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@ercwl Here’s what you say: I was wrong to accuse RH of knowingly evading arrest and therefore insidiously lying to his followers. Also, I don’t understand the complex math of a potential hex collapse anymore that Pete schiff understands the math of a potential Bitcoin collapse.
gonna have to walk back some comments i made about Arbitrum previously
pretext: i don't have any financial exposure to arbitrum (beyond a $4,000 airdrop). in fact, i have much greater financial exposure in their competitors and i'm employed by the starknet foundation (another competitor).
however, i know many of the people working at arbitrum and many of them have my respect. i hold them in very high esteem.
as someone who works with L2 rollup governance, i am seriously impressed by the work the arbitrum team has done with regard to giving on-chain control to material aspects about how Arbitrum operates to the DAO. they've gone further and above and beyond their competitors.
the AIP-1 snapshot vote (which is not an onchain enforceable vote, onchain votes happen on tally) was obviously a huge blunder by the team, since the 750M tokens were already in control by the Foundation, and 10M were sold before the vote could pass
this is understandably hugely concerning. and it's good that people are concerned.
when i think about my role on twitter, i try to amplify the perspective that i don't think is getting enough attention, and it saddens me to see how the Arbitrum team is catching so much flak when i know the only reason they got into this mess was because they tried to be "too decentralized" (the foundation's allocation could just have been set in stone and not up for a "vote", like all other L2s do it)
but that's no reason for me to not to call a spade a spade though
as it currently stands, there is a 9/12 multisig called "the security council". the security council can force immediate code upgrades without input from the DAO.
the security council is an admin key.
while the DAO can replace security council members or disable the council entirely, and while the constitution "forbids" the security council to use their emergency powers for something that isn't a security vulnerability, at the end of the day, the security council has the ability to force upgrades that can nullify powers of the DAO. they have final say. they are an admin key.
whether this is good or bad gets a little hairy. bare with me here
indeed, how could this be acceptable here, when i'm known for absolutely trashing projects that have centralized points of control? what does it matter that it's an L2?
i understand that this seems hypocritical. eventually i *do* want the security council to be eliminated. but i do not believe rollups are mature enough (sigh)
i believe that fraud proofs and validity proofs still need more time to be tested before we throw away the upgrade keys completely.
my perspective on this has been impacted given all the bridge hacks we've seen lately, some extremely sophisticated ones, run by competent teams.
the reason why i think it's different for an alt-l1 and an L2 is that in e.g. solana's case, i know that the base validators can coordinate together and push an upgrade if there is an emergency.
even in ethereum's case, it is possible for the execution and consensus client teams to push emergency-patched client software
but it is not currently in the realm of possibilities that ethereum L1 clients would push an upgrade to rescue a specific rollup team. that would be a DAO-like event that the ethereum ecosystem has frankly evolved beyond from at this point. that means that rollup teams cannot use social coordination to save themselves in emergency situations.
for that reason, i personally think having a security council that you phase out gradually is the least terrible option... if i had to choose.
think what you will of this, these are my honest thoughts. i don't offer anything else.
@ercwl Timing 1 pump correctly (I sold at 12c too) doesn’t excuse you missing the party for 3 years. I don’t know of any RH subpoena, I do know you said he was knowingly avoiding america for fear of arrest, and pretended hex was uniquely positioned to be a security. Hint: it isn’t.
@sixeyes2000@IOHK_Charles If creative teams don’t like using Haskell - which I don’t think they do - it kinda seems like you need Eth/solidity to fail for ada to be successful
New releases pushed out for both Lighthouse-Pulse and Erigon-Pulse based on latest upstream releases.
PulseChain.com news!
The Lighthouse validator issue is fixed - validators running Lighthouse on V3 should update!
gitlab.com/pulsechaincom/…gitlab.com/pulsechaincom/…
@TrustlessState@bankless Maybe you should apologize to Richard heart who easily got MORE of those kinds of things right and who’s coin is the best performer of 2023?
Sometimes I feel @bankless should victory lap more often
We ignored Solana, Avalanche, and Terra during the bull, where we got labeled as "Blind ETH Maxis"
SOL down 80% vs ETH. AVAX down 70%. LUNA @ 0
All for the reasons we said they'd be.
Meanwhile, we focused on L2s. Our listeners disproportionally got $OP and $ARB drops versus other media orgs. And we pounded the table about cross-L1 bridge risk.
We got so much shit in the 2nd half of 2021. We legit questioned whether we were out of touch. And maybe we were. But Ryan and I decided that Bankless is for making content about things we believe in, not what people want us to believe.
This has been to the great benefit of all of our listeners so far. All the choices we've about @bankless, I would make again, immediately.
We're not perfect, but neither is this industry.
I only hope we can continue this track record.
@ercwl But shouldn’t a smart guy like you be able to acknowledge that 3 years of factually incorrect assumptions about the best chart in crypto deserves more self reflection? It didn’t go to zero. He didn’t rug pull. Gensler thinks all coins are securities.
I removed my pinned tweet solely because it had the word bragging in it, and I'm all about humility now. Or working towards it, as old habits die hard.
The U.S. may be on the verge of another financial crisis. If so, the #Fed may return to QE by the end of this month. This should send the dollar tanking and commodities soaring, especially #gold. This could turn the financial crisis into a U.S. dollar and sovereign debt crisis.