Watching eth stakeholders make every mistake bitcoiners have intentionally avoided is gold.
Provides clear context re: the value prop of bitcoin compared to altcoins. Now we have a perfect case study to point to when questioned whether bitcoin's current path forward is the best option:
-Move slow, and conservative.
-Prioritize censorship resistance and robustness.
-Scale using layers.
-Avoid hard forks at all cost.
-Don't fuck with supply schedule.
-Keep it simple, stupid.
@mattodell Measure twice, cut once; go slow to go fast; and KISS were said so often by me to my kids that they live them without thinking about it. However, the one saying that will make it to my headstone, they say, is "Drink more water." :)
@mattodell I can't wait for #ETH 's #shardyoursocks moment. Its coming. They have no idea how to bolt on a chimera hybrid of Proof-of-Stake and Proof-of-Work. Sure, plenty of papers and self-congratulatory articles, but none of them have been done at scale, so they'll just pop that turd right on the main chain and hope for the best. That's my impression, anyway. I'm losing respect for #vitalikbuterin every day, from his #bcash shennanigans to his inept management of his #shitcoin
@mattodell insane how short sighted fiddling with monetary policy is.
if 60% of ETH are staked, and ETH grows at 3% a year, you'd need 21% inflation to give stakers a 15% yield (the minimum any serious allocator would demand for an asset on that risk spectrum)
it is inevitable that high inflation is reintroduced
I'm curious, where do you get the 60% stake number from? Are there are POS systems deployed that can be used as a reference for a percentage of coins staked?
Interesting to consider the rate of issuance would affect % of coins staked. I hadn't thought about that before, but it seems obvious now