Anyone starting to notice yet,
— How the drainer scams, afaik, are never targetting Solana?
Ever wonder why that is?
Ever think of how huge of a difference that makes in the life of the typical crypto retard out there?
Ethereum:Windows::Solana:OSX
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— How the drainer scams, afaik, are never targetting Solana?
Ever wonder why that is?
Ever think of how huge of a difference that makes in the life of the typical crypto retard out there?
Ethereum:Windows::Solana:OSX
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
👀3💯1
Major reversal indeed.
Crashing hard.
Crypto always faking you out like that these days.
Hard pump in one direction before reversing hard in the totally opposite direction.
Feels like it didn’t used to be like that before the institutional money arrived.
Thanks Blackrock.
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
Crashing hard.
Crypto always faking you out like that these days.
Hard pump in one direction before reversing hard in the totally opposite direction.
Feels like it didn’t used to be like that before the institutional money arrived.
Thanks Blackrock.
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
👀5💯1
So yeah,
market gods have decided to lower the MVRV a little more more,
with these constant big fakeouts separating lots of amateurs from their coins, dropping the mvrv even more
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
market gods have decided to lower the MVRV a little more more,
with these constant big fakeouts separating lots of amateurs from their coins, dropping the mvrv even more
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
😨5
🚨 NOW: FTX bankruptcy plan approved by judge, customers to be paid out in cash
(1) Repaying customers in cash plus interest, based on November 2022 value of their crypto
= right at the BOTTOM, when $BTC was $22k and $SOL was $40
= Bad for FTX clients, irrelevant for crypto?
Irrelevant for crypto because they were always going to dump their crypto for cash in bankruptsy anyway, and in fact already did all of that dumping earlier this year via auctions that vest out over 4 years?
(2) FTX is dumping their holdings in woke AI company Anthropic
= Hilarious. But, apparently this deal already completed in June 2024.
Can see why this could’ve been an excuse for the market to take a mini-dump, but TBH looks like non-news, all that FTX crypto was already dumped long ago
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
(1) Repaying customers in cash plus interest, based on November 2022 value of their crypto
= right at the BOTTOM, when $BTC was $22k and $SOL was $40
= Bad for FTX clients, irrelevant for crypto?
Irrelevant for crypto because they were always going to dump their crypto for cash in bankruptsy anyway, and in fact already did all of that dumping earlier this year via auctions that vest out over 4 years?
(2) FTX is dumping their holdings in woke AI company Anthropic
= Hilarious. But, apparently this deal already completed in June 2024.
Can see why this could’ve been an excuse for the market to take a mini-dump, but TBH looks like non-news, all that FTX crypto was already dumped long ago
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
👀4
Ethereum is essentially the Titan sub of crypto,
As I’ve said for many years.
Remember, Satoshi easily had the technical ability to give Bitcoin arbitrary smart contracts,
BUT HE INTENTIONALLY CHOSE NOT TO,
INTENTIONALLY CRIPPLED ARBITRARY SMART CONTRACT ABILITY,
IN THE NAME OF SECURITY
Because he couldn’t figure out how to make arbitrary smart contracts secure, in the same sense that the built-in bitcoin accounting “dapp” is secure
EVERYONE in early Bitcoin, who’s being honest, knew this as well, it was blatantly obvious
Then Ethereum came along…
AND JUST REMOVED THAT SECURITY PROTECTION,
WITHOUT SOLVING THE SECURITY PROBLEM AT ALL
Ethereum was always a massive blatant scam,
in the same sense as any other engineering disaster that eventually arose from someone ignoring safety restrictions that had been put in place for good reason, while putting zero effort into solving the problems those safety mechanisms were put in place for
- Titan Sub: Everyone knew very well carbon fiber subs were a horrible idea prone to sudden catastrophic failure. Dude just ignored that restriction while doing nothing to solve the problem, then boom.
- 2008 financial crisis: Many financial restrictions, which were well known to be restrictions that should be observed in order to avoid a blow-up, prior to 2008, suddenly the industry stopped observing. Then boom.
Etc.
Countless examples of WELL-KNOWN saftey restrictions, whose role in preventing disaster was well understood —
and then one day an industry just decides to stop observing those obviously sensible restrictions,
and then things work well for a while,
and then boom.
Ethereum was exactly that.
0% innovation.
100% just removing a very well-established safety restriction, without any serious attempt at all of solving safety problems it was in place to protect against,
And then boom.
Ethereum will eventually be remembered in the same way that the retarded instruments of the financial crisis was, or the retardation of the Titan sub was
— the innovation was always obviously lies,
= Reality is Ethereum just tossed aside critical safety restrictions, lied about having solved the underlying safety problems that those were in place for, when really the had never even seriously tried to, then boom, inevitable disaster.
(Solana, FWIW, can partially be seen as much more restrictively extending what bitcoin could do — Essentially all Solana tokens that are tradable on the major dexes are just instances of 2 smart contracts! Incredibly restrictive. BUT, solana does some bad things by eliminating PoW, so as a whole a mixed bag, BUT in the area of programatic restriction and enabling automated verification of security of tokens, Solana’s huge step backward with restrictions here actually is huge step forward for security at the dapp layer vs Ethereum.)
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
As I’ve said for many years.
Remember, Satoshi easily had the technical ability to give Bitcoin arbitrary smart contracts,
BUT HE INTENTIONALLY CHOSE NOT TO,
INTENTIONALLY CRIPPLED ARBITRARY SMART CONTRACT ABILITY,
IN THE NAME OF SECURITY
Because he couldn’t figure out how to make arbitrary smart contracts secure, in the same sense that the built-in bitcoin accounting “dapp” is secure
EVERYONE in early Bitcoin, who’s being honest, knew this as well, it was blatantly obvious
Then Ethereum came along…
AND JUST REMOVED THAT SECURITY PROTECTION,
WITHOUT SOLVING THE SECURITY PROBLEM AT ALL
Ethereum was always a massive blatant scam,
in the same sense as any other engineering disaster that eventually arose from someone ignoring safety restrictions that had been put in place for good reason, while putting zero effort into solving the problems those safety mechanisms were put in place for
- Titan Sub: Everyone knew very well carbon fiber subs were a horrible idea prone to sudden catastrophic failure. Dude just ignored that restriction while doing nothing to solve the problem, then boom.
- 2008 financial crisis: Many financial restrictions, which were well known to be restrictions that should be observed in order to avoid a blow-up, prior to 2008, suddenly the industry stopped observing. Then boom.
Etc.
Countless examples of WELL-KNOWN saftey restrictions, whose role in preventing disaster was well understood —
and then one day an industry just decides to stop observing those obviously sensible restrictions,
and then things work well for a while,
and then boom.
Ethereum was exactly that.
0% innovation.
100% just removing a very well-established safety restriction, without any serious attempt at all of solving safety problems it was in place to protect against,
And then boom.
Ethereum will eventually be remembered in the same way that the retarded instruments of the financial crisis was, or the retardation of the Titan sub was
— the innovation was always obviously lies,
= Reality is Ethereum just tossed aside critical safety restrictions, lied about having solved the underlying safety problems that those were in place for, when really the had never even seriously tried to, then boom, inevitable disaster.
(Solana, FWIW, can partially be seen as much more restrictively extending what bitcoin could do — Essentially all Solana tokens that are tradable on the major dexes are just instances of 2 smart contracts! Incredibly restrictive. BUT, solana does some bad things by eliminating PoW, so as a whole a mixed bag, BUT in the area of programatic restriction and enabling automated verification of security of tokens, Solana’s huge step backward with restrictions here actually is huge step forward for security at the dapp layer vs Ethereum.)
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
💯7👀1
Since Nick Szabo is in the spotlight again, here’s some my highlights from many years ago, of his 1996 “Smart Contracts” article.
So it starts of INCREDIBLY well,
Correctly listing out many critical properties that a legitimate generalized smart contract platform of the future absolutely must fulfill,
— Properties which later scams like Ethereum OBVIOUSLY AND HORRIBLY VIOLATE, and remember this was 1996, so Ethereum’s BS was well recognized decades before Ethereum even existed.
But then, deeper into the article, he starts to slip:
“A third category, (c) sophisticated vandalism (where the vandals can and are willing to sacrifice substantial resources), for example a military attack by third parties, is of a special and difficult kind that doesn't often arise in typical contracting, so that we can place it in a separate category and ignore it here”
— NO. This was a common cop-out of the reputation-system focused approaches of the late 90s and early 2000s, to just ignore threat of attacks from rich countries, so can see why he would also use this cop-out, but no. Critical thing about Bitcoin its making cost to kill so incredibly expensive that soon not even the richest nations could kill it, a state that Bitcoin is finally arriving at and surpassing today.
And then futher down, starting in the “Cryptographic Building Blocks” section, he swirves wildly off-track, describing the horribly wrong identity-based and reputation-based approaches that were a popular path of exploration at the time, a completely different path than the one Bitcoin ultimately took.
So,
First half clearly shows that Szabo, like some others at the time, had exactly the right intuitions for what properties a legit system should have,
Latter half goes horribly off-track in the wrong direction
— Question is:
In the 10 years after this paper, did Szabo abandon the failed approach of the 2nd half of the paper,
and switch back to something actually fulfilling the properties he outlined in the 1st half,
= creating Bitcoin?
Unclear, by this alone.
Tbf, other mega-celebrities in the field around the same time in the 90s, e.g. Bruce Schneier, had also been screaming the importance of the cost-of-attack based approach instead of the identity & reputation-based approach.
So Szabo’s first half of the article here is quite well thought-out, and quite against the dominant grain of much of the field at the time — but actually not so original and totally matching some of the other loudest celebrities at the time.
Unclear, as far as evidence of Szabo being Satoshi.
That said, remains a good outline of why Ethereum was a horrible scam, to this day.
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
So it starts of INCREDIBLY well,
Correctly listing out many critical properties that a legitimate generalized smart contract platform of the future absolutely must fulfill,
— Properties which later scams like Ethereum OBVIOUSLY AND HORRIBLY VIOLATE, and remember this was 1996, so Ethereum’s BS was well recognized decades before Ethereum even existed.
But then, deeper into the article, he starts to slip:
“A third category, (c) sophisticated vandalism (where the vandals can and are willing to sacrifice substantial resources), for example a military attack by third parties, is of a special and difficult kind that doesn't often arise in typical contracting, so that we can place it in a separate category and ignore it here”
— NO. This was a common cop-out of the reputation-system focused approaches of the late 90s and early 2000s, to just ignore threat of attacks from rich countries, so can see why he would also use this cop-out, but no. Critical thing about Bitcoin its making cost to kill so incredibly expensive that soon not even the richest nations could kill it, a state that Bitcoin is finally arriving at and surpassing today.
And then futher down, starting in the “Cryptographic Building Blocks” section, he swirves wildly off-track, describing the horribly wrong identity-based and reputation-based approaches that were a popular path of exploration at the time, a completely different path than the one Bitcoin ultimately took.
So,
First half clearly shows that Szabo, like some others at the time, had exactly the right intuitions for what properties a legit system should have,
Latter half goes horribly off-track in the wrong direction
— Question is:
In the 10 years after this paper, did Szabo abandon the failed approach of the 2nd half of the paper,
and switch back to something actually fulfilling the properties he outlined in the 1st half,
= creating Bitcoin?
Unclear, by this alone.
Tbf, other mega-celebrities in the field around the same time in the 90s, e.g. Bruce Schneier, had also been screaming the importance of the cost-of-attack based approach instead of the identity & reputation-based approach.
So Szabo’s first half of the article here is quite well thought-out, and quite against the dominant grain of much of the field at the time — but actually not so original and totally matching some of the other loudest celebrities at the time.
Unclear, as far as evidence of Szabo being Satoshi.
That said, remains a good outline of why Ethereum was a horrible scam, to this day.
🄳🄾🄾🄼🄿🄾🅂🅃🄸🄽🄶
💯5🫡3🏆2👀2👏1