://cointelegraph.com/news/vitalik-buterin-warns-overloading-ethereum-consensus
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20 sats \ 0 replies \ @jk_14 22 May 2023
he made overcomplicated Frankenstein
and now he grew up finally...
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110 sats \ 3 replies \ @harrigan 22 May 2023
TBF, the original article (https://vitalik.ca/general/2023/05/21/dont_overload.html) isn't about over-engineering, but about reusing Ethereum's social consensus layer. He argues that reusing Ethereum's cryptoeconomic consensus system (validator staked ETH) is acceptable but reusing Ethereum's social consensus system is not. He's saying that there won't be a repeat of the TheDAO fork in the future, even if systems like Eigenlayer or the L2s mess up. There's plenty to criticise but the linked article does a bad job of stating his argument and linking it to a memecoin.
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1 sat \ 2 replies \ @siggy47 OP 22 May 2023
I should have posted the link to the original post. Thanks for doing that. I agree the article didn't explain the situation well. The centralization risks are what struck me most, especially considering POS and the already centralized validators.
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1 sat \ 1 reply \ @harrigan 22 May 2023
Yeah, there are definitely risks here. I think the problem stems more from ETH's dual purpose as a native token and as stake in the consensus mechanism.
Also, does Vitalik try to trigger Bitcoiners by intentionally putting TheDAO fork and the Bitcoin Cash fork in the same basket every chance he gets? TheDAO fork is similar to his BRL story, but the Bitcoin Cash fork was very different.
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0 sats \ 0 replies \ @siggy47 OP 22 May 2023
Very likely regarding DAO and BCH, although to compare the two only highlights ETH's status as a centralized security!
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25 sats \ 3 replies \ @02d769cb73 22 May 2023
reading it, it's broadly redolent of what's been going on with Ordinals/Inscriptions here, as the unintended consequence of soft fork upgrades to Bitcoin.
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1 sat \ 1 reply \ @siggy47 OP 22 May 2023
I thought the same thing. The one big difference, though, is that ethereum will become far more centralized and easily controlled by outside forces, including governments. Bitcoin retains decentralization.
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0 sats \ 0 replies \ @ewok 22 May 2023
exactly, and the cost of non-traditional use cases should reduce the number of outright scams on bitcoin
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0 sats \ 0 replies \ @sancristrader 22 May 2023
Exactly. For the lack of real applications, core devs are delving more and more into esoteric stuff, with unintended consequences: witness discounts, removing restrictions on witness size, etc. I view Taproot as over-engineering, but there's still more to come...
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0 sats \ 0 replies \ @sudonaka 22 May 2023
He should be worried about prison
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