Cryptocurrency

Is Ethereum a sh*t coin? – Bitcoin Maximalist answers | Saifedean Ammous and Lex Fridman



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GUEST BIO:
Saifedean Ammous is an Austrian economist and author of The Bitcoin Standard and The Fiat Standard.

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45 Comments

  3. Kaloscopy

    It is funny how this guy says regarding VR “I don’t want to spend my day with something strapped to my head.” But completely forgets the fact that he spend 4 hours or more each day twisting his nick downwards to stare at a smartphone or PC screen.

  6. Team FroZen Gaming

    This dude is like the guys who don’t beleive in bitcoin. Closed minded and bases the value of things on what they currently are. Bitcoin isn’t shit right now. All it does is consume a Ton of energy. So if he used the same way of thinking he has on eth, on btc he would look ridiculous. I think the reason for his opinion is the fear of eth becoming more useful to the world than btc. I think decentralization around btc can be heavily debated. And a blockchain that started off as poW and switching to PoS is the Most optimized solution for decentralizing a blockchain

  8. Danny Archer

    I understand proof of work. It's the equivalent of knowing that if you're a holding a gold in your hands, you know that someone, somewhere dug the gold out of the ground and refined it some time in the past.

    Can someone extend the gold metaphor to explain proof of stake for me? Is that like a dollar bill prior to August 15, 1971 confirming that I own a certain fraction of the Fed's gold reserves?

  12. Thas silo

    Lex mentioned briefly mentions a possible solution at 8:55. Cardano has a working proof a stake system with smart contracts, is one of the most decentralized blockchains – on many metrics – and is just in the process of finalizing their fully community driven decentralized governance with many parts already operational on main net – including project funding via catalyst.
    I still have – by far – most confidence in Bitcoin, but Cardano for me is Bitcoin 3.0 with very similar design decisions. I hope it works out!

  14. Steve P M

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  17. Zettelkasten Dev

    I love this. Prrof of Work is a true invention that managed to „tame“ human greed and make it work for the security of the blockchain. The POW is the true genious of Satoshi Nakamoto, everything else, chained blocks, hashed cash etc has been around before that. It was the POW that birthed the bitcoin revolution.

  25. Neon Midnight

    I don't agree with the guest this time around, ideas around what's the right way to do distributed digital currency be it blockchain or subsets of its implementation are mostly questions of conflict of interest. Most participants religiously believe whatever is in their interest, in my opinion. It's easy discredit this statement too until you yourself start buying specific coins.

  28. WYSIWYG

    Some moving of goal posts in this conversation. Proof of stake has not worked in the wild. Well, ok it can work in the wild, but only if it's centralized.

  29. Tolerating Uncertainty

    Interesting discussion. I'm glad Lex pushed back a bit. The comparison to AI is an interesting one. Proof of Stake coins are still in their infancy and their application is unknown. But Saifedean is clearly dogmatic in his thinking about other cryptos. I think Lex was spot on about how btc maxis can get annoyed from legitimate sh*tcoins and ignore the possibility that maybe a handful of PoS coins will actually have real utility. I agree Bitcoin is a great asset in many ways, but that doesn't mean PoS coins can't have value in solving different types of problems.

  30. Carson Calderwood

    I wish Lex would have pushed back more because there's some obvious holes in his argument and that's why he started talking about biases because this guy can't see over his own biases to give a well thought out rational argument

  32. Brav3heart Halo

    BTC maxis are the biggest threat to btc. Instead of being welcoming and understanding, they shame everything. Everyone already knows BTC is king. If you want people to further embrace it, don’t call everything else “shit”.

    BTC is always talks about “no speedy trial” yet make fun of Ethereum for taking their time with ETH 2.0. It’s not vaporware, it’s already running in parallel to the main chain with a test merge successfully completed. If that’s vaporware, so is lighting network. All those “bitcoin dexs” are vaporware too. This man’s arguments are full of holes. I love bitcoin but I can’t stand these maxis.

  33. Brav3heart Halo

    Still waiting for a dApp to emerge? What a joke. dApps exist with more users than bitcoin has lmfao. Yes there are a lot of BTC holders but no one is using it. This guy is the worst of the worst of the BTC community. To act like ETH and BTC can’t coexist is a joke.

  36. H M

    I have no idea who this guy is. Seems smart, but boy does he come across like a bitter arrogant asshole. He was so annoying that he literally made me sit and reflect if I ever sound like this when I assume I have more knowledge than others on a subject. Fuck I hope not

  37. Bemkyy

    It seems like almost every single Bitcoin maximalist is a rampant anarcho-capitalist and they don't like the idea that we care more about the decentralizing governance aspect of crypto than their narrow capitalist money fantasy

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    When it comes to the world of investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance 💯

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