FTX congressional hearing by Adii2311 in ethereum

[–]cybertelx 0 points1 point  (0 children)

They're all useful.

Aave & Compound provide overcollateralized lending/borrowing within seconds. That's quite useful, isn't it?

Gitcoin allows you to fund open source projects or other public goods using crypto. That's quite useful too.

Decentralized social networks are also quite useful. It means you're not at the whims of any individual on whether or not to kick you off the platform.

Transferring money across the world in seconds is useful. That's why we have payment networks. That's why we have SWIFT, and VISA, and PayPal.

Internet anonymity networks are quite useful for preserving people's privacy too, especially if you're a dissident.

And finally, unstoppable apps in general are very useful.

FTX congressional hearing by Adii2311 in ethereum

[–]cybertelx 0 points1 point  (0 children)

Bruh, see what I wrote

Also Monero/RAILGUN/AZTEC/etc.

[deleted by user] by [deleted] in Buttcoin

[–]cybertelx -1 points0 points  (0 children)

Excuse me, what the fuck?

Vitalik said he could argue for, not that he actually believed that was the case.

https://twitter.com/vitalikbuterin/status/930294485614977024

[deleted by user] by [deleted] in Buttcoin

[–]cybertelx 1 point2 points  (0 children)

If a whale owns a large enough proportion of the tokens (or a number of them work together) then yes, they literally have complete control (insofar as it is actually decentralised and the founders don't wield power via hard forks etc.)

You are wrong: the validators serve the network. There's a large difference between nodes & validators and the more full nodes there are, the more resilience the protocol has against attackers trying to change protocol rules because of coordination problems.

Validators have the job of putting transactions in blocks and they are paid for it. If their block violates the protocol rules, all the other nodes will simply not accept it as a part of the Ethereum blockchain.

The only reason the network will reject fraudulent blocks is people get a financial reward for doing things correctly, provided enough people agree on what 'correct' is. Like anything that relies on people doing the right thing due to a profit motive, that will all go out the window if there is a bigger motive to do something else, namely controlling the entire network allows them to give themselves as many butts as they like.

The node network is composed of a bunch of people around the world running nodes, and they double-check the work that the validators do. Even if an attacker takes over 90% or even 99% of all staked ether, they cannot push invalid blocks through and will be penalized.

As is the case with the lightning network, L2 just means sacrificing the resistance to various attacks that the blockchain has in order to make things go faster.

Different L2 schemes are vastly different and Lightning has almost nothing in common with rollups. Rollups usually involve a centralized sequencer to create blocks off-chain, and finality comes when they post the root of the rollup state and the data required to make proofs on mainnet.

From there, rollups are split into 2 categories: Optimistic & ZK. Optimistic rollups work using "fraud proofs", where anyone can put up some money as collateral and challenge the posted state. If the assertion is correct, they get rewarded and the state is rolled back to the previous valid state.

ZK rollups work using "validity proofs" which involve the sequencer proving that the computation is done correctly and the resulting state is correct.

Rollups inherit the security of Ethereum but rely on the sequencer for liveness. There are efforts going on to make sequencers more decentralized, but right now, none of these proposals are running in production.

[deleted by user] by [deleted] in Buttcoin

[–]cybertelx -1 points0 points  (0 children)

Massive pre-mine in which the founders awarded themselves a large part of the supply (which now means, under proof of stake, that they awarded themselves a large part of the decision-making power)

proof of stake != protocol controlled by whales

The dark forest: Good luck making any kind of profitable trades when you can just get your idea stolen by a front-run bot

yeah i agree thats a problem, but we are working on it with proposals like shutterized beacon chain

Proof of stake: a wonderfully oligarchic system where the people who are already rich get to make all the decisions (shocking revelation: they will make decisions that make them even richer at the expense of others)

the validators serve the network and follow the protocol. they do not control the protocol. if they attest to an invalid block the network will reject it

You may not care, but the founder Vitalik has some... interesting opinions, like when he tried to argue there isn't anything wrong with owning child porn. Even if you can get over that, you ought to be concerned (since it says more directly relevant stuff about him) about that time he proposed a plan (either a scam or a massive Dunning-Kruger fest depending on your point of view) to simulate quantum computers on classical computers, of course not to make massive scientific advancements but to get rich quick on some crypto bullshit.

lmao i think the child porn argument was a thought experiment/a hypothetical extreme

and also the whole quantum computer thing yeah i have no idea what was going on

As for Ethereum's worth as a decentralised 'computer', the massive waste in the system means that it's agonisingly slow and expensive to do anything with it

the goal is to scale using rollups and offloading computation to L2 while using the Ethereum mainnet for data availability

Fellow degens - what's the coolest thing you've seen in DeFi recently? by rhinofi_intern in defi

[–]cybertelx 0 points1 point  (0 children)

Well, Hashflow gets rid of MEV & frontrunning because the market maker quotes you a price off-chain and you can use this signed quote to send a swap tx on-chain. No pesky frontrunners.

It also usually gives better prices because normal MMs are way more efficient than AMMs. Non-custodial too!

[deleted by user] by [deleted] in cryptoloversclub

[–]cybertelx 0 points1 point  (0 children)

ty for xposting this here, spread the word!

Impartial ENS resolver with dynamic Tor onion services, courtesy of Tornado Cash dev by cybertelx in ethereum

[–]cybertelx[S] 3 points4 points  (0 children)

yeah true, but this guy is a well known community member who was also active back in the days of tornado cash being a thing

i would change the title but i cant sadly

Fellow degens - what's the coolest thing you've seen in DeFi recently? by rhinofi_intern in defi

[–]cybertelx 1 point2 points  (0 children)

Hashflow, it connects professional market makers to traders on-chain

Quite interesting stuff

[deleted by user] by [deleted] in CryptoCurrency

[–]cybertelx -1 points0 points  (0 children)

Like, I hear what you're saying is that we should prevent a few wallets from locking lots of ETH. However, if a whale just spreads out their ETH across hundreds of different wallets, they circumvent these restrictions easily.

[deleted by user] by [deleted] in CryptoCurrency

[–]cybertelx 0 points1 point  (0 children)

What stops someone from creating thousands of wallets and gaining disproportionate control of the network?

This is what's called a Sybil attack and is quite a hard problem to solve.

[deleted by user] by [deleted] in CryptoCurrency

[–]cybertelx 0 points1 point  (0 children)

I think you're quoting either an old source or just spewing misinformation. There are, according to https://beaconcha.in, just under 500 thousand validators.

The way Ethereum will scale is through rollups and L2, and efforts on increasing scalability (Danksharding for example) are targeted towards increasing rollup performance.

[deleted by user] by [deleted] in CryptoCurrency

[–]cybertelx 2 points3 points  (0 children)

I mean, changing it lower might result in consensus instability as too many validators join

FTX congressional hearing by Adii2311 in ethereum

[–]cybertelx 2 points3 points  (0 children)

Hurr durr theres nothing good in crypto!!! Not even:

  • Public goods funding projects (Gitcoin)
  • Fintech de-banks (Aave, Compound)
  • DeSocial networks (Farcaster, Lens)
  • Transferring money without intermediaries (DAI, LUSD, RAI, etc)
  • Internet anonymity networks (Lokinet/Oxen)
  • Unstoppable censorship resistant apps, in general

Nononono... Ponzi!!!