Oddbean new post about login | logout I'm primarily in BTC & ETH. What am I missing?
That ETH is a shitcoin
That ETH is trash and you should immediately change it for BTC only. If you don’t do it right now, you’ll find out yourself later. 🤙
metal disks
❌hoping to sell your BTC & ETH for more fiat than you started with ✅stacking Bitcoin only to kill fiat all together https://i.nostr.build/OeY34osbgK5a2sRn.jpg
(Currency(Fiat(Crypto(Bitcoin)))) (Money(Gold)(Silver))
To expand: ETH doesn't have the hardness of BTC. There's a rather large difference between Proof of Work (BTC) vs. Proof of Stake (ETH and other popular coins) is a very large fundamental difference that I would recommend looking into.
Uh, oh… nostr learning curve ahead!!!
Ethereum is a shitcoin. It is actually the mother asshole from which all shitcoins spring. It is a centralized Proof-of-stake currency, which means the people who own most of it get to dictate consensus, which makes it work similar to our current fiat system. https://youtu.be/60JI2ewWf84?t=27
ETH is a pyramid scheme as it was 70% pre-mined. The ethereum foundation dumps on holders whenever they want fiat. The supply changes as often as the weather They switched to proof of stake from proof of work, which means it is basically a money printer It enables the majority of shitcoins to exist
ETH is a scam. It solves nothing, and recreates the fundamental problems of fiat by moving the centralized power of the federal reserve board to a small group of soyboy nerds. This website will clear up all the misconceptions 👇 https://whybitcoinonly.com
I would start by asking yourself why you are in each one. Go and study them: how they work, why they exist, which products and companies exist around them, history, etc. Actually go and use them. Test the claims. Then go make a list of reasons you value each one beyond just earning more Fiat currencies. What are they actually good for in your life? You will have a better understanding of what you could be missing.
XMR (Monero) :monero: . The only other coin respected by the most relevant btc devs and researchers.
You should learn ETH history and POS vs POW. Then maybe this will convince you to go 100% BTC 😁
Looking into this
Check this presentation by @jack mallers Clears things up and is easy to digest https://youtu.be/--IFcOIEfl4
nostr:nprofile1qqstzt0wugc7sklvr8e7fcl7ukyn63ym3ns4nmf2mnk0vqnz4l9x65qpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqguwaehxw309aex2mrp0yhxumm5d4skuerpw3hhy7fwdaexwqgawaehxw309ahx7um5wghx66tyv3kxjmn89ekhjerwwvhx5uq9ezhgl, just watched this. Highly recommended to understand why being bitcoin only... Btw I dont know if you do, but make sure you practice self custody
Just watched it!
Nice! So, what you think? Still like etherum as much???
You are going to wish you could delete notes on nostr!
ETH is a scam with a horrible history of insider manipulation. BTC is a bright future for our children, ETH is more of the same despair and nihilism. nostr:nprofile1qqs0nt9skq6vfsgh06v979rrnuchau87mmnk2lqxpv2xaeusqfp30mqpzamhxue69uhky6t5vdhkjmn9wgh8xmmrd9skctcpzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgwwaehxw309ahx7uewd3hkctc9ad278 https://image.nostr.build/53e3cbfa464be1aee82683eac898a07c3d1d30d6594a076dbb404f64f627c49e.jpg
https://m.primal.net/HghG.gif
Natural selection will eliminate Bitcoin haters 🤣
To learn more. nostr:nprofile1qqs0nt9skq6vfsgh06v979rrnuchau87mmnk2lqxpv2xaeusqfp30mqpzamhxue69uhky6t5vdhkjmn9wgh8xmmrd9skctcpzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgwwaehxw309ahx7uewd3hkctc9ad278 https://darthcoin.substack.com/p/bitcoin-no-crypto
The simple version: Money has the ultimate network effect, and its core values are in TRUST, liquidity, and stability (not price, but supply). The value is not in payments (this has always been served by a million layers on top), wingdings, “smart contracts,” writing stuff on it, or the million other arbitrary “improvements” that a million shitcoins sell people on. The “crypto” market is something that will consolidate over 30-50 years with the trend we have seen from the beginning. And everything that isn’t Bitcoin will slowly die, in my humble opinion… ETH will be a particularly bad one. Their “staking” system for “security” is a disaster of permissioned, unreliable nonsense. Trust is the last thing they have built and everyone wants it for hyped up marketing nonsense that has no lasting staying power. Want the in depth version: I’ve covered thousands of hours of the history of money, network effects, Austrian economic theory, and crypherpunk history on my show, Bitcoin Audible
☝️☝️☝️ nostr:nprofile1qqstzt0wugc7sklvr8e7fcl7ukyn63ym3ns4nmf2mnk0vqnz4l9x65qpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqguwaehxw309aex2mrp0yhxumm5d4skuerpw3hhy7fwdaexwqgawaehxw309ahx7um5wghx66tyv3kxjmn89ekhjerwwvhx5uq9ezhgl I know I've been spamming you with YT guest recommendations since you joined here, but nostr:nprofile1qqstnem9g6aqv3tw6vqaneftcj06frns56lj9q470gdww228vysz8hqpz4mhxue69uhk2er9dchxummnw3ezumrpdejqzrthwden5te0dehhxtnvdakqz9rhwden5te0wfjkccte9ejxzmt4wvhxjmcjgxv3n would be another absolute banger. Best bitcoin/libertarian/anti-fiat ranter in the business. Preview: https://x.com/TheGuySwann/status/1692553870654787935
💯 💯
Agree, @TheGuySwann is great!
Back in the 1960s my predecessors tried getting wealthier by purchasing oil wells. Lots of third party risk, not to mention situational risk. But still, they tried even though they didn’t understand the risks. They failed. I appreciate the “lone voice from beyond” warning the masses. However, the masses, or small groups of masses need to get scammed(someday I may be one of them) so that others may learn and the long chain of mistakes and mistrusts can lead to a better and brighter future for all.
30 to 50 years is way too generous, imo. I don't see 'crypto' (not Bitcoin) making it to the end of the decade. And good riddance.
Yeah I’m more thinking about the tradition to a full #Bitcoin standard. Shitcoins won’t be relevant for that time. I’m also counting this as already 15 years into the process.
This is like someone asking you:” What processed food loaded with sugar and seed oils should I add to my carnivore diet?”
Now that’s funny!
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.
I'd prefer Bitcoin just stay as money. Use something different for compute
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
YES #YESTR
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.
Anything that can be done on Ethereum can be done with #Nostr and ecash.
Missing: The focus to be Bitcoin only
Dump all the ETH. Fuck that shitcoin. Fuck gas. Convert your ETH holdings into 50% more Bitcoin, because historically all other altcoins live or die according to its performance above all others. Take that remaining 50% and reallocate it into physical gold and silver bars. If you want to invest more money then try dabbling in passive income businesses that allow you to have hard assets with low operational overhead. Such as self storage unit rentals, car washes, rental cabins, and vehicle rental services. That way your portfolio is more diversified. Continually having several revenue streams. That you can build up equity in to rinse and repeat the process to build up your wealth sustainably with lower risks.
Eth is a scam with revolving/irrational, Rube Goldberg-like monetary policy. Stay as far away from it as you can.
ETH is another Fiat scam.
Let me paint a picture: if Bitcoin is a prime steak, eth is a gallon of hot canola oil.
Vixi
how btc maxis orange pill the carnivore doc nostr:note1j7lwwmezuj8sdx7gh9ggf6yzks8tgauwgefakgrcxnvp75y0mhzsq7gecw
You are not missing anything but you should cut the top down processed carbs from your portfolio. Ditch the ETH. It might seem nutritious but it’s not.
You need to be stacking #platinum
You're missing that ETH is a shitcoin. It's not decentralised, which defeats the entire purpose of a using a blockchain. Why it's not decentralised? -There is a founder (can be pressured, corrupted or blackmailed) -There is a foundation (can be pressured, corrupted or blackmailed) -There was a pre-mine -It overruled consensus rules with a hardfork to serve the elites (ETH / ETC split) -It moved to Proof of Stake, which is basically fiat (elites print money without delivering work) and leads to centralisation over time by making the rich richer. #Ethereum made the critical mistake by implementing complicated features on the base layer. This means that it fundamentally can't scale and thus will trade off decentralisation every time that it need to scale. #Bitcoin is a monetary revolution that will deliver a renaissance 2.0 by separating money and state. Ethereum is fiat shitcoin that's driven by the lie that it's 'just like Bitcoin, but for different use cases'. *This is not a short time price prediction. If liquidity comes back in (expected very soon), hype and dumb money will come back and ETH might pump harder in the short term. However, long term it WILL fail.
Do watch this video from @jack mallers Bitcoin is money, while every other token is utility/commodity at best, and gambling at its worst. https://www.youtube.com/watch?v=--IFcOIEfl4
Sometime 3 hours is all you need if you are humble enough to #askNostr and actually listen 🤩 well done sir. 🫡 https://m.primal.net/KpRV.jpg
Well, in short, you’re missing more bitcoin.
https://www.youtube.com/watch?v=--IFcOIEfl4 Watch this please sir. You are missing more bitcoin. ETH is like a Vegan diet.
Btc is something that's been around for almost 10 years and is adopted world wide. It's a well trusted cryptocurrency.
With all due respect Dr. Berry, but if you haven't bothered to learn what makes Bitcoin special, then you're 'missing' the whole picture. To quote Saifedean Ammous: "ethereum is the mother asshole from which shitcoins spring from."
Missing... eth is probably useless.
Missing the forest for the trees.
I think everyone should hold a bit of monero as a hedge against Bitcoin not getting decent privacy. The neat part is that by holding (and using) monero it puts pressure on Bitcoin to implement privacy. This prevents governments creating white list of known Bitcoin and prevent unregulated permissionless use of Bitcoin.
