142 sats \ 17 replies \ @shyfire 20 Aug 2023 \ on: I was a well-paid blockchain / web3 dev for years, but became disillusioned. bitcoin
Vitalik... What's up with that guy. He's clearly smart. But eth is such a scam. Don't know what to make of it tbh.
I have nothing but respect for the man, he's certainly a smarter and better engineer than I am. With that said, I don't find him interesting at all. Reading the white paper for Ethereum and comparing it with Satoshis makes it incredibly clear that Vitalik cares about financial instrumentation rather than decentralized trustless economic systems. The switch to proof of stake made this pretty clear, of course.
Ethereum is just not usable for anything right now. I'm pretty extreme on this but I think it will be forgotten in a few years. It's just not fun to develop.
reply
I'm pretty extreme on this but I think it will be forgotten in a few years.
I don't think that's an extreme prediction. If Ethereum isn't dead within a few years, then something will have gone horribly wrong. As long as governments don't intervene, Ethereum will crash-and-burn all on it's own.
reply
Ethereum is just not usable for anything right now.
Could you please elaborate on this? I am not eth user. Is it bad UIs or high fees or some other inherent issue?
reply
Very useful hearing your perspective.
Also not sure if you saw this clip, but seems all the current L2s are pretty rekt https://twitter.com/nerdnationunbox/status/1690438518097514496
reply
Respectfully, I have to disagree. I don't see Ethereum going anywhere. There's just too much money and too many different industries/platforms built on top of Ethereum base layer alone...then you take into account all of the many other layer 2s, roll-ups, zk-rollups, even the other EVM-compatible layer 1 blockchains which all can interact and interface with Ethereum, which is basically being used now & in the future (as it's slow transaction throughput and high transaction cost, comparatively to other chains/layer 2s) as a kind of "security layer" which is used for the ultimate root consensus. Which is effectively how the layer 2s for example work, things can be confirmed on the layer 2 but then it gets sent back and actually confirmed by the sequencers on ethereum itself, which, at least they say, enhances the security of the whole operation.
I'm certainly someone who is quite disillusioned myself with the idea of "crypto" and has been converted into the idea of being a "bitcoin maximalist" (lmao), it's what I started in (bitcoin, many years ago....for use on a ahem certain website...Free Ross btw) and it's fitting that this is where I've wound up.
So much of the rest of "crypto" (I hate that term btw) is like a big ponzi game where people are trying to get ahead of one another and see who can sell each other their bags first. A really incestuous breeding ground for shitcoins galore, rug pulls, all manner of scams, and so on.
Case in point: the latest scam du jour that has been getting a lot of attention on twitter is this utterly disgusting website called friend.tech -- it's a site where the already wealthy, popular influencers on "crypto twitter" are making money and dumping on their followers, as people buy "shares" of their account on the site. In return they get access to a gated chat room (that doesn't work 75% of the time, so I'm told) where they chat directly with the person whose shares they own. It's like the NFT craze combined with shitcoining in it's most hyper-ponzified, insanely degenerate form. It's fucking disgusting in my opinion, it's another means of creating a marketplace for something that should not exist: the commodification and financialization of (fake) friendships. There's all kinds of insider trading and scammery going on within these groups as well, these clowns are openly admitting it on twitter spaces. I fucking loathe the government and the SEC, but I have to say if some of these fucks wind up getting in trouble for trading securities or whatever for this shit, I won't be losing any sleep or shedding any tears over it.
Alright, </rant over>
reply
idk man.
what is better motivation to create a groundbreaking and world-changing project than being mad Blizzard nerfed your warlock in WoW.
/s
reply
It would not surprise me if he is just forced to keep this thing going, there is definitely a lot rich and dangerous people who have invested a lot of money in ETH.
reply
Perhaps it's a case of "If you have said A, you must also say B". He went down a route and may have realized it wasn't the best route, but there is no turning back. So he's working on something he doesn't quite believe in, and he may have to rationalize to defend it even in front of himself.
reply
Hmm yeah that makes sense
reply
deleted by author
reply
lmao, you have to be joking, right? You can say that you're not a fan of ethereum for whatever reason -- there are more than a few very valid ones, for sure -- but one thing you cannot say and expect anyone to take you seriously, is that Vitalik Buterin is not smart. He's quite brilliant, actually.
reply
deleted by author
reply
Are you implying he doesn't write his own content on his blog?
Have you ever written anything this intellectual:
If you have, please link me to it.
reply
deleted by author
reply
Plenty of smart people into CP. I guess plenty of smart people not into BTC and plenty of smart people into shitcoins.
Not sure what makes that btc only lightbulb go off for people, weird to me that not everyone converges on it
reply
deleted by author
reply
deleted by author
reply