Subnostr

I have an open mind re. #ethereum as being good for the world. I hate the scams/rug-pulls/etc (often facilitated by the ease of token-age via ethereum's design), but I like the many innovations happening in ethereum's ecosystem. And yes, from a global money systems perspective, we absolutely need better money. But I'm not beholden to the bitcoin-only mindset. If, in the future, bitcoin is the only cryptocurrency with lasting value, so be it. I'm also not smart enough to develop strength of conviction that PoW is better than PoS, and currently I like that we have both options. In some respects, I like PoW better, but it currently feels like the work done could have more computationally positive externalities.

I only recommend bitcoin to friends not willing to engage the often-changing drama of the ecosystem of crypto assets. It offers plenty of beta relative to what most people have experience with, so just allocating a sizable proportion of bitcoin is more than enough, for most.

Re-sharing this post, b/c it's such a good observation - and sharing here to remind myself of the TA pattern:

https://twitter.com/tradebutwhy/status/1738134416755466567

Vagrant Lover 2y ago

Also its bad for the world

They rug pull developing countries and sell fake dreams to poor ppl about tokens. Usually ETH backed.

Truly evil stuff.

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Discussion

Mark Puddleglum 2y ago

What do you mean by ETH backed? Do you mean tokens created using the ethereum network to deploy contracts/create tokens for fraudulent projects? These sorts of scams are evil. But, I don't see ethereum as being anything more than the technology that people can use to do harm (defraud) or to help others.

Vagrant Lover 2y ago

They aren't pure fraud. They are carbon credit web3 scams designed to digitize natural assets. They are considered legit too. They aren't rug pulls but efforts to put life of the poor on chain for evil intent. Create a monitoring state in the global south.

So in the future, JP Morgan can say "bad Farmer give me your land". There's many other examples of this outside the classic rug pull. It's a big bank takeover.

Thankful ETH works so badly nobody can scale or deploy

this so its mostly vaporware. PoS is legit useless from a compsci perspective. Its the worlds worst database and its NOT decentralized. Any serious programmer can see this when working on it.

ETH is Shit. Read simon elmer to learn more ahiht the evil of this shit climate agenda in Africa. I won't spend any more time discussing ETH here.

Source: wrote ETH code for a while and hated it

Vagrant Lover 2y ago

Tldr: the tech is also useless. No need to even bring morality in.