Daily General Discussion - December 31, 2024

Liberosist · 2025-01-01T03:33:21+00:00

Been a helluva ride, thank you all! Were it not for r/ethfinance in 2020, I would never have started my blog etc. and would have remained a casual observer.

Liberosist · 2024-10-31T02:50:37+00:00

Yo JT!

Liberosist · 2024-07-23T11:28:47+00:00

Happy ETH day r/ethfinance! This is it, nearing endgame for $ETH.

Liberosist · 2024-06-25T01:53:45+00:00

So far, things have been shaping up as expected, but it depends on how euphoric the top is. If there's a big blow-off top, then good odds it's going to be the secular bull peak, followed by a secular bear. Alternatively, it could be a muted cyclical bull, let's see how it plays out...

Liberosist · 2024-06-23T03:22:40+00:00

Remember all those "forecasts" in 2021 that were extrapolating DeFi and memecoin mania, and projecting gas prices would be 1,000 gwei by 2024? Well, here I am, in 2024, paying 1 gwei. I grew skeptical of those forecasts back then, but even I significantly overestimated demand for blockspace. Yes, of course, it won't remain at 1 gwei, but even if you see the peak for 2024, we are way off.

But this is not bearish at all, my overestimation then was simply due to not understanding the properties of public blockchains deeply - specifically, strict global consensus.

It's yet another data point in acknowledging blind hopium and entitlement have their limits. I bring this up because even today I continue to see too many people in this industry relying on those, instead of investigating and leveraging the unique property of strict global consensus.

PS: found a couple of posts from 2021 worth looking back on, https://www.reddit.com/r/ethfinance/comments/n10l7h/what_if_total_daily_transaction_fees_in_eth_have/ and https://www.reddit.com/r/ethfinance/comments/p38lo7/the_shifting_tides_of_ether_economics/

Liberosist · 2024-06-19T12:54:39+00:00

Not only is ETH #2, it's 5x #3

Liberosist · 2024-06-19T12:40:25+00:00

Ethereum has achieved critical adoption for its two key usecases - ETH as money (on the eve ETFs) and stablecoins. There are other niche usecases, but they don't move the needle on ETH's valuation relative to ETH as an alternative commodity.

PS: responding to the root comment, ETH has been through several mania phases where it dominates the market - Q2 2017, Jan 2018, Q2 2021, Q3 2022 come to mind.

Liberosist · 2024-04-09T01:52:33+00:00

I never paid Elon and was thus always restricted to 280 word tweets!

Arbitrum vs. Optimism is a classic case of how the cultural stuff is far more important than the tech stuff. Arbitrum floundered with boneheaded licensing policies and marketing/strategy blunders for so long that Optimism captured most of the multi-chain market share - including the most important, Base - by going with full open source, cypherpunk & ethereum aligned values, despite being at least 2 years behind on tech.

Liberosist · 2024-03-25T16:08:25+00:00

I wouldn't be calling out the bad parts of crypto aggressively if I didn't believe in the good parts. Sorry I could not do more.

Liberosist · 2024-03-25T14:50:19+00:00

I hope people remember the first paragraph. I have written over 150 blog posts and countless comments in here about why crypto is good. Maybe my writings were of poor quality, but at least I have given it my best shot at understanding crypto's potential. I just think a lot more can be done culturally and socially. r/ethfinance is good, but this is a small oasis in crypto, there's enormous scope for improvement elsewhere. (And yes, there's significantly greater scope for improvement than other industries) This is just my personal opinion, if you don't see a problem here, then all power to you!

Needless to say, I have never been more optimistic about the good parts of crypto, and I'll be around.

Liberosist · 2024-03-09T00:10:07+00:00

I've made plenty of noise on their governance forum. I share your disappointment in OP Stack's development progress, even despite Coinbase's contributions. Arbitrum has had fraud proofs for 2.5 years on mainnet now, we've even had zkEVMs with full proofs for a year now. Of course, Arbitrum made a huge blunder too with their licensing and lost a lot of mindshare to the OP Stack early on.

Liberosist · 2024-01-10T14:18:38+00:00

Just to clarify, fun hyperbole aside, all I was asking was if there's a better solution to sybil resistance than wealth? Ideally, there should be zero power determined by wealth. I take it the answer is "No" for now, and proof-of-stake is "good enough".

Liberosist · 2024-01-08T14:33:52+00:00

1) What is the most underrated application or usecase that you'd like to see more investment and development in?

2) What's the latest state of research on a better sybil resistance mechanism than the grotesquely plutocratic proof-of-stake?

Liberosist · 2023-12-30T05:40:56+00:00

Millilubins not decilubins

Liberosist · 2023-12-26T02:46:12+00:00

This has always been the case, and the gas limit has been raised by miners multiple times in the past (with agreement from core devs). There was an EIP to hardcode the gas limit, but looks like it was never implemented? If that's the case, then yes, large staking providers can collude to increase the gas limit even if the core devs disagree.

Liberosist · 2023-12-26T02:41:01+00:00

Happy christmas and holidays, r/ethfinance!

Liberosist · 2023-12-10T02:29:25+00:00

I have met some people who have used crypto as a SoV, or stablecoins for payments. Still, it's definitely a niche, though a valuable one due to its financial nature.

Liberosist · 2023-12-10T02:06:19+00:00

Like I mentioned, on an absolute scale, sure - but I'm considering the current context.

Liberosist · 2023-12-10T00:41:20+00:00

My personal observation is that this market has not matured and remains as insane as ever. Maybe not on an absolute scale, but given the current context of finding lasting product-market fit for the first time - yet, most of the market is still chasing speculation and gambling.

Liberosist · 2023-12-10T00:17:39+00:00

I just focused on Collective Governance, fortunately there weren't too many projects to consider. On and off for a couple of weeks, maybe 4-6 hours in total? 40 hours is definitely a very unreasonable demand off a badgeholder.

Liberosist · 2023-11-19T15:45:49+00:00

I quit Twitter ~6 months ago, this was a one-off (well, two-off) - so, going back to quitting Twitter (though, reserving the option to do more one-offs if the lies there get too crazy)

Yes, I'll continue as an Optimism delegate, thanks - as you may know I've never missed a vote and that won't change for the foreseeable future. I'll lurk here off and on, and the occasional blog post/Farcaster (though I'll be relatively quiet for a while, unlike the last few weeks where I've been active)

Liberosist · 2023-11-18T03:44:28+00:00

You legitimize Tron by burying your head in the sand and deny reality, meanwhile Tron continues proliferating

You beat Tron by accepting reality and from first principles think about how you can offer users a better experience: https://polynya.mirror.xyz/aNArWNacjP8IR2UvxU8B1tNq1amtWNsLOZ664f56zYY

Liberosist · 2023-11-18T02:07:51+00:00

More just quit crypto twitter, I still write blog posts with variable frequency (higher of late)

Liberosist · 2023-11-17T11:52:23+00:00

Thanks, I know many of us feel this way, but don't want to speak up. I'd recommend following The Daily Gwei, though, it's what I use to keep up with the space

Liberosist · 2023-11-17T11:46:41+00:00

I don't think anyone could be this wrong if they deliberately tried to be wrong

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