ef3 retweeted
please if you are in crypto, and *especially* if you are in Ethereum, read this thread
it's a 'nature is healing' moment from Vitalik and is saying so much of what a bunch of us ETH holders have believed for years...even some of the REV maxis from last cycle are having a similar realization now with Zcash
P.S.: I think on fundamentals ETH can be a much better SoV than both ZEC and BTC, though I'm in ZEC now as well...the fundamental question is whether smart contracts are a help or hindrance to SoV (and Vitalik himself lays out the dilemma well below) and there is a bunch of theory around this, but I lean that net/net they are a help because it means you potentially never have to exit that hard-money CROPS ecosystem to use your money privately & keep it private...and *use* means more than just 'spending' . . .
Expanding on why I believe "ETH as store of value (SoV)" makes much more sense to focus on than "ETH as fee-burning token".
Three primary reasons:
1. ETH as fee-burning token never was as strong as it seemed
2. Optimizing for ETH as fee-burning token would demand Ethereum and ETH function in ways that are very hard to make compatible with decentralization and capture resistance.
3. Meanwhile, optimizing for ETH as SoV is aligned with Ethereum focusing on its unique strengths (decentralization and CROPS)
EIP-1559 (including its burn) is fine and good, we should keep them. But we should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere.
The core idea: the big thing that people appreciate about Ethereum is decentralization and CROPS. The main pragmatic benefit that these things translate into is stability. SoV is the category where that is not an unneeded extra we merely put effort into for ideological reasons, but rather a pragmatic strength from the perspective of people putting in their assets. And in the era of AI disruption, stability will be highly valued.
ef3 retweeted
Expanding on why I believe "ETH as store of value (SoV)" makes much more sense to focus on than "ETH as fee-burning token".
Three primary reasons:
1. ETH as fee-burning token never was as strong as it seemed
2. Optimizing for ETH as fee-burning token would demand Ethereum and ETH function in ways that are very hard to make compatible with decentralization and capture resistance.
3. Meanwhile, optimizing for ETH as SoV is aligned with Ethereum focusing on its unique strengths (decentralization and CROPS)
EIP-1559 (including its burn) is fine and good, we should keep them. But we should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere.
The core idea: the big thing that people appreciate about Ethereum is decentralization and CROPS. The main pragmatic benefit that these things translate into is stability. SoV is the category where that is not an unneeded extra we merely put effort into for ideological reasons, but rather a pragmatic strength from the perspective of people putting in their assets. And in the era of AI disruption, stability will be highly valued.
ef3 retweeted
The real difference between $XMR and $ZEC isn’t the tech.
It’s who actually holds the coins.
$XMR has been at billions for years. The supply is in the hands of people who’ve been waiting for banks to get hacked and governments to crack down. That moment is starting now and they’ll simply never sell their coins.
$ZEC lately got pushed to billions by some opportunists and @Mert, who brought the Solana degens into $ZEC. They’re the best at farming engagement on X, and that’s how he’s getting his exit liquidity right now. They’re already distributing and dumping into the narrative, while $XMR is just waking up for the moment it’s waited for since its creation.
That’s why $XMR will lead the future of privacy and hacking. Not even close.
ef3 retweeted
Haven't been adding net new capital to crypto (just recycled gains) the last year or two. Exception being $XMR.
What I like about it is the coin has history, one of few projects with true Cypherpunk ethos, a vibrant community, relatively detached from 'crypto' and still used in transactions. Feels a lot like the old days.
And to add, the quarterly chart is 🤌
ef3 retweeted
Right now the $XMR community has 4 groups:
The anarchists who treat privacy as religion. They hate the government and don’t like paying taxes.
The tech people who build apps and websites. Most are active on Reddit. They hate exchanges and use OTC or atomic swaps to buy and sell Monero.
The onion ones: they sell stuff on the dark net. Most have X accounts with 3 followers and never interact. They like the tech but are mainly here for business.
The retarded ones who think Monero could reach $10.000 next year. They are the most active on X; 80% don’t know how Monero works.
I’m one of those retarded 🤞🤠
Love you all
ef3 retweeted
Zcash is Bitcoin, if Bitcoin:
∙ Took VC seed funding before launch
∙ Relied on a trusted setup
∙ Pre-mined 2 million coins
∙ Formed a corporation it funneled money to
∙ Was highly centralised
∙ Had an inflation bug looming
∙ Was AML-compliant
∙ & essentially no users
ef3 retweeted
Wealth isn’t only having money. It’s having money that preserves your ability to say no. monero:native
ef3 retweeted
I'll take "If it weren't for people needing privacy, XMR would be $100 right now"
over
"If it weren't for CEOs, venture capitalists, regulators, centralized exchange listings, optional transparency, ETFs, and governments, ZEC would be $100 right now."
any day.
ef3 retweeted
You are not "creating millionaires" by pumping zero sum tokens
You are redistributing wealth from many to a select few
I never understood how people can act like they're doing sth good, at best it's neutral, at worst a bunch of bad actors rake in 90%+ of their followers money
