Danny

@mad-scientist

14 Following

87 Followers

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Saying L2s are parasitic to ETH is like saying ETFs are parasitic to BTC. Sure, money flowing to ETFs doesn't contribute to the security budget of bitcoin to the same extent as self-custody. But ETFs more than make up for it by giving broader access to BTC.

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If you think L2s are parasitic to Ethereum, why aren't you building one? If you could leach value from the second largest cryptocurrency and the largest cryptoeconomy, why wouldn't you? This is what will make all the companies with big consumer-bases build on Ethereum.

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Unpopular opinion: Saylor may be positioning himself to be a "main character". He may not be doing dumb and illegal things like his predecessors, but in the future he may be legally forced to sell bitcoin to pay MSTR bonds, which goes against his entire ethos, and may tank his stock (and briefly bitcoin). This is particularly true as he isn't that much up on his bitcoin (he's not a OG, not even close), he keeps buying tops on leverage (bonds/convertible bonds), and his company is trading at a 2-3X premium on its bitcoin. We know what a pullback looks like, and we know how the market prices BTC holdings with no re-peg mechanism (he will not sell willingly). I'm not saying this will happen, I'm saying it can happen. (I'll be buying the dip, but probably not in MSTR form).

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xrp flipping solana will be hysterical.

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Which onchain product is a no-brainer, but isn't around yet? I'll start - (1) a perp DEX that allows you to trade all publicly listed stocks, bonds etc'. (2) ENS integration into emails (send to any name.ens; know an email you got is really from othername.ens)

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unpopular opinion - it will be hard for ETH to outperform BTC until BTC reaches the banana zone. After that it can rip. The banana zone is pretty high this cycle.

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Haven't used StarkNet in a while. Just got back to it, it's next level. UX improvement is massive. Everything just works, and fast.

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Is it possible for a based-rollup to have multiple blocks inside a single Etheruem block? For example sequencer #1 builds a block and pushes it to the current proposer via mev-boost, while sequencer #2 does the same thing, knowing not to interact with parts of the state that have changed, resulting in an Ethereum block with two blobs and two proofs, generating different non-overlapping state differences. Can this be done in theory?

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Most of the value in the world, be it monetary or not, is not onchain. Most groups, companies and societies, are not onchain. Ethereum lets everyone bring their assets, values and communities onchain. The rollup-centric roadmap lets each one decide their own rules. You're not bullish enough.

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Unpopular opinion - if you don't like the compromises done by some L2s, the solution is to use and promote based/enshrined L2 zk-rollups. These rollups are Ethereum, in every sense of the word. No protocol changes or action by the EF are required.

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Christine from the infinite jungle podcast (Galaxy) keeps having really distorted ideas as to the economics of solo staking. Let me give a breakdown: Capital cost - while this is by far the biggest obstacle for new Ethereians, many that have been here for a while have more than that in long-term storage. If you believe in the vision, why wouldn't you get rewarded for securing Ethereum? Network connection - until blobs, even ~15Mb/s was enough. Now you need ~50-75Mb/s. Not universally available, but I'd say most Ethereians have access to it. Cost - free. You'd pay for it regardless of staking. Hardware cost - 400$ or an old computer. Literally any old computer will do. Maybe 120$ for a new SSD. "Solo stakers don't perform as well as professionals" - from the network perspective, the differences are so small that you can't see them on an individual staker basis. From an economic perspective, solo stakers significantly outperform all LSTs. First, they don't pay the LST fees (>10%). Next, they got airdrops.1/2

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People talking about the rollup-centric roadmap being parasitic to Ethereum forget what were our previous alternatives. Remember plasma? One root plus DA per block, that's it (and multiples can be joined to share that root). Minimal data and almost no compute (optimistic). State-channels - not even that, just send the money (optimistic).

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Unpopular election opinion - after the election the democrats will (again) cry that they lost, despite wining the popular vote. This will (again) be their chance to change it. Trump spoke in favour of popular vote for president, they can strike a deal with him for a constitutional amendment. Include anti-fraud measures (voter ID, proof of citizenship, oversight) for the Rs, and popular vote for the Ds. Throw in a "this election doesn't count for the 2 term limit" for Trump, and he will take it. But they are not going to do that. They will just keep crying.

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From the outside, it sure looks like generating STARK-proofs for Ethereum blocks, at home, at ~1 sec timescales, will be doable in about a year.

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One day, ETH will break $10K, but that will not be the reason you should be happy. You will be happy because @vitalik.eth will tell us we deserved it.

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Saying L2s are "parasitic" is wrong. If L2s bring value to people, they are not parasitic. Even if they could infinity scale the L1, without paying anything to anyone, that would be amazing, not parasitic. What people actually mean is "it's not supporting our token price". BTW, that's also wrong.

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solana has some good engineers, but on the fundamental level, they are just a Western binance smart chain.

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The ticker is ETH

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Thoughts about decentralization and solo staking: Ethereum's core value is decentralization, and at least for me, this (also) means that anyone can have any role they want, from home. Run nodes, attest, but also propose blocks. Sometimes, others, with more resources, time or money, can build better blocks than me. That's just a fact of life. And if I can sell them the right to build my block, I'm at no financial disadvantage against someone who uses an LST. In the near future, some updates may (again) allow some participants to build better blocks. While we must keep the ability to build blocks from home, we need to acknowledge this discrepancy, and let anyone build the best blocks that they can. 1/2

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