2/ In the tweet I quoted above you present a mathematical tautology that seems obvious, but I think when unpacked it's a lot less obvious than as presented. Let me, however, agree with you: someone who codes for a protocol and is HODLer is doing more than someone merely HODLing
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এই থ্রেডটি দেখান
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3/ The crux is whether incentives should be baked in at the protocol/institutional level through pre-mine/ICO. E.g., an ICO which pays devs to work on the protocol. Above you seemingly conflate being a dev-HODLer with someone being paid by protocol-based incentive structure.
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4/ People who get paid by protocol based incentives are not necessarily HODLers - very few are. Those who are paid crypto to keep the lights on are more likely to sell to pay the bills. HODLing requires *ideological conviction*:https://twitter.com/real_vijay/status/942264914453786624 …
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5/ The people who have conviction (which requires a deep understanding of the protocol) are the very best kind of devs to have when you have them. This kind of developer is motivated by a stronger incentive: the desire to change the world for ideological reasons.
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6/ My experience as an early engineer at Google also taught me that one good developer can be more productive than 10 or even 100 average developers. And when it comes to cryptographic protocol development, I dare say it's more like 1000x.
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7/ Would you rather one Greg Maxwell/
@pwuille or 1000 Javascript coders? The latter, in my opinion, are as likely to produce solid protocol code as a 1000 monkeys are to produce Hamlet.এই থ্রেডটি দেখান -
8/ Let's not, however, minimize the point you are making: paying people to work on a protocol can help the development of that protocol (people do need to eat). But does that need to be baked into the protocol? I think not.
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9/ An alternative model is patronage, and it's certainly alive and well in the Bitcoin community.
@ChaincodeLabs is an example of this: You have owners with strong ideological conviction with the means to fund development and to be discriminating in who they hire.এই থ্রেডটি দেখান -
10/ Finally, the baking of incentives into the protocol sullies the protocol and muddies the ideological waters. What are we here for? To change the world, or to make some, e.g., some Ethereum foundation members rich?
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11/ The purity of the Bitcoin protocol is what makes it a banner that millions can (and will) rally too. The purity is also what makes so many passionate about defending it in the face of perceived threats (as I imagine you are now aware of :)
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কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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I can't wait till someone writes a book about all the great debates that happened on Crypto Twitter
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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Also provide different credit to the man, newly arrived, who ponies up fresh fiat in order to start hodling and “free riding”. In a large enough case clearly that kind of hodler can be > hodler + developer.
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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Excellent thread - worthy of a medium article I'd say. This reminds me of something
@TraceMayer said at#bobtc - "Do you really want to play chicken with a hodler of last resort?" The power of ideological conviction is usually only understood when you run headfirst into it.ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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While analogies are imperfect, one that might apply in this situation, is "How would an ambitious employee of a large high market-cap corporation with a new idea maximize the returns executing that idea?"
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Sure, they could engage in "corporate entrepreneurship" which sounds analogous to your tweetstorm, meaning build the new idea within the big company, but more than likely, they're going to start a new company where they own all the equity. AFAICT, that's all
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Unfortunately, some people (not you) took this observation/prediction as a personal insult and moral accusation.
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Regardless, all theorizing is just theorizing. The proof is in the pudding: Where DO people build new protocols? It's not on Bitcoin. They ARE building on Ethereum. Right now. And I say that as largely a "Bitcoin maximalist" when it comes to crypto-as-money.
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You might say, "Well, this is just a bubble in alt-coins, ICO, etc, and it'll burst sooner or later, and all the innovation in protocols will be built on Bitcoin in the future." Possibly. That's yet to be determined.
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The question isn't going to be answered by theorizing and idealizing, but rather, how it unfolds. Reality will settle the score. Thankfully, we can all place our bets and have skin-in-the-game.
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
লোড হতে বেশ কিছুক্ষণ সময় নিচ্ছে।
টুইটার তার ক্ষমতার বাইরে চলে গেছে বা কোনো সাময়িক সমস্যার সম্মুখীন হয়েছে আবার চেষ্টা করুন বা আরও তথ্যের জন্য টুইটারের স্থিতি দেখুন।