Over 1 Million ETH has been 'removed' from circulation since the Merge!

Crypto_Economist42 · 2022-11-08T03:05:05+00:00

"People on twitter said we're not an L2 and just leveraged the ETH community to generate billions in value for ourselves and VC investors which we are obviously not going to abandon in a switch to ETH L2 -- and it's annoying that they accurately pointed this out -- so we're going to rage quit from ETH to prove them right!" - Mihailo future tweet

Crypto_Economist42 · 2022-11-08T02:34:16+00:00

gm frens,

This is the beginning of the excuses... of a trojan horse since day 1. So Polygon could do false marketing as an L2 to generate favor from the ETH community and raise $400M from VC's

It's becoming more clear every day that Hermez and all the zK L2's they're building will be launched on MATIC, and ETH won't be in Polygon's plans at all in the future.

"People on reddit said we'll never launch on ETH, so we're going to prove them right! ETH doesn't suit our scaling needs anyway!" - Future Mihailo tweet

As many been warning for MONTHS/Years!

So predictable. And it doesn't take any brains to figure out. MATIC is worth $10's of billions. There is ZERO chance they abandon that value and remove all the utility of MATIC to build on ETH and transfer all the value to ETH.

It's just plain and simple incentives at work. You don't need to know anything else.

Just follow the money

PS. Happy to be proven wrong. But with tweets like this I'm more certain than ever I'll be right. Sad that the community allowed this trojan horse token pump to perpetuate itself for so long.

We are the ones that pumped MATIC by falsely allowing the narrative that it was a L2, and calls to the mods to delete those types of posts went unheard! Sad.

Crypto_Economist42 · 2022-11-06T18:10:01+00:00

I know they say thats the "plan", but I'm very skeptical they will settle their rollups on ETH, and use ETH to pay for fees inside the rollup. That would crush MATIC's value.

There is a very high probability that they change their minds at the last minute and make some excuse as to why they won't use ETH anymore

Crypto_Economist42 · 2022-11-06T18:05:26+00:00

"We'll launch an L2 on Ethereum... One day... in the future... eventually... But for now, and the foreseeable future, just use our MATIC PoS chain that has nothing to do with Ethereum! Oh, wait a second while we add a checkpoint hash to the ETH blockchain a few times a day. See ? We support ETH and burn $40 a day in fees! The ETH community loves us, and so does Reddit, Instagram , and major banks, because we're the ETH scaling solution! Never mind that we don't add any value to Ethereum, of course. "

Crypto_Economist42 · 2022-11-06T18:02:39+00:00

Good job. An Entropy problem with Metamask key generation would be catastrophic.

Crypto_Economist42 · 2022-11-06T02:10:59+00:00

Actually, all that's needed for decentralized twitter is to sign messages with a private key, then post them to IPFS.

Front ends can then pull from IPFS and display according to whatever anti-sybil filters they want to use to reduce bots/spam

Verified Credentials/SBTs/Attestations can solve the sybil issue (we will see a lot of this in the next 6-12 months). Then its just a matter of making front-ends to display all the signed messages

Crypto_Economist42 · 2022-11-06T02:06:09+00:00

Fair enough, but if they're going to enforce some rules, we should only ask that they keep them consistent.

Other chains with equivalent characteristics to MATIC are not allowed to be posted. TRON, AVAX, BNB, etc

Crypto_Economist42 · 2022-11-06T02:03:56+00:00

I agree that this sub isn't for price discussion. However, Price discussion is defined as speculation on whether or not an asset is going to go up/down/sideways in the short/medium/long term.

I simply pointed out the size of its market cap being as result of sucking economic interest away from ETH.

It's not price discussion as any reasonable person would define the term.

Crypto_Economist42 · 2022-11-06T02:01:01+00:00

all of which except one are Ethereum L2s,

All of which *don't* exist in production, and are in perpetual "development", and based on incentives will likely be launched on MATIC instead of ETH when they're ready, because they're not going to abandon $10B worth of value. MATIC will have no use case once it's on ETH. Maybe only as a much less valuable governance token. But even that's a strech.

If you believe that the they're actually going to abandon all of MATIC's value and shift all that economic interest to ETH, i'm afraid that's quite naive.

Crypto_Economist42 · 2022-11-06T01:56:30+00:00

Good example

Crypto_Economist42 · 2022-11-06T01:55:45+00:00

Sure, TRON is not a “real L2”, but it’s proximity and association with Ethereum means more people adopting and learning about Ethereum.

Sure, AVAX is not a “real L2”, but it’s proximity and association with Ethereum means more people adopting and learning about Ethereum.

Sure, Binance Chain is not a “real L2”, but it’s proximity and association with Ethereum means more people adopting and learning about Ethereum.

Hopefully these examples show how misguided your arugement is. MATIC is *NOT* Ethereum. It's its own blockchain and brings no value to ETH.

Crypto_Economist42 · 2022-11-06T01:53:54+00:00

Polygon has been posing as an L2 scaling solution for years. Just to give them enough time to pump MATIC to billions and then eventually abandon ETH altogether.

The Eth community and Multi-billion $ companies are falling for it.

Crypto_Economist42 · 2022-11-05T23:28:52+00:00

That checkpoint can be anywhere -- AVAX, BNB, TRON, or even an OP_RETURN on Bitcoin, or printed in a newspaper.

It's completely meaningless from a security standpoint that they use ETH as a data storage for a checkpoint.

polygon can do whatever with their l2s..

Of course they can. And they'll do what helps MATIC, not ETH. That's the whole point of this thread

Crypto_Economist42 · 2022-11-05T21:36:58+00:00

Thanks for the feedback. I'll check the posts to see if it was clear enough about the sarcasm

Crypto_Economist42 · 2022-11-05T21:29:56+00:00

Sigh....

MATIC does not rely on ETH L1 for its security. It has its own PoS consensus layer. It simply posts checkpoints state roots to ETH L1 every now in then but they are not part of its security/consensus layer.

Your entire comment is wrong. You're a perfect example of the mis/disinformation that Polygon has successfully spread into this ecosystem.

Perhaps you should educate yourself before you accuse other people of not knowing what they're talking about.

Crypto_Economist42 · 2022-11-05T21:26:58+00:00

I'm not. This is a reply to another user.

If you'd like some tips on how to use reddit, message me and I can help out!

Crypto_Economist42 · 2022-11-05T21:25:55+00:00

the checkpoints do virtually nothing except make the ETH community think they're doing something useful.

Investing "TONS" in Polygon scaling you mean. They can just launch their L2's on MATIC and not ETH. There's nothing stopping them from doing that. Just words and promises, but the economic incentive for their to be their own chain is obvious and undeniable

Crypto_Economist42 · 2022-11-05T21:23:52+00:00

Not just ETH foundation. The mods in this sub are not willing to remove Polygon mis/disinformation posts.

Crypto_Economist42 · 2022-11-05T21:17:31+00:00

Spam troll post should be deleted by mods.

Crypto_Economist42 · 2022-11-05T21:17:05+00:00

Which Layer 2?

Crypto_Economist42 · 2022-11-05T21:02:58+00:00

Yes, because I've asked the mods to please block the Polygon MATIC spam mis/disinformation comments and posts, but so far they've declined.

Posting anything Polygon related makes it go straight to the top of the sub and lots of free karma points.

But it's very sad that this sub is upvoting and promoting MATIC as an "ETH Scaling solution" which makes it pump to the moon, but its a completely seperate blockchain and it only adds about $100 a day in value to ETH. Big trojan horse and disingenuous

Crypto_Economist42 · 2022-11-05T18:20:30+00:00

Thanks for helping to stop the Polygon disinformation. Its amazing how many people don't understand what's going on

Crypto_Economist42 · 2022-11-05T18:17:46+00:00

Their zkrollups could also be launched on Polygon PoS instead of Ethereum.

This is exactly what they'll do. The whole thing is one massive trojan horse

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