181 sats \ 8 replies \ @ken OP 21 Sep 2022 \ parent \ on: There is something particularly tone deaf about Ethereum bitcoin
The trajectory of Ethereum:
-
Reject bitcoin, because you can't give yourself an edge over others.
-
Create premined coin. Give yourself a good share and sell some more to VCs.
-
Switch the consensus protocol from a fair algorithm to a system where large holders, like yourself, have more say over the protocol.
-
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.
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:
reply
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
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
Indeed!
reply
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]
reply
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
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
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