Nick Szabo 🔑 on Twitter: "Off-chain smart contracts don't have the same trust assumptions as on-chain code. One is often not a good substitute for the other.… https://t.co/cJLUIOsUhf"

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[Dare to #GrowDePi]‏ @fubuloubu Feb 6

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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

2 replies 0 retweets 4 likes

[Dare to #GrowDePi]‏ @fubuloubu Feb 6

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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/ …

2 replies 0 retweets 5 likes

Ryan Sean Adams‏ @RyanSAdams Feb 6

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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

4 replies 1 retweet 11 likes

Nick Szabo ‏ @NickSzabo4 Feb 6

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Replying to @RyanSAdams @fubuloubu and

Alas, it's more like a tar pit these days, but thanks for the mention.

3 replies 0 retweets 18 likes

Mihailo Bjelic‏ @MihailoBjelic Feb 6

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Replying to @NickSzabo4 @RyanSAdams and

Care to share what do you think is "wrong" with Ethereum nowadays? Thanks.

1 reply 0 retweets 5 likes

Nick Szabo ‏ @NickSzabo4 Feb 6

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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.

6 replies 17 retweets 76 likes

Nick Szabo ‏ @NickSzabo4 Feb 6

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Replying to @NickSzabo4 @MihailoBjelic and

That said, there are many talented & knowledgeable Eth devs who understand that trust minimization includes governance minimization & that Turing-complete smart contracts are a hugely valuable idea but very different from programming a web page. I look forward to a future reboot.

3 replies 4 retweets 40 likes

JW Weatherman | mathbot.com‏ @JWWeatherman_ Feb 6

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Replying to @NickSzabo4 @MihailoBjelic and

Do you think Simplicity by blockstream is miles ahead and taking a much more reasonable path to full featured smart contracts?

1 reply 0 retweets 3 likes

Donald McIntyre ‏ @TokenHash Feb 6

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Replying to @JWWeatherman_ @NickSzabo4 and

Bitcoin will never have L1 smart contracts, therefore smart contracts on Bitcoin will never be secure. Better use #ETC!

3 replies 1 retweet 9 likes

JW Weatherman | mathbot.com‏ @JWWeatherman_ Feb 6

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Replying to @TokenHash @NickSzabo4 and

Unless something has changed about open source projects with the vast majority of the talent and market share and the most solid architecture, I think you are wrong. As soon as we know how to build secure smart contracts they will be on bitcoin as shown by #LN.