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In this video, I discuss how Ethereum has become a US government-captured coin since the Merge.
As predicted, moving from proof of work to proof of stake has led to just a few validators controlling the protocol. And a majority of those validators are enforcing government compliance on blocks that they validate.
Ethereum culture has been broken from the very beginning:
— “Buy our pre-mined token”
— “Let’s move to proof of stake to consolidate control”
— “Don’t bother running your own node. Let Infura do it for you and trust them instead.”
And now Ethereum will never be able to return from the Merge.
The biggest question now is whether Vitalik will slash validators who censor (as he promised to do in August), which will disproportionately hurt retail investors who have staked their ETH at large validators like Coinbase, Kraken, and Lido.
Not investment advice! Consult a financial advisor.
My prediction about Ethereum becoming captured:
Prediction comes true:
https://decrypt.co/109901/big-firms-dominate-post-merge-ethereum-validation
In the last 24hrs 51% of ETH blocks were censored and OFAC compliant:
In the last 24hrs 51% of ETH blocks were censored and OFAC compliant.
byu/TheBoneSmasher inethereum
OFAC:
https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information
Post-Merge Daily OFAC Compliant Blocks charts:
https://www.mevwatch.info/
Even Ethereans are figuring this out:
We reached another sad milestone in censorship: 51%
This means if the censoring validators would now stop attesting to non-censoring blocks they would eventually form the canonical, 100% censoring chain. pic.twitter.com/JrYUjowLpt— Martin Kรถppelmann ๐ฆ๐ณ (@koeppelmann) October 14, 2022
Vitalik thinks it’s weird for everyone to run their own node:
The idea of average users personally validating the entire history of the system is a weird mountain man fantasy. There, I said it.
— vitalik.eth (@VitalikButerin) June 9, 2017
Will Vitalik make good on his promise and slash validators who censor?
Vitalik Buterin Is Ready to Burn Validators’ Stakes via Social Consensus If They Tolerate Censorship
Ethereum Successfully Castrates Itself:
Bitcoin maxi chad vs. virgin newb coiner meme:
https://pbs.twimg.com/media/Ec8GpOXXYAAz2rW.jpg
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#ethereum
#merge
#bitcoin
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20 Comments
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I mean if you want proof of stake government friendly crypto coins just go with Cardano ADA. That's been its game since the beginning. Psychologically it's a lot easier to see 1000+ Ada than one ETC in the old wallet. Just a better size for what it is.
I agree that Bitcoin Is the Best cryptocurrency but isnt it posible that because Ether Is now a government controlled coin, It could increase its value because It could become the so called standard cryptocoin?
To this day…personal users still easily validate BTC blocks. Easily done with a Raspberry Pi and Umbrel. ETH is a trainwreck and POS coin. (Piece of S**t)
Thanks Matthew. I got rid of most of my ETH recently (just 1 left) and will probably sell and take the loss. I'm a relative newbie so definitely learning the hard way. However, with you at the helm of this ship for so many of us, we'll definitely get there. Keep up the great work!
This video should be titled "I told you so"
Itโs hilarious that the people behind Ethereum thought the media had their backs with the whole ESG narrative. But the moment they actually proceeded with the merge theyโre being slammed for being too centralized. Itโs beyond funny.
Why do you say Monero is a Trojan Horse?
I need eth to pump so I can get another btc
Be careful. Ethereum being controlled might give it a huge boost for while before people realize the issues. The only people who will leave ethereum are those who care about these issues. A lot of gaming is connected to ethereum so that won't be an issue at all. Don't get stuck focusing on ethereum as money or privacy.
Mathew, I'd really appreciate some videos on how to combat the issues surrounding this. Specifically, how can POS be used and still avoid censorship? If at all? (maybe sophisticated Dao, like requiring super majority?) also, how to address bad actors? (like, I personally think finances shouldn't be where we fight "terrorists", but I don't know if that is tenable). I would like it to be the job of any protocol to focus on protecting itself from exploitation, and find ways outside of crypto to deal with anything else).
Is kadena a contender? Or just as prone to control by a central entity despite having proof of work?
Of course, here's the big question, why is it that Vitalik get's to slash people who censor transactions? If a single man can decide when people are stepping out of line, how is that anything other than a dictatorship? No decentralization to be seen here.
If Bitcoin is for the next 1000 yrs, then so is the favor your earning among fellow bitcoiners.
If staked validator ETH were to get slashed, what effect would that have on the price of unstated ETH?
I discovered crypto in 2015 and started watching my money grow overnight. And just like a lot of newbies I found a world of other coins and thought I was gonna get rich. I joined the XRPEE Army and bought many other coins. Slowly over the next few years I began to pull back and putting everything back into BTC. Now 99% of my crypto holdings are BTC. Except one thing. I staked my ETH with Coinbase. Now I'm sitting and watching what could be several bitcoins slowly fade away. It's by far the biggest mistake I have made in my experience. And I am livid. Will I ever be able to take possession of my ETH?
Do you think there is a similarity in proof of work consensus systems where hash rate can fall under the jurisdiction of a particular area and do the same thing? Letโs say The G7 or the FATF state all hash rate must follow XZY regulated rules? If you think well canโt they just move, can eth holders not do the same and stake elsewhere? Thanks for the video btw.
Bitcoinโs value is derived from the โworkโ or electricity required to mine it and maintain the ledger. You need not work to earn Ethereum as a staker. Thus it mirrors fiat, and is the antithesis of Bitcoin.
what you think about FLUX? its a really Great Project. POW coin with Masternodes that runs a Cloud compute for Web3… Really Great Tech and Very close to Bitcoin in how it launched with no premine and no Vc $…. Eth is DEAD!
Dogecoin is the #2 Proof-of-Work chain by market cap ….