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How do you respond to a ETH Maxi
428 sats \ 20 comments \ @spraveenitpro 24 Nov 2022 bitcoin
A person in charge of "web3" which I think is a scam at the place I work at says:
I agree in large part but I’m not a maxi.

I believe that a lot of interesting stuff is happening with ETH and that storing coins on cold wallets and just holding it isn’t going to create a vibrant economy.

The hard thing is to get the right balance and make the rights choices somewhere in the middle.
How would you respond to this? He is having incredible influence and I know no matter how much I expound, due to confirmation bias and expert bias, it may just not go through.
Thanks
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43 sats \ 1 reply \ @designsats 24 Nov 2022
I believe a lot of interesting stuff is gping on with ETH as well. For example how it gets censored by US gov or how it aligns itself with WEF. Or how they achieve deflation but just not coding withdrawals in. Genius!
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0 sats \ 0 replies \ @designsats 24 Nov 2022
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124 sats \ 0 replies \ @nullama 25 Nov 2022
In one word: lightning⚡
Here are a few interesting projects/websites that use lightning in one way or another:
  • BoltCards are NFC enabled cards that you can use to pay with lightning just like you can pay with a credit card. There's no banks involved though, the PoS connects to your own node and gets the payment in sats. You can setup your BoltCards Open Source Server yourself(more information here), use an external service like ln.cash or use an exchange if you prefer.
  • LNURLVend. A $250 completely offline bitcoin vending machine using lightning. It's even battery powered, so you can just grab it and use it anywhere. Here's a video of it in action.
  • Sphinx. Decentralized chat/social media/etc, you can even sell your texts/photos/media out of the box. All using sats.
  • Juggernaut. Similar to sphinx. All using sats.
  • Alby. Use lightning in the browser. You can authenticate (no more user/pass), and make lightning transactions right from your browser. No need to switch between apps or creating invoices. All works seamlessly.
  • LNPay. Create lapps (lightning apps) easily by setting up paywalls or faucets with this service.
  • lightning-charge. A simple drop-in solution for accepting lightning payments.
  • Lightning Exchanges. List of exchanges that support withdrawals and sending bitcoin with lightning.
  • SolDirac. A Q/A website that pays you sats via lightning to answer the questions.
  • BTC Pay Server. Accept bitcoin with lightning at your store for free.
  • Feeding animals live around the world with lightning!⚡
  • bitrefill. Buy gift cards for many stores worldwide with lightning.
  • Lightning network explorer. Cool map showing public lightning nodes all around the world.
  • Satsback. Earn sats back whenever you buy stuff. It's like cashback but with sats instead, and paid with lightning.
  • Lightning Network Stores. Directory of stores that support lightning.
  • If you want to run a lightning node with 100% open source where you have full control of every aspect of the stack: Open source stack to run your own Lightning node⚡
  • lightning address. Make your own lightning address for simpler payments in lightning.
  • zebedee API. API to use sats as micro-payments in games.
  • Mastering the Lightning Network. Github repository of the lightning book from Andreas Antonopoulos, where you can download the source code, and read the contents of the book for free.
  • If you ever need to send a fax, you can do it with lightning
  • If you need to send an SMS instead, here's how to send it with lightning
  • Some great lightning wallets: If you just want the simplest non-custodial one, go with Muun. If you want the simplest custodial one, go with Wallet of Satoshi. If you want to be able to customize things a bit and maybe even use your own lightning node you can check out Breeze, BlueWallet, Phoenix. If you want a wallet with all the latest state of the art stuff implemented into it, check out Blixt. If you want to have full control of your lightning node, checkout Zeus.
Happy ⚡!
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5 sats \ 0 replies \ @Hermit 24 Nov 2022
Is right, a lot of interesting stuff happening in ETH, for example the fact that people can't withdraw their ETH or their "stake" and no timeline for when they will.
There is no such thing as a ETH Maxi. That's just someone who didn't do their homework.
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1 sat \ 0 replies \ @iguano 25 Nov 2022
I look at his eyes while he is speaking and then I leave.
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1 sat \ 0 replies \ @nout 24 Nov 2022
  • I would highlight that more than 70% of ETH blocks are now OFAC'd and censoring transactions (you can just use bank and run your app on AWS in that case).
  • The main tools like Metamask are getting IP tracking
  • The main reason for company to create token is to suck out money out of people when things go inevitably belly up.
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1 sat \ 0 replies \ @super_testnet 24 Nov 2022
a lot of interesting stuff is happening with ETH
It's not a lot. Here are the interesting things:
  • Dai
  • Compound
  • Uniswap
  • Rollups
  • Clones of those
The more you learn about them the more they lose their interest. Dai and Compound in particular are forms of lending eth programmatically in order to accrue yield. If you put some of your eth in compound or in a dai vault, you can borrow or issue stablecoins against it. This is only useful for those who want to go short on eth (any stablecoin is inherently identical to a 1x short position) or for those who want to go long on eth (by selling the stablecoins for more eth and then hoping to pay back the loan after the price of eth rises). That is gambling and yield chasing. It is not a sign of a "vibrant economy" but of a very sick one full of degenerate gamblers who expect to gain money without work. Uniswap's sole purpose is also gambling. You can swap the token you think will go down in price for the token you think will go up in price. That's it.
Rollups are the only one of those that actually has any compelling long term interest because it is a useful way to scale up the number of payments a blockchain can process. They are roughly equivalent to what we bitcoiners call drivechains. Maybe someday we'll have them too.
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1 sat \ 1 reply \ @sommerfeld 24 Nov 2022
storing coins on cold wallets and just holding it isn’t going to create a vibrant economy
Tell your friend that money is not supposed to create a vibrant economy, it's supposed to represent it as accurately as possible.
Sound money in of itself does not generate cash flow, dividends, profit or real yield.
If you want a vibrant economy, you have to produce valuable things.
The "vibrant economy" ETH supports is basically shitcoin gambling and yield farming. It's the ultimate useless virtual barter economy.
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0 sats \ 0 replies \ @super_testnet 24 Nov 2022
gambling and yield farming
Repetitive and redundant
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1 sat \ 0 replies \ @random_ 24 Nov 2022
Time will tell.
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0 sats \ 0 replies \ @Chillywater 25 Nov 2022
Fees, fees and more fees…
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0 sats \ 0 replies \ @WhiteRabbitBTC 24 Nov 2022
Interesting !== Important
Eth isn’t censorship resistant, doesn’t have a fixed monetary policy or supply cap and most importantly doesn’t seem to really “fix” anything. It’s fed 2.0 ran by technocrats who are constantly trying to find a new problem their solution fixes.
Bitcoin fixes actual problems like censorship resistance, fixed supply cap, no pre mine, etc…
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0 sats \ 2 replies \ @inevitable 24 Nov 2022
I can see that you want to come up with a better argument and I understand it. But I would first ask myself if it is a fight worth fighting. Saylor explains it brilliantly here: https://fountain.fm/episode/9205753768 (first ~10 min.). “The point is: do you want to succeed or do you just want to fight.” Is convincing this particular guy worth the time and effort?
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0 sats \ 1 reply \ @sommerfeld 24 Nov 2022
There is no better way of learning than teaching.
Arguing/convincing others is a form of aggressive teaching.
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0 sats \ 0 replies \ @inevitable 24 Nov 2022
Good point. But I prefer cheerful over aggressive. I'm not saying that the answer is no - it's just a question worth asking.
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0 sats \ 0 replies \ @siggy47 24 Nov 2022
Tell him that what happened with DAO disqualifies eth from ever being taken seriously: https://en.wikipedia.org/wiki/The_DAO_(organization)
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0 sats \ 0 replies \ @satcat 24 Nov 2022
-> block
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0 sats \ 1 reply \ @2bithits 24 Nov 2022
ETH is centralized
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0 sats \ 0 replies \ @asdf 24 Nov 2022
Uncapped supply
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0 sats \ 0 replies \ @01xCc 24 Nov 2022
код который можно поменять через год теряет 50% истины.
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