2/ First, ETH’s architecture & culture is _opposite_ that of Bitcoin, and yet claims to offer same solutions: decentralization, immutability, SoV, asset issuance, smart contracts, … Second, ETH is considered a crypto ‘blue chip’, thus colors perception of uninformed newcomers.
-
-
Prikaži ovu nit
-
3/ I've followed Ethereum since 2014 & feel a responsibility to share my concerns. IMO contrary to its marketing, ETH is at best a science experiment. It’s now valued at $13B, which I think is still too high.
Prikaži ovu nit -
4/ I agree with Ethereum developer Vlad Zamfir that it’s not money, not safe, and not scalable. https://twitter.com/VladZamfir/status/838006311598030848 …https://twitter.com/VladZamfir/status/859070189698265088 …
Prikaži ovu nit -
5/ To me the first red flag came up when in our weekly hangout we asked the ETH founders about to how they were going to scale the network. (We’re now 4.5 years later, and sharding is still a pipe dream.)https://twitter.com/TuurDemeester/status/814691863731073025 …
Prikaži ovu nit -
6/ Despite strong optimism that on-chain scaling of Ethereum was around the corner (just another engineering job), this promise hasn’t been delivered on to date. https://blog.ethereum.network/devcon1-presentations-2448a8e07c3d …
Prikaži ovu nit -
7/ Recently, a team of reputable developers decided to peer review a widely anticipated Casper / sharding white paper, concluding that it does not live up to its own claims.https://twitter.com/TuurDemeester/status/1070760364680335360 …
Prikaži ovu nit -
8/ On the 2nd layer front, devs are now trying to scale Ethereum via scale via state channels (ETH’s version of Lightning), but it is unclear whether main-chain issued ERC20 type tokens will be portable to this environment.https://blog.coinfund.io/the-state-of-state-channels-2018-edition-f5492134ab96 …
Prikaži ovu nit -
9/ Compare this to how the Bitcoin Lightning Network project evolved:https://twitter.com/starkness/status/980120074777452546 …
Prikaži ovu nit -
10/ Bitcoin’s Lightning Network is now live, and is growing at rapid clip.https://twitter.com/lopp/status/1077200836072296449 …
Prikaži ovu nit -
11/ In 2017, more Ethereum scaling buzz was created, this time the panacea was “Plasma”.https://twitter.com/TuurDemeester/status/895503667461185536 …
Prikaži ovu nit -
12/ However, upon closer examination it was the recycling of some stale ideas, and the project went nowhere:https://twitter.com/peterktodd/status/895562065091248128 …
Prikaži ovu nit -
13/ The elephant in the room is the transition to proof-of-stake, an “environmentally friendly” way to secure the chain. (If this was the plan all along, why create a proof-of-work chain first?)https://twitter.com/TuurDemeester/status/761774530121510912 …
Prikaži ovu nit -
14/ For the uninitiated, here’s a good write-up that highlights some of the fundamental design problems of proof-of-stake. Like I said, this is science experiment territory.https://medium.com/@hugonguyen/proof-of-stake-the-wrong-engineering-mindset-15e641ab65a2 …
Prikaži ovu nit -
15/ Also check out this thread about how Proof of Stake blockchains require subjectivity (i.e. a trusted third party) to achieve consensus: https://forum.blockstack.org/t/pos-blockchains-require-subjectivity-to-reach-consensus/762?u=muneeb … and this thread on r/Bitcoin:https://www.reddit.com/r/Bitcoin/comments/59t48m/proofofstake_question/ …
Prikaži ovu nit -
16/ Keep in mind that Proof of Stake (PoS) is not a new concept at all. Proof-of-Work actually was one of the big innovations that made Bitcoin possible, after PoS was deemed impractical because of censorship vulnerability.https://twitter.com/tuurdemeester/status/958882985406758912 …
Prikaži ovu nit -
17/ Over the years, this has become a pattern in Ethereum’s culture: recycling old ideas while not properly referring to past research and having poor peer review standards. This is _not_ how science progresses.https://twitter.com/TuurDemeester/status/897846425593294853 …
Prikaži ovu nit -
18/ One of my big concerns is that sophistry and marketing hype is a serious part of Ethereum’s success so far, and that overly inflated expectations have lead to an inflated market cap.
Prikaži ovu nit -
-
20/ A few days ago, I shared a critical tweet that made the argument that Ethereum’s value proposition is in essence utopian.https://twitter.com/TuurDemeester/status/1077603662371930112 …
Prikaži ovu nit -
21/ I was very serious about my criticism. In fact, each one of the three points addressed what Vitalik Buterin has described as “unique value propositions of Ethereum proper”. https://www.reddit.com/r/ethereum/comments/5jk3he/how_to_prevent_the_cannibalism_of_ethereum_into/dbgujr8/ …pic.twitter.com/hwrVvRlKdK
Prikaži ovu nit -
22/ My first point, about Ethereum developers rejecting Proof-of-Work, has been illustrated many times over By Vitalik and others. (See earlier in this tweetstorm for more about how PoS is unproven.)https://twitter.com/VitalikButerin/status/1077548790272405504 …
Prikaži ovu nit -
23/ My second point addresses Ethereum’s romance with the vague and dangerous notion of ‘social consensus’, where disruptive hard-forks are used to ‘upgrade’ or ‘optimize’ the system, which inevitably leads to increased centralization. More here:https://medium.com/@tuurdemeester/critique-of-buterins-a-proof-of-stake-design-philosophy-49fc9ebb36c6 …
Prikaži ovu nit -
24/ My third point addresses PoS’ promise of perpetual income to ETHizens. Vitalik is no stranger to embracing free lunch ideas, e.g. during his 2014 ETH announcement speech, where he described a coin with a 20% inflation tax as having “no cost” to users.https://www.youtube.com/watch?v=l9dpjN3Mwps&feature=youtu.be&t=20m21s …
Prikaži ovu nit -
25/ In his response to my tweet, Vitalik adopted my format to “play the same game” in criticizing Bitcoin. My criticisms weren't addressed, and his response was riddled with errors. Yet his followers gave it +1,000 upvotes!https://twitter.com/VitalikButerin/status/1077710720924434432 …
Prikaži ovu nit -
26/ Rebuttal: - BTC layer 1 is not “just a phase”, it always will be its definitive bedrock for transaction settlement. - Soft forking digital protocols has been the norm for over 3 decades—hard-forks are the deviation! - Satoshi never suggested hyperbitcoinization as a goal.
Prikaži ovu nit -
27/ This kind of sophistry is exhausting and completely counter-productive, but it can be very convincing for an uninformed retail public.
Prikaži ovu nit -
-
29/ In order to “guarantee” the transition to PoS’ utopia of perpetual income (staking coins earns interest), a “difficulty bomb” was embedded in the protocol, which supposedly would force miners to accept the transition.https://ethereum.stackexchange.com/questions/323/what-is-the-difficulty-bomb-and-what-is-the-goal-of-it …
Prikaži ovu nit -
30/ Of course, nothing came of this, because anything in the ETH protocol can be hard-forked away. Another broken promise.https://twitter.com/tuurdemeester/status/957627339365605376 …
Prikaži ovu nit -
31/ Another idea that was marketed heavily early on, was that with ETH you could program smart contract as easily as javascript applications.https://twitter.com/TuurDemeester/status/991154009904992256 …
Prikaži ovu nit - Još 19 drugih odgovora
Novi razgovor -
Čini se da učitavanje traje već neko vrijeme.
Twitter je možda preopterećen ili ima kratkotrajnih poteškoća u radu. Pokušajte ponovno ili potražite dodatne informacije u odjeljku Status Twittera.


