#DeFi restricts the supply side of ETH, increasing SoV characteristics.
Both together symbiotically gives it value.
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Replying to @fubuloubu @MihailoBjelic and
@RyanSAdams ^ (2 tweets) Investment thesis?1 reply 0 retweets 3 likes -
Replying to @fubuloubu @MihailoBjelic and
Yeah. I mean, thesis is pretty similar to a commodity like gold: First, it's a useful metal for ornamental / industrial use (like Eth Gas/staking) Then, it becomes a SoV when an economy starts to store it value in it (like Eth in CDP/defi) This gets reinforce in adoption waves
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Replying to @RyanSAdams @MihailoBjelic and
I also mean to pay for gas. If there are applications on Ethereum that make sense and are valuable, but have nothing to do with finance, they still drive demand for the asset (such as a commodity like gold does), meaning it absolutely has value above and beyond just meme-money
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Replying to @fubuloubu @RyanSAdams and
I still like the analogy of "digital oil" Amy sufficiently useful asset has a monetary premium if it's scarce _enough_ Also, oil is such a bigger market than gold, why limit ourselves?https://www.visualcapitalist.com/size-oil-market/ …
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Replying to @fubuloubu @MihailoBjelic and
Note: oil is an example of a commodity money that has held a monetary premium of various sizes over time http://unenumerated.blogspot.com/2016/02/two-malthusian-scares.html … Ethereum's Gas is like digital oil. And in a way, Ether is like the US petrodollar because all Gas is currently settled in Ether
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Replying to @RyanSAdams @fubuloubu and
Alas, it's more like a tar pit these days, but thanks for the mention.
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Replying to @NickSzabo4 @RyanSAdams and
Care to share what do you think is "wrong" with Ethereum nowadays? Thanks.
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Replying to @MihailoBjelic @RyanSAdams and
Poor architectural plans, sloppy programming, &c but symptom most readily seen is many of its louder voices seem to be devolving more and more into nutty utopian "governance" schemes, substitution of abuse for knowledge and research, etc. as if desperate to save a sinking ship.
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Replying to @NickSzabo4 @MihailoBjelic and
From an engineering perspective, the worst is poor isolation of code running in different contracts. It makes security pretty much intractable. And then there is the ghost of PoS haunting the protocol.
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Indeed, it's about as different from normal web programming as you can get, and "Web 2.0" is about the most pathological way possible to describe what needs to be done. Very common practices such as shared libraries you don't thoroughly analyze for yourself become very dangerous.
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Replying to @NickSzabo4 @lucash_dev and
We'll get there. Some discussion of a better model for isolation here:https://ethresear.ch/t/ethereum-2-0-data-model-actors-and-assets/4117 …
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