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10 sats \ 8 replies \ @grayruby 6 Oct 2024 \ parent \ on: Coinbase's Talks With TradFi Firms Pick Up as Crypto Becomes More Bipartisan Politics_And_Law
Odd because most people who have been around that long have given up on the crypto, muliticoin, multichain, web 3 narrative and either become bitcoin only or leave the space all together. Late 2016 for me as well and I believed all that crap until 2019/2020 as well.
I think I would have been much more of a BTC purists if it wasn’t for my job and interacting with these various organizations and chains. One that left a huge impact on me was FileCoin. Granted others have started doing what they have and they have fallen by the wayside more but they trailblazed the decentralized file system and had people in Russia and other countries using it to funnel info outside.
It was used and still is used to document war crimes with the Bucha Massacre in Ukraine being initially put on the Filecoin Blockchain.
I also have a different view the a lot of people when it comes to others. Ethereum for example I see more as a computer not necessarily a blockchain even with how the Smart Contracts work. A lot of people don’t see it that way but from what I see I feel like that describes it much better.
AI is something I see moving to blockchain for various applications. Part of that is because of my work in the AI space on the hill and the people I work with on the right and left and what they say.
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If Ethereum is not a blockchain then it doesn't require a token. That would make eth equity. Are you working for Gensler now. Haha.
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No and with what I learned at a DePIN event last week turns out token doesn’t mean equity according to SEC papers. First and foremost I think it is a computer. Think of the sites you can access through it not just DeFi but DeSci and maybe one day SocialFi.
The overlying infrastructure is super similar to the internet. Think about when we all had dial up and needed those damn AOL free x amount of data CD’s! Essentially that was what eth is the power or cost to transact.
When you start looking at it from this other perspective it is pretty interesting and no other chain is doing this. Hence why the “ethereum killers” tend to fail or fall off
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Yeah that's one argument. The other argument is it is a centralized platform controlled by the eth foundation and eth tokens are representations of equity in the eth foundation.
Either way it is a highly inefficient way to compute or build anything and only exists for speculative purposes. There is nothing that can be done on ethereum that can't be done with another centralized database.
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Something I have to comment on is I have been increasingly concerned with how BTC is controlled so much with what three pools making up the majority of the hash? If I’m not mistaken one of the pools has an insane like 35+% of the hash.
Could be wrong but I remember that being a growing trend and essentially these pools were becoming wildly powerful
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Yes, mining pool centralization is definitely an issue which many bitcoiners have brought up. Nodes are still highly decentralized but we need more decentralization amongst pools. That's not really the same issue as the lack of decentralization with ethereum especially after the move to PoS but certainly something we should be mindful of. Hash rate can move easily and point at another pool but we haven't seen a commitment to do that yet.
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I’m not sure there are incentives to change the pool structure ya know? By spreading it out your chance and your reward overall decrease. You are right with Eth PoS being a centralizing issue. They made it so expensive that you really had to if you were not a huge holder.
I imagine the first huge stacker to get slashed will wake up the Eth community but it’s going to take someone getting slashed to do so I think.
Largely I see BTC and ETH as two separate things it’s a reason why I actually hate BTC adding things to it to make it more ethereum like. Let ETH do that and stay in the lane that has and continues to make you so successful ya know?
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Firstly slashing is a terrible precedent, it ruins the censorship resistance of the protocol which is one of the only reasons to have a blockchain in the first place but I understand why they need to have it. Because PoS is inherently fragile and centralizing they need someway to penalize those that misbehave. I just don't think any large entity will ever get slashed even if they are a bad actor. It's a damned if you do, damned if you don't. If a bad actor gets slashed then everyone has to take pause and say "is it possible my stake could get slashed as well" and if a bad actor doesn't get slashed it shows large stakers can control the protocol. I actually hope it happens at some point that they need to make that decision because I would be fascinated to see how it plays out but I am sure ethereum proponents and stakers hope it never comes to that.