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cflynnus | 3 years ago

Ethereum is a foundation of sand. The protocol and the rules change at the whims of the senior insiders. It's not a stable platform and since we don't know what the rules will be in the future you can't plan for the future and build anything long term.

Bitcoin is signal, all of crypto is noise.

discuss

order

chrisco255|3 years ago

Bitcoin does not have Turing-complete scripting. It's impossible to build complex applications on top of Bitcoin, and no, sidechains don't count (they don't inherit Bitcoin's security). It's great that there's 21M supply cap. Fantastic for a gold-like digital asset. But absolutely useless for software engineers to build financial primitives on top of.

cflynnus|3 years ago

> Bitcoin does not have Turing-complete scripting

Feature not a bug. Base layer that will serve as foundation for entire global economy should be as simple as possible to make it as reliable as possible. Like all complex systems, functionality is added in layers. Things like lightning network and fedimints are examples of such layers.

> It's great that there's 21M supply cap.

Fixed supply is an essential requirement for the entire system to have any merit whatsoever. If supply can change at direction of core group of insiders it's just the same thing as the existing fiat banking system and the real value of the tokens will be diluted in perpetuity.

> But absolutely useless for software engineers to build financial primitives on top of.

No. See comment above about layers.

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Bitcoin is a commodity, ETH & all of crypto is just (unregistered) securities lying/pretending to be commodities.

yieldcrv|3 years ago

I would say the only merit to that is one plan for Ethereum mainnet’s roadmap is to introduce pruning, deleting old data for real, specifically smart contract states and held variables

This seems like it would break many smart contracts sometime later this decade, this isn't currently fleshed out

That aside, no other EVM is planning to do that, all code is compatible on all of them, and it doesn’t matter what Ethereum’s blockchain does

cflynnus|3 years ago

Having a roadmap is no merit. A roadmap means the system is centralized because a core group of people can change the rules. If it's centralized it's not censorship resistant and the supply can't be guaranteed to not increase and dilute holders therefore it's garbage.