pull down to refresh

There is something particularly tone deaf about Ethereum
379 sats \ 14 comments \ @ken 21 Sep 2022 bitcoin
Satoshi separated the money printer from human beings, realizing that we simply can't help ourselves. The issuance schedule has to be determined beforehand and be non-discretionary, or human beings will manipulate it to their benefit. They always do.
That's the crux of the innovation, in my eyes. Making a money that we can't manipulate. Saving us from ourselves. There is obviously much more to bitcoin, but this is a central idea.
Ethereum's response? "Nah, how about another centralized money printer. We'll do better this time!"
write
preview
related posts
385 sats \ 9 replies \ @ek 21 Sep 2022
I agree up to this point
Ethereum's response? "Nah, how about another centralized money printer. We'll do better this time!"
That sounds very knee-jerky even though one could argue that it is correct. I'd like to keep civil discourse here and not degrade to such rhetoric.
reply
181 sats \ 8 replies \ @ken OP 21 Sep 2022
The trajectory of Ethereum:
  1. Reject bitcoin, because you can't give yourself an edge over others.
  2. Create premined coin. Give yourself a good share and sell some more to VCs.
  3. Switch the consensus protocol from a fair algorithm to a system where large holders, like yourself, have more say over the protocol.
  4. Don't implement the withdrawal code for the proof-of-stake chain. Keep everyone locked in and under your control.
Ethereum is a centralized money printer. They are promising to do better, but they are setting up a system that is hurting people. There is nothing uncivil about calling out this scam.
reply
25 sats \ 3 replies \ @ek 21 Sep 2022
And after thinking some more about this ... I'll play devil's advocate and I'll bite since I am interested in your reply.
Nah, how about another centralized money printer. We'll do better this time!
How is Ethereum printing money? I thought it's less inflationary now than before with PoW:
https://i.postimg.cc/xTrsv9rq/2022-09-21-193940-1920x1080-scrot.png
See https://ultrasound.money/
reply
150 sats \ 2 replies \ @ken OP 22 Sep 2022
As you probably know, bitcoin's inflation rate is also trending towards 0 in the long-run. And we have reasonable assurance that it isn't going to change. Ethereum changes it's monetary policy when it suits them.
Long story short, I believe pow is a better way to secure a network, so I'll tolerate a 1.7% inflation rate right now (halving every 4 years) to bring miners into the fold.
reply
25 sats \ 1 reply \ @ek 22 Sep 2022
Ethereum changes it's monetary policy when it suits them.
Ah, I see and agree. So that's what you meant with
"Nah, how about another centralized money printer. We'll do better this time!"?
?
reply
10 sats \ 0 replies \ @ken OP 22 Sep 2022
Indeed!
reply
0 sats \ 0 replies \ @ek 21 Sep 2022
4. Don't implement the withdrawal code for the proof-of-stake chain. Keep everyone locked in and under your control.
Yeah, I heard about that from Matthew Crader (Trader University).
I joined the discord to look up what the responses and context were. But I don't find the message there. Anyone else knows where I can find it? Was it deleted? [1]
[1] https://discord.com/invite/CetY6Y4
reply
5 sats \ 2 replies \ @F 21 Sep 2022
I agree on all points, and I don't think your ethereum point was knee-jerky either. It's completely civil to say and not degrading conversation at all, don't really get what ezksys is saying. That's literally exactly what etheruem did
reply
100 sats \ 1 reply \ @ek 21 Sep 2022
ezksys
:D take my sats because that was funny
It's completely civil to say and not degrading conversation at all
My point was that his point didn't sound like it will reach anyone who does not already agree with what he's saying. So this leads just to race to the bottom with no benefit to anyone.
You can disagree, I just wanted to explain myself a bit more here.
reply
5 sats \ 0 replies \ @F 21 Sep 2022
Ah, now that makes more sense. I can sorta see your point, but aren't we all bitcoiners here anyway?
I think it's possible it can reach someone who he doesn't agree with. At the very minimum, open up someone's eyes to Ethereum's model: which is that it's nothing new.
It's a clever way of putting it, "nah, let's just make another centralized money printer." If anything it might reach more people because of its simplicity. Rather than detailing all of the big technical words and a,bc...x,y,z reasons why Ethereum is inferior.
reply
204 sats \ 0 replies \ @faithandcredit 21 Sep 2022
Ethereum is both tone deaf and right on the money at the same time. Fake it until you make it
But on a more serious note Ethereum is the democratization of money printing, but as they will find out sooner or later such a thing will become too popular and they will have to limit the amount of people that are staking and it will just be a money printer owned by a relatively few people. But lets see.
reply
1 sat \ 0 replies \ @nerd2ninja 21 Sep 2022
I made a meme about this sentiment. I call it "The Corporatization of Money". Read through the comments! https://www.reddit.com/r/Bitcoin/comments/xil6ib/please_try_not_to_forget_why_we_bitcoin/
reply
5 sats \ 0 replies \ @SimpleStacker 21 Sep 2022
Is Ethereum going to collapse? I am beyond frustrated by the arbitrary nature of its development. And I have no idea what's going on because I haven't been following closely. Why is there ETH, ETH2, cbETH, and ETHW? I should have ETHW because of a hard fork but how come Coinbase doesn't give me any? I haven't been able to withdraw or sell my ETH for a year and I still can't after the merge.
The whole thing is suss. I'm just glad I didn't invest too much into ETH. Bitcoin so far has been much more transparent and consistent with the ethos of sound money, decentralization, and no gimmicks at the protocol level.
reply
0 sats \ 0 replies \ @quest77 21 Sep 2022
Big brain post
reply