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!
James
Ahn'Qiraj Raider
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Vitalik's thoughts on running smart contracts on L1: Base Layers And Functionality Escape Velocity
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swayze22
Elite
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it's the drugs man
For dumbs - I think James' point is there is so much that USES ETH and is built around it. compared to BTC which is just a pseudo store of value. (i think)
Threelions
Victory Through Harmony
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Was able to scoop few K ETH at 2.4 today. I consider that good value. Can’t believe it was available for 2K
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Flobee
Vyemm Raider
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Cool post, but Sphinx and Stacks are both examples of smart contracts running on Bitcoin layer 2. It's clearly possible. Can it reach the level of functionality available on Ethereum without making the same sacrifices? Time will tell but Stacks seems to claim that they can. I need to do more research on that as I don't know a ton about where they're at.
IF Bitcoin can be the settlement layer for smart contracts on layers 2+ Ethereum and other L1 tokens are in trouble. If not its still got SoV + nearly free L2 transactions for p2p.
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James
Ahn'Qiraj Raider
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Those are super dumb ifs, they will never happen. Even getting past the ridiculous argument that either of those development teams is at the same level of competency and understanding as the Ethereum devs, there's no guarantee that the base layer protocol won't change to prevent such developments retroactively, you know, like what happened to cause Ethereum to create its own blockchain instead of build on top of Bitcoin in the first place. You're putting pure speculation against proven success, proven research, and a proven product, based solely on your own biases.
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Rajaah
Honorable Member
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Yeah, I wish I had some extra cash to buy in on Eth and VET and maybe some other stuff like Chainlink while the prices are in the basement. Unfortunately I won't have anything until Friday, so we'll see if the deals are still amazing by then.
How do people here feel about VTHOR? Worth grabbing some and keeping it on ice for a while? It is suuuuper low-priced these days and should go up with VET if I'm understanding right.
Flobee
Vyemm Raider
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Bitcoin is less likely to change than Ethereum is due to its nature. If I'm blinded by my biases then you certainly are too. If Ethereum's centralized aspects become an issue due to corruption or regulatory pressure and there is a viable alternative on Bitcoin I'm pretty confident the developers will move. All you have is ad hominins and your own opinions. You can copy and paste as many Vitalik arguments as you want but your crystal ball is no better than mine.
Bottom line is that the "boomer" coin does have competition for at least some aspects of the Ethereum use case and ETH has some significant technical hurdles it needs to resolve. ETH isn't a shitcoin because it can't succeed, its a shitcoin because its a gamble just like the rest of them. BTC already succeeds in its use case and may end up swallowing the rest too. Arm waving about devs and a 'proven' product doesn't change that.
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James
Ahn'Qiraj Raider
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This is irrelevant, there exists two separate philosophies and incentives for base layer protocol development and L2 development. They may end up clashing, for all of the reasons described in Vitalik's post which you obviously did not understand.
Just FUD, Ethereum has no "centralized aspects", but certain development tools and protocols built on top of it do, none of which will ever grow enough to be "an issue." Further, there will be no viable alternative on Bitcoin for the kind of development Ethereum allows, which again is the point of the article you did not understand.
My crystal ball is better, because I actually understand the arguments Vitalik is making, while you don't, because you're a retarded boomer that thinks BTC is something other than a meme coin.
BTC already failed in its use case and had to rebrand to "digital gold."
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Flobee
Vyemm Raider
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Saying "NU UH!" and attacks on character are all you have. I think we're done here
Arden
Blackwing Lair Raider
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I honestly cannot conceive why you would buy VTHOR instead of just buying VET and then getting the VTHOR for free. Why buy the milk if you can buy the cow and get the milk for free and end up with both?
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Break
Golden Baronet of the Realm
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Stop it you two or I'll cancel bingo night.
Anywho, are any of you confident that ETh's move to proof of stake won't result in some nasty side effects? This is coming straight out of my own ignorance, but it seems like all I ever hear is "99.95% reduced energy, much wow!" while nobody seems to be able to speak to the actual costs and downsides.
Anywho, are any of you confident that ETh's move to proof of stake won't result in some nasty side effects? This is coming straight out of my own ignorance, but it seems like all I ever hear is "99.95% reduced energy, much wow!" while nobody seems to be able to speak to the actual costs and downsides.
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Arden
Blackwing Lair Raider
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I'm confident yes. But it's definitely no assured thing. If there's a fuckup ETH could crash and burn and never truly recover.
As far as I know, the only negative consequences of PoS is that ETH miners are out of a job. Others here might have something more to say about it though. But it seems to me from the coins that already in a PoS protocol that it's clearly superior.
I will say I'm extremely impressed with what I've seen from the ETH dev community. That's part of what inspires so much confidence for me. That and the fact that I look at VB and I see the next Zuckerberg, Gates, or Jobs.
Edit: VB did the equivalent of going out into his backyard with a flamethrower and torching 6.7 billion dollars to prove a point about crypto. I'll say that again: 6.7 billion dollars. Billion with a "B." With all the things that have gone on since that happened I don't think people have really parsed out what that means yet. How significant it is.
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Threelions
Victory Through Harmony
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This^.
Rajaah
, you’ll accrue VThor with your VET holding. My wallet actually shows the amount I accrue per day, week, month. I have a position with VET that I really like . I think when it was .27 it was a bit over-valued. That being said, if you can get in around .11-.15 that seems like a solid buy IMHO. It’s got a great application and is being used by more and more businesses.