Skretch 🦇🔊 retweeted
You distorted facts and omitted flaws and unfavorable fundamentals of the Bitcoin network.
Let’s set the record straight:
1. Pre-mine:
ETH was pre-mined, but only a small percentage of that is still retained by founders.
BTC was not pre-mined, but its monetary policy was designed to distribute the most coins at a time when information asymmetry was at its highest, which heavily benefited Satoshi and provided him with the equivalent of seigniorage.
Result: Vitalik holds less than 0.3% of ETH's supply while Satoshi holds almost 5% of BTC's.
2. Breaking Immutability
ETH’s protocol was never hacked. DAO was a smart contract that got compromised. That hack was resolved by an irregular state change that overrode the compromised smart contract to prevent the attacker from stealing deposits.
BTC has rolled back the chain twice, but you conveniently did not mention it. Both times the rollback was needed because of protocol level bugs.
BTC rollback #1 (2010):
youtube.com/watch?v=ZI5XzS0S…
BTC rollback #2 (2013):
freedom-to-tinker.com/2015/0…
Result: not only has BTC compromised immutability more times than ETH, rolling back the chain caused mining rewards to be redistributed.
3. Changing Monetary Policy
ETH has changed monetary policy three times. Each time the issuance has been reduced, and these changes were only possible via client consensus. EIP-1559 introduced a mechanism that automatically adjusts issuance based on network fee revenue.
More info here:
medium.com/coinmonks/everyth…
BTC has never changed its issuance schedule, but the network is still heavily reliant on the issuance subsidy for financing miners. 94% of miners' rewards were financed by issuance over the past 24 hours, and within the past couple of years there were times when issuance accounted for more than 99% of rewards.
Result: ETH has reduced issuance at a much faster rate than BTC. ETH is the only major network that has achieved economic and security sustainability, turning $ETH into a yield-bearing deflationary asset. BTC needs new market entrants to sustain its current economic security.
4. Regulatory clarity
CFTC and SEC officials have referred to $ETH as a commodity. ETH has futures ETFs and many pending filings for spot ETFs (including from Blackrock). Spot ETFs are expected to be approved and Ethereum will achieve regulatory parity to Bitcoin.
5. Extras
ETH has 100% historical network uptime.
BTC does not.
ETH has a viable scaling solution via rollups.
BTC's Lightning Network is a failed experiment.
Skretch 🦇🔊 retweeted
Immutable smart contracts are holy grail of DeFi - there is hardly anyone who would disagree. Back in 2015-2016 most smart contracts were immutable and tons of time and money were spent to make sure they are bug free before they were launched 🧵👇
Skretch 🦇🔊 retweeted
A lot of people think the collapse of FTX is evidence that crypto doesn't have a future.
For me, it's the exact opposite. This proves why crypto—trustless, permissionless, uncensorable crypto—is the only path forward for the future.
This week, we grieved. Next week, we build.
Skretch 🦇🔊 retweeted
Bitboy is known to be litigious, but I just couldn't help myself. I remixed it.
songaday.world/auction/5042
(24hr NFT auction starts now👆)
Skretch 🦇🔊 retweeted
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
Skretch 🦇🔊 retweeted
It doesn't matter what you fund, but please, please, please go to gitcoin grants and signal your appreciation for a few projects in the ecosystem. It's not about how much you send, send $1 or whatever, but let contributors know you're here!
gitcoin.co/grants/
Skretch 🦇🔊 retweeted
👋 Doing some research for @ethnimbus and have a few questions for anyone who's ever tried setting up an Ethereum node. (Rockstars!🤘) Survey should take about 5 min to fill out. Results will be made publicly available. link.status.im/eth_client_on…
Skretch 🦇🔊 retweeted
The dialogue has been going on since 2018. We have been aware of these problems before they materialized, and fixes to address them are actively worked on, and on the roadmap. Look for "verkle trees" (the verge), "stateless Ethereum" and portal network.
Skretch 🦇🔊 retweeted
I still can’t get over this. A week after ETHMexico.
Functional. Not theory. Not hype. Hacked together. For millions of irl under banked businesses.
Crypto is a tool for releasing human potential when it’s quiet boring & functional.
Skretch 🦇🔊 retweeted
It's a hypothetical we hopefully won't actually face. But if we did we'd go with B i think. Got to focus on the bigger picture. There may be some better option (C) or a legal challenge as well that could help reach a better outcome.
1/ Smart contract wallets should add the ability to allocate funds to an address so that people sending large amounts of money can allocate it to and address then have that address pull it from their wallet. This way you can be sure the money goes to the right person, ->
2/ you could even add a delay to the pull transaction so that if an attacker replaces the address in the allocate transaction then makes the pull transaction and the person you meant to send the money to reports that they aren't able to pull the money from your wallet you can ->
Skretch 🦇🔊 retweeted
EFF is deeply concerned that the U.S. Treasury Department has included an open source computer project, Tornado Cash, on its list of sanctioned individuals. Tornado Cash is an open source software project and website that published a decentralized cryptocurrency mixer.
Skretch 🦇🔊 retweeted
I ran into @VitalikButerin yesterday, and had a brief chat. Ethereum is likely moving from proof-of-work to proof-of-stake next month. This "merge" is an important moment in the history of crypto. Good luck to everyone involved! Vitalik and I will do a podcast after The Merge.
