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marksn

We arrived at a current point in this cycle when people start talking about ethereum again.

I hate it.

But there’s one thing you can do.

Stack harder and smoke the mother of all shitcoins into oblivion.

SatsAndSports 5mo ago

I agree, but I'm also trying to get good arguments together, so that I can stop my friends selling BTC to buy Ether. How do we concisely make some calm arguments that a non-expert will appreciate?

- BTC had the hard 21 million cap. Whereas Ether just has an 18 million per year limit, and is therefore unlimited. I.e. Ether will never really have the scarcity

- Ether is more easily controlled by a small number of (known) humans, as the creator still has authority. This increases the chance of them making a mistake, and/or being selfish in a way that tanks the price

- Many Ether purchasers (mistakenly) think they have "missed out" on Bitcoin and therefore they think they are being smart by buying the second-best. So they don't actually believe in Ether, they're just arbitrarily buying the thing that (by chance) happens to have the second-highest market cap

Does that make sense? Would you add more?

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marksn 5mo ago

All good points. I would add that they can switch the monetery policy easily as they did in the past when they quit PoW and move over to PoS.

PoS per se is a scam because there is no global time on earth. nostr:npub1dergggklka99wwrs92yz8wdjs952h2ux2ha2ed598ngwu9w7a6fsh9xzpc explained that problem on a podcast with nostr:nprofile1qqsg2zqd8wkhpnxu6lm5c2dyfa2mhpwte57apjae2ldp6g2mmwf3ypqpzemhxue69uhk2er9dchxummnw3ezumrpdejz7q2hwaehxw309anxjmr5v4ezumn0wd68ytnhd9hx2tmwwp6kyvtnx4uhzdnhv9j8wuncv3jngmrgveen2dn8dcmrg6rh0f6ksmnxvym8ywtddg6rwdnjx4eng6rtw4h85em6w9e8xdn3xaaquwrzjs .

marksn 5mo ago

here it is: https://youtu.be/raxpm9Qu7rI?si=h6bcOxBqodoeQeHi

SatsAndSports 5mo ago

I'm listening to that now, thanks

I must admit that I'm no longer a huge fan of that podcast. I forget exactly why

But maybe this episode will get me back into it!

marksn 5mo ago

The older ones are way more interesting! agree

SatsAndSports 5mo ago

I've listened to all of that episode, but I must say that I disagreed with a lot of it. But I still want to thank you for linking it! It's good to hear stuff I disagree with, to force me out of my comfort zone

One guest said something like "countries giving lots of free crap, like universal healthcare, to their people" while he was making a point about something else entirely

My point here isn't to defend universal healthcare (I do support it) but to say that the dismissive approach ("crap") isn't very serious or educational. There's a tendency among certain people to pretend that certain things (especially economics topics, but also some cultural and religious topics) are "obvious" and therefore to bully the audience into switching their brain off. And they tend to do it precisely with their weakest arguments

Anyway, about proof of stake. I agree that PoS is bad, but the episode again didn't speak clearly. I had to think deeply myself to fill in the blanks. They just got angry about how crap it is, without calmly explaining.

The way I see it, the problem with PoS is that a group of people with a lot of Ether could collude to very very quickly compute a long chain and force a big reorg, perhaps to do double spending. And it would be quite cheap for them - î.e. minimal electricity cost.

Have I described the PoS problem well?

marksn 5mo ago

I agree! Sums it up nicely!