Oddbean

Everyone commenting here isn't wrong about POS and the downsides of ETH, but it is absolutely worth looking into the rich smart contract ecosystem, EVM and creative dApps that the Ethereum people have built. Personally, I consider Bitcoin *Money* (and the only real money we've ever seen), but Eth can jump in for some useful decentralized compute here and there. I wouldn't _stack_ Eth, but its nice to have some around to interact with applications.

Anything useful which can be built on Eth can and will be built on Bitcoin's secondary layers. Over time we will figure out which is the best 2nd or even 3rd layer protocol for medium of exchange, defi, smart contacts etc. I believe Liquid Bitcoin has some interesting developments. In the meantime, we should focus on the best store of value ever created promoting MoE. Because monetary networks eventually converges of the single best one nostr:nprofile1qqstzt0wugc7sklvr8e7fcl7ukyn63ym3ns4nmf2mnk0vqnz4l9x65qpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqguwaehxw309aex2mrp0yhxumm5d4skuerpw3hhy7fwdaexwqgawaehxw309ahx7um5wghx66tyv3kxjmn89ekhjerwwvhx5uq9ezhgl.

Then you are not understanding how money scales in layers and numerous applications will be built on it. Or not understanding why software companies don't need their own centralised, manipulated shitcoin tokens, in order to create apps.

This is a very beefy read but its worth noting imo. It takes a very academic look at the " crytpo" space in general. Critiques its parameters. Very well done by our boy nostr:nprofile1qqsgym5l39dcr26p53fzy69jf8ng6qk2s9sgmm6k9fynem34llzuwkgprpmhxue69uhkummnw3ezuendwsh8w6t69e3xj730qyvhwumn8ghj7un9d3shjtnndehhyapwwdhkx6tpdshsz9thwden5te0wfjkccte9ejxzmt4wvhxjme0dx60e2 also nostr:nprofile1qqstnem9g6aqv3tw6vqaneftcj06frns56lj9q470gdww228vysz8hqpz4mhxue69uhk2er9dchxummnw3ezumrpdejqzrthwden5te0dehhxtnvdakqz9rhwden5te0wfjkccte9ejxzmt4wvhxjmcjgxv3n has an audible verison of your prefer that. Itll give you a better framework for understanding its issues. https://www.uncerto.com/only-the-strong-survive

The problem is that it attempts to hold up the value of a literal monetary good, through some arbitrary compute “utility.” It’s simply not going to work. We will be able to do all of those same things *without* some huge, messy, blockchain with a very poor security system destined to end up centralized anyway. In the end ETH must compete as money. And if you aren’t willing to hold it and only want to use it for “its utility” whenever it seems to be relevant, you’re explaining exactly the dynamic that will eventually kill the whole system

I basically agree with you. I think blockchains should only be used for the technology of Money (double spend), and all other technologies, including arbitrary compute, information storage and transfer, etc. are all better served by sovereign peer to peer systems + reputation protocols

There is some innovation buried in there. But you cant have a free market on top of a rigged system (which ETH is). You can have a free market on top of bitcoin, but there is not much appetite, and hence, liquidity. Free markets are great, but people have to want them.