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@kyletorpey

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Bitcoin Research
@kyletorpey
I think this plan is in a lot of trouble if these are the best arguments for it.
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Bitcoin Research
@kyletorpey
What is the best argument for why financial institutions should launch Ethereum L2s instead of their own proprietary chain? Why don’t they just keep all of the revenue for themselves rather than paying fees to ETH holders? Does it make sense to pay for decentralization for a bunch of tokenized assets that are centrally issued?
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Bitcoin Research
@kyletorpey
ethereum buyers from feb 2016 (9 YEARS AGO) are in the red when priced in bitcoin
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Bitcoin Research
@kyletorpey
This doesn’t appear to be a real concern. Why then is everyone building on centralized stablecoins already today? We already exist in a world where all of the dapps are built around centralized stablecoins that could be shut down overnight. But also those who you say are reluctant to build on Base may also be thinking it would be a better idea to build their own Base, as Kraken and Binance have done.
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Bitcoin Research
@kyletorpey
Can’t anyone already build on top of the network?
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Bitcoin Research
@kyletorpey
the smoke and mirrors of crypto make it hard to know how bad they've been.
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Bitcoin Research
@kyletorpey
plan for the worst = have stage 2 ready if needed. may as well collect all the fees when legally allowed to. unfavorable administration could also mean collect no fees though.
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Bitcoin Research
@kyletorpey
hasn't the trend over the past decade been that crypto's decentralization plan as a whole is fizzling out? solana gains traction by being more centralized. apps are being built around centralized stablecoins. now the current regulatory environment throws out more of the need for decentralization. i'm not sure why they would allow others to earn fees if the consumer is already getting what it wants with coinbase being the only sequencer. what would be the benefit?
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Bitcoin Research
@kyletorpey
i think what they're doing right now is great as a business model. we seem to disagree about where things go from here though. seems like they are proving tradfi can get rid of kyc/aml and other regulatory obligations, among other benefits, by putting their users on a blockchain they control. consumers want an app that works and provides useful services, coinbase wants to make money. unclear where ethereum falls in terms of those two demands, especially in the current regulatory environment.
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Geoff Golberg
@geoffgolberg
Low-hanging fruit: identifying a cluster of ~500 inauthentic accounts among the 40K+ accounts that Warpcast has labeled "Unlikely to engage in spammy behavior" (examples: @champy @007kg @bejita @ashur @chanin @ep15 @farook @allplay @5023 @darika) https://warpcast.com/geoffgolberg/0xf81db2a4
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Bitcoin Research
@kyletorpey
interesting poll results about whether ripple's xrp should be part of a national digital asset stockpile
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Bitcoin Research
@kyletorpey
if they're also pushing for people to use USDC, what are the benefits of a more decentralized base layer that would be relevant here? what if the centralization of USDC and Base is very user friendly and people aren't demanding use cases that don't reintroduce centralization anyway (as is the case today)? if anything, it seems crypto has gained more adoption as it has become more centralized, not the other way around.
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Bitcoin Research
@kyletorpey
is it more useful to look at incentives rather than pr talk? coinbase ceo said everyone should focus on bitcoin and sidechains at one point too. on top of that, doesn't the work with paymasters make it easier to use Ethereum without having to hold ETH? (just used as a medium of exchange in and out/appcoin)
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Bitcoin Research
@kyletorpey
what makes you say that?
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Bitcoin Research
@kyletorpey
Seems irrelevant to the point. Coinbase still collects all the sequencer fees once this is activated, no?
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Bitcoin Research
@kyletorpey
yes, Base and USDC are built on Ethereum. but does this mean the ticker is $ETH or the ticker is $COIN over the long term?
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Bitcoin Research
@kyletorpey
USDC fees paid to COIN validators
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Bitcoin Research
@kyletorpey
How about the ability to buy and sell your friends' tokens?
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Bitcoin Research
@kyletorpey
my followers on the other app don't seem to like Ripple/XRP too much
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Geoff Golberg
@geoffgolberg
an oldie but a goodie from @kyletorpey
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