Bitcoins/Litecoins/Virtual Currencies

Mist

Mythic Spellslinger
27,267
17,313
276d 11h 43m
ETH is cooked boys. Assuming they go through with the PoS transition, as things stand right now, 66% of PoS validators will comply with OFAC regulations on Tornado Cash transactions (this is address obfuscation tech, mixers). What this means is that ETH will be censoring transaction on the base level of the protocol. PoS is a scam, ETH is centralized to the point where it has been effectively captured by the government in a single action (sanctioning 1 protocol). Feeling greedy for not selling the rest of my bags at $4k. Womp womp


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"Listen and somehow believe."
 

Flobee

Vyemm Raider
2,277
2,735
107d 18h 6m
So you are saying the gubmints of the world were never, ever going to allow a decentralized currency to exist that was outside of their control?

Season 9 What GIF by The Office
Not a 'decentralized' currency... absolutely not. A currency that is actually decentralized though? We'll see. In case you haven't been following, ETH is not in any way decentralized, as is being and will continue to be made clear. Kinda the drum I've been beating in this thread for years
 
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Mist

Mythic Spellslinger
27,267
17,313
276d 11h 43m
ETH isn't really even a currency, it's a blockchain platform/infrastructure for other blockchain projects to be built ontop of.
 

Flobee

Vyemm Raider
2,277
2,735
107d 18h 6m
ETH isn't really even a currency, it's a blockchain platform/infrastructure for other blockchain projects to be built ontop of.
Its a currency in the same fashion that arcade tokens or casino chips are a currency. It lets you participate in the games of 'chance' available on the platform.
 

Mist

Mythic Spellslinger
27,267
17,313
276d 11h 43m
Don't you just trade ETHE? Have you actually done anything on-chain? I have and it works exactly as described.
I only actively trade ETHE for profit and so it's the only thing I talk about here. I have other stakes in blockchain projects that I do not consider trades.
 
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Flobee

Vyemm Raider
2,277
2,735
107d 18h 6m
I only actively trade ETHE for profit and so it's the only thing I talk about here. I have other stakes in blockchain projects that I do not consider trades.
So I would presume you understand the analogy, as oversimplified as it may be. ETH is required for all transactions via gas cost (arcade token, pay to play) it is also the required trading medium for altcoins or NFTs (casino chips, currency to transact on chain). You can't do -anything- on chain without spending ETH. You can obfuscate this cost by working on L2s, but you still have to submarine swap ETH for their off-chain equivalent (wrapped ETH or whatever sidechain equivalent that particular system uses).

I agree that its not a currency in the sense that is buys goods and services generally, however it is the -only- currency to transact in its ecosystems equivalent to goods and services... digital land and scam coins. Spending ETH is even required for playing blockchain based games if they interact with the base layer at all. I'd be curious where you think the analogy breaks down... it seems pretty clear cut to me.
 

reavor

I'm With HER ♀
<Bronze Donator>
4,255
14,912
239d 17m
ETH is cooked boys. Assuming they go through with the PoS transition, as things stand right now, 66% of PoS validators will comply with OFAC regulations on Tornado Cash transactions (this is address obfuscation tech, mixers). What this means is that ETH will be censoring transaction on the base level of the protocol. PoS is a scam, ETH is centralized to the point where it has been effectively captured by the government in a single action (sanctioning 1 protocol). Feeling greedy for not selling the rest of my bags at $4k. Womp womp




 

Flobee

Vyemm Raider
2,277
2,735
107d 18h 6m
Eric is often a goof, but he's right here. ETH has no choice but to attempt to UASF (user activated soft fork) to circumvent the OFAC compliant validators. As Eric points out, Ethereum nodes are very difficult to run. In order to successfully do this, people using ETH will either need to

a) run their own node
b) find someone that is running a OFAC noncompliant node and sync to them

In either case you're going to need some technical chops. You either need to repoint all of your services to this OFAC non-compliant node, or figure out how to run and maintain your own. Its not like you can just download Bitcoin core on an old laptop like BTC can. You are also going to have to deal with regulators going after non-compliant node runners if they choose to do so.

It is -very- unlikely that any exchanges will support this in the west. So you'll struggle to cash out to USD. The only way I can see that happening is if the UASF branch is overwhelmingly popular. It -could- go that way, I guess we'll see.

On another note, he talks a lot about "Bitcoin Maxi's" laughing at them.. which is true to some degree. However the greater point here is that they've been trying to tell ETH people how vulnerable their system is for a very long time and in return get nothing but hate and vitriol. ETH is heavily centralized in a number of critical ways which is why it is vulnerable to this situation. Its going to be even MORE vulnerable under PoS. Why? Because institutions hold a very large % of the total ETH supply, specifically exchanges. They will be the biggest stakers, and they will be OFAC compliant in the majority of cases. Proof of Stake is a system where the actors with the most capital make the rules. Its a stupid system that wasn't thought out properly and the people supporting it will get what they deserve.

At the end of the day ETH holders are beholden to whatever Vitalik and company decide is right. They are vulnerable to being targeted by government obviously. Good luck
 

Izo

Tranny Chaser
16,892
14,900
108d 14h 51m
I only actively trade ETHE for profit and so it's the only thing I talk about here. I have other stakes in blockchain projects that I do not consider trades.
Meme Puppy GIF by Shibetoshi Nakamoto

Curious, what other projects do you have stakes in?