Normies Are Getting Crypto Rich

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  • Fri, Sep 18, 2020 - 08:46am

    #1
    Mohammed Mast

    Mohammed Mast

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    Normies Are Getting Crypto Rich

DEFI is creating huge wealth for “normies”. You don’t have to be a whale to make money in crypto.

https://www.coindesk.com/normies-crypto-rich-defi

  • Sun, Sep 20, 2020 - 08:20pm

    #2
    jvanname

    jvanname

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    Normies Are Getting Crypto Rich

Ethereum has many problems.

1. Ethereum has a centralized ruler who has in the past forked the currency to undo a transaction he did not like (this is the DAO fork).

2. Ethereum has unknown supply.

3. Ethereum has a mining algorithm that was never designed to advance science.

4. Ethereum was 70% pre-mined. Think of this as a 70% tax rate.

5. Vitalik, Ethereum’s centralized ruler has made perverted statements in the past which are inexcusable. He needs to keep his mouth shut.

6. None of the digital contracts (let’s call them digital contracts to sound less pretentious) on Ethereum are being used to advance understanding in any way.

For these reasons and other reasons, I must reject Ethereum along with everything on Ethereum.

  • Mon, Sep 21, 2020 - 07:28am

    #3
    tbp

    tbp

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    Ethereum issues

Ethereum has many problems.

1. Ethereum has a centralized ruler who has in the past forked the currency to undo a transaction he did not like (this is the DAO fork).

Agreed, though it has happened only once, and because they could (and thought it was the right thing to do), and now it’d be harder to do. And if they do this kind of thing again (developer consensus against protocol consensus), then we could just fork off again if necessary.

2. Ethereum has unknown supply.

It’s not “unknown”, just difficult to calculate exactly: https://decry___pt.co/38271/so-what-is-the-ethereum-eth-total-supply [fix the link by removing the underscores]

“Since it’s ugly to calculate the Ether supply by adding up block rewards, uncle rewards and subtracting self-destructs, people easily mess it up. But IMHO that’s the wrong approach,” Ethereum core developer Péter Szilágyi told Decrypt.

“Bitcoiners are obsessed with this. The defining property of their blockchain is that it has fixed issuance—this is their thing. For them, it’s all about money supply. In Ethereum it’s all about getting stuff done,” said Edgington.

This argument seems to be a more ideological one from Bitcoin maximalists (I’m a small-blocker myself but crypto is much bigger than BTC and even BCH has value). As Antonopoulos wrote: “Those who don’t understand nuance, seize on some silly tribalistic argument and get all excited that they have finally and definitively debunked Bitcoin or Ethereum, while they’ve only debunked their reputation and integrity.”

By Ethereum 2.0 I think it’ll have an easily/directly queryable supply.

3. Ethereum has a mining algorithm that was never designed to advance science.

Proof-of-Work leveraged to form and maintain a distributed consensus to enable decentralized value transfer by replacing central trusted third-parties is already probably the #1 most important scientific invention of the 21st century, so far. It’s moving to more eco-friendly Proof-of-Stake anyway.

4. Ethereum was 70% pre-mined. Think of this as a 70% tax rate.

Agreed, this was/is problematic. But its top competitors are also pre-mined (Cardano, Stellar, EOS, NEO…). There are pros in addition to the cons: https://blocksdecoded.com/pros-cons-premined-coins/

5. Vitalik, Ethereum’s centralized ruler has made perverted statements in the past which are inexcusable. He needs to keep his mouth shut.

Such as?

6. None of the digital contracts (let’s call them digital contracts to sound less pretentious) on Ethereum are being used to advance understanding in any way.

How so? What do you mean by “understanding”? Isn’t taking back control over money easily the single most important advancement of understanding we could be engaged in?

For these reasons and other reasons, I must reject Ethereum along with everything on Ethereum.

Some of those points are good points, but enough to reject the entire elephant?

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