Bitcoins/Litecoins/Virtual Currencies

The nice thing about mining income is I just dont give a fuck if it's dipping.

Just bought $1k of ETH though.

Me right now.

Vitalik's thoughts on running smart contracts on L1: Base Layers And Functionality Escape Velocity

Ethereum is the world's first triple point asset: it's a store of value, it's a commodity, and it's yield bearing. Bitcoin is just a store of value.

James said:

Vitalik's thoughts on running smart contracts on L1: Base Layers And Functionality Escape Velocity

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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.

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.

James said:

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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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.

Flobee said:

Bitcoin is less likely to change than Ethereum is due to its nature.

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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.

Flobee said:

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.

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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.

Flobee said:

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.

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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.

Flobee said:

BTC already succeeds in its use case and may end up swallowing the rest too.

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BTC already failed in its use case and had to rebrand to "digital gold."

James said:

you obviously did not understand.
you did not understand.
you're a retarded boomer

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Saying "NU UH!" and attacks on character are all you have. I think we're done here

Rajaah said:

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.

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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?

You just handwaved away the foremost crypto expert's qualified MATH as an opinion not worth as much as speculative development by doomed to fail development teams. What else can you be other than retarded?

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.

Break said:

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.

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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.

Vitalik will be the richest man in the world in...5 years? Maybe sooner. Dude has a boner for life extension research, too, so he might be the first immortal.

Now the question is do I buy more ETH if it dips back down to 2k