I guess most Ethereum users are unaware of the fact that once the $ETH amount earned by these centralized L2s exceeds the $ETH amount earned by L1 validators, Ethereum, as a decentralized PoS system, will be totally toast 🍞

$673k — Base made on its custodial L2 in one day
−
$2.5k — Base paid in L1 fees
=
$671.5k — Stolen from L1 validators and the security budget + increased $ETH issuance (i.e. stolen from all hodlers)

L2 scaling on top of a crippled L1 is the largest attack ever on L1 security.

I wonder what Ethereum validators think about this 🤔

This revenue should've gone to them in order to secure the blockchain, not to Coinbase.

The Foundation has decided to scale Ethereum via custodial corporate L2s, which now earn millions while solo stakers barely survive.

Meanwhile, Bitcoin hits its 1 MB base block size limit. And, you thought waiting ten days for a confirmation was fast!

Another win for Monero! 💪

I've been predicting this for a long time. All these 'D'EXs, 'decentralized' L2s, and other 'D'AOs are not decentralized at all.

When you issue a governance token and leave 50%+ of it to yourself, it's not 'decentralized', it's a scam.

A real DEX doesn't need to have a token.

Using Lightning Network? Get ready for your KYC data to be sold on the Darknet! ⚡️

Bitcoin Core is the most centralized component of Bitcoin and the easiest to capture. Obviously, these agencies want to know more.

Bitcoin Core is the most dangerous threat to Bitcoin and it should be disbanded.

I just love it when they say 'some technical obstacles' while in fact it's 'unsolvable fundamental issues' 🤪

L2s don't scale L1. L2s are totally separate products with totally different risk profiles.

See, it's almost 51%. Perhaps we should decrease the block size to 100 kB. Bitcoin has become too centralized because the blocks are so huge! 🤔

'Custodial Lightning is a magical experience' 🙈

This was predicted 9 years ago by big blockers: Lightning was never supposed to work non-custodially.

The only business model behind banks investing millions into Lightning is to become Bitcoin banks, earn on fees, impose KYC.

If this debate happens, the host should definitely ask about the security budget issue. Bitcoin can't stay secure with small blocks and no emission at the same time. Preparing my 🍿!

I guess this has something to do with
1) Bitcoin hasn't scaled: Lightning and other Core plans have utterly failed
2) Not only Bitcoin can't be used as a MoE, it can work as a reliable SoV for only ~10 million people
3) Bitcoin is becoming ~50% less secure with each halving

While I agree with the sentiment — Ethereum's emission has been highly unpredictable since the very beginning due to constant changes to the protocol — Bitcoin isn't better here either due to the security budget issue.

Just as a reminder, on the halving day this April Bitcoin's…

That's a nice addition to the existing CBI program. An interesting question is what happens if you decide to leave the country after, say, a year? Do they burn your free passport? 😅 But even this would be a much better deal than in other countries where you have to wait first.

People are finding flaws in the BitVM bridge design, getting some technobabble in response, asking additional questions to clarify, getting banned 🤪

/r/Bitcoin vibezzzzz 🎶

One thing to keep in mind when you're reading about Bitcoin scaling wars! 👇

Small blockers have a clear business model profiting off limiting the block size: building custodial L2s and earning on fees.

Big blockers are altruists: they don't have any business model whatsoever.

The more complex a system is, the more likely it has a major flaw. BitVM is just another elaborate hoax like Lightning.

Bitcoin should be scaled on-chain: it's the most simple way possible without any hidden downsides.