Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Loser Araysar
Chief Russia Reporter. Stock Pals CEO. Head of AI.
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Yeah, thats where I'm kinda at right now. Going to wait for the usual friday night dump if there is one.
Threelions
Victory Through Harmony
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And out of nowhere a bit of a dump is occurring.
VET has been really weak lately vs everything else with the rebounds. It hasn’t been pushing back past 20-21 cents barely.
VET has been really weak lately vs everything else with the rebounds. It hasn’t been pushing back past 20-21 cents barely.
Arden
Blackwing Lair Raider
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Threelions
Victory Through Harmony
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webull has also now added DOGE. I don't recommend them, but they are better than RobinHood SHITE BAG
Flobee
Vyemm Raider
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This is super bullish for ETH price.
That being said, the reason bankers and MSM are pushing ETH is because it is NOT decentralized and they either control it, or control those that do.
BTC is actually decentralized. This matters.
Arden
Blackwing Lair Raider
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Ive definitely heard the same narrative from a lot of pro BTC people, but I'm honestly not sure what they mean. Can you explain succinctly in what way ETH is centralized that doesn't apply to BTC?
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LachiusTZ
Rogue Deathwalker Box
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Loser Araysar
Chief Russia Reporter. Stock Pals CEO. Head of AI.
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Flobee
Vyemm Raider
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Alright let me try to break it down.
ETH has foregone a number of limitations Bitcoin put on its client in order to maintain decentralization. More specifically Bitcoin does things like limit the blocksize in order to ensure that a maximal amount of systems can handle running full nodes to validate the network. I run a Bitcoin node on a Raspberry Pi.
It is hard to get reliable data on running an Ethereum full node because nobody actually does it. The specs are high and getting higher (here is an article from 2018). The blockspace is growing exponentially which will eventually price out everyone but the most dedicated from running their own full node to validate. Plenty of folks run pruned nodes, however this does not allow one to fully validate the blockchain thus largely defeating the purpose. A lot of nodes that people do run are hosted by AWS or other cloud providers due to system requirements (again reducing decentralization)
Note that this is for a pruned node in 2018 which means it actually doesn't even validate the entire blockchain. Its much bigger now.
Oh yea, and almost everything that runs on Ethereum runs through Infura. Using IPFS and 'decentralized' nodes (Many are hosted by infura) to validate the blockchain is great, but what good is it if nearly every single dApp that runs on Ethereum runs through Infura?
Now lets talk about the much hailed move from PoW to PoS. Proof of work has been well explained and has been proven as a method to secure a blockchain basically taking advantage of wherever the cheapest power can be found. This has a number of benefits that aren't being appreciated as they get drowned out by the climate change FUD but that's another topic entirely. Proof of stake deserves being explicitly described:
So whoever has the most money controls the network. Did you know that 80% of the supply is held by a relatively small amount of wallets? Note that this can be somewhat deceiving due to how exchange wallets work. You will find similar statistics about Bitcoin due to this. However Bitcoin is not moving to a consensus mechanism that gives power to those that hold the most of the asset. I hope you see how this could be problematic. Proof of stake is literally no different than our current system. Especially shady considering that when Ethereum launched it was largely premined!
Vitalik and Consensys have ultimate control of the network. This is clear when you look into the DAO hack. Vitalik was able to singlehandedly stop all ETH trading on all exchanges. This is clearly not decentralized in any way shape or form. No single person can (or should ever be able to) do this in Bitcoin. He also decided that ETH "should be money" and it should have a deflationary supply cap. This was not the original intent of the network. I happen to agree that setting ETH's supply cap to slowly decrease or stay steady is a good idea for tokenomics. I'm not fool enough to be confident it will stay that way. ETH monetary policy changes at the whims of a few.
Here are a bunch of examples somebody put together claiming ETH is a scam. Running into this is scared me initially as I got into crypto via ETH and still hold everything I bought. I didn't want to believe it, its just a bunch of images some asshole put together. Its probably not all true and some that is true is likely exaggerated. Unfortunately as I took the time to dig deeper I was able to confirm more and more of the claims. At this point I basically think ETH is controlled opposition to try to capture capital as is flees the traditional system and maintain as much control as possible.
We're going to make money on ETH in the short/medium term I have no doubt. You're dancing with the devil though IMO. There is more but I've spent enough time on this. I know most won't care about this because they don't understand why decentralization is so fucking important for what we're going through right now. Make your tendies boys.
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Arden
Blackwing Lair Raider
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That's interesting. I don't get a lot of the technical details, but the general concepts make sense to me. It does seem that a relatively small number of people can exert outsized influence on ETH- specifically the programmer/engineers that control the code. I suspect that BTC has its own limitation/issues, they are just different than ETH.
I'd love to hear someone much more versed in ETH's tech details give some counterpoints.
Also, for the record, I don't think this changes the idea that ETH will likely eventually overtake BTC. But I think your point is that ETH doesn't conform to the spiritual (and technical) ideas that spawned BTC in the first place, rather than that ETH won't be worth a ton of money in the future.
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Kirun
Buzzfeed Editor
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And what happens when government's start regulating the fuck out of Bitcoin? How "decentralized" will it be then?
Flobee
Vyemm Raider
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More decentralized than literally anything else that can act as money. It was built with precisely this situation in mind. It may or may not succeed but so far things are going exactly as expected. Take some time to consider what a brand new reserve currency built on the internet would look like as it bootstrapped itself. Think about how digital scarcity and provable digital ownership without trust in any centralized authority changes the world.
Instead of trying to shit on the idea of something new happening actually try to think about what it is. Do some research. Bitcoin has the potential to be one of the greatest inventions in human history.
Governments will try to regulate it, they've already tried (see Nigeria, Venezuela, China, Iran). Is it so hard to imagine that technological innovation could outpace our government institutions?
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Kiroy
Marine Biologist
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not sure why you're using the word tried - it's been very successfully regulated in china
Mist
REEEEeyore
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