Altcoins, DeFi thread

[xraygoggles]

https://etherscan.io/tx/0xf22e8254c3...679bd107c828a1

just the ETH foundation moving 20k ether to an exchange to sell. similar to the 35k they moved 6 mos ago

Fud

[jacoavlu]

Fud

fud, don't understand. it's just a factual statement presented without comment

[xraygoggles]

fud, don't understand. it's just a factual statement presented without comment

Ya, I'm jk. Anyways, I don't pay much attention to short-term moves. Just like with Btc, you need to hold Eth for the long term if you believe in its potential.

[jacoavlu]

short term implication wasn't even the point i'm passively aggressively making. quite the opposite matter of fact

people need to realize btc and eth (and all other similar tokens) are very different things

[xraygoggles]

short term implication wasn't even the point i'm passively aggressively making. quite the opposite matter of fact

people need to realize btc and eth (and all other similar tokens) are very different things

Yes true. Bitcoin is now cemented as a store of value. That's indisputable.

Ether is hoping to be programmable money, with some aspects of value storage, but not the same thing.

[Dusn]

Anyone have any opinions about Solana?

(sorry if I’m not allowed to post about solana on a Bitcoin thread. Didn’t want to start a new crypto thread for something most people won’t care about).

[CordMcNally]

Anyone have any opinions about Solana?

(sorry if I’m not allowed to post about solana on a Bitcoin thread. Didn’t want to start a new crypto thread for something most people won’t care about).

I wish I would have bought some when they were talking about it on the Animal Spirits podcast back in like March or April.

[jacoavlu]

Anyone have any opinions about Solana?

(sorry if I’m not allowed to post about solana on a Bitcoin thread. Didn’t want to start a new crypto thread for something most people won’t care about).

heavily VC backed (owned). look at it like any other tech startup company. best to try to understand the problem they’re trying to solve. and who else is trying to solve the same problem.

[Panscan]

Anyone have any opinions about Solana?

(sorry if I’m not allowed to post about solana on a Bitcoin thread. Didn’t want to start a new crypto thread for something most people won’t care about).

Not sure if it will win but some other L1 besides eth will likely handle majority of financial transaction based stuff. Eth gas fees are a joke and have been for years , still without significant progress. The fundamentals of eth are just wrong. I think some kind of chain more centralized than eth , which essentially correlates with txn speed and cost will likely win in that aspect of the crypto. Solana may be too far to the other extreme , not sure.

[Panscan]

Basic aspects of eth in terms of txn failing and losing fees are just incompatible with actual handling significant amounts of volume aside of non crazy times. Let me pay 100 bucks to send someone 20 bucks and then when the transaction fails because the network is saturated I lose my 100 bucks. It is frankly a joke.

some eth upgrade that will fix everything is always around the corner, yet never actually happens.

[xraygoggles]

Anyone have any opinions about Solana?

(sorry if I’m not allowed to post about solana on a Bitcoin thread. Didn’t want to start a new crypto thread for something most people won’t care about).

Vitalik, the creator of Ethereum, described the trilemma of blockchain network creation, which essentially says that you can't increase the capacity of a network or the # of nodes without sacrificing decentralization or security. It's a zero sum game between decentralization, security, and performance.

Solana sacrifices decentralization for high performance (speed) with very low transaction costs (pennies or less). It will take up some significant market share from Ethereum network in the long run, that seems clear.

Also, another metric to look at is developer activity, which is currently highest on Solana, due to the low fees/fast performance. Some Eth developers are even switching over, but I still think the network effects and funding on the Eth network is too strong to be completely overtaken by any other L1 chain.

[jacoavlu]

yeah blockchains are not efficient. if you want speed and cheapness and high bandwidth the trend will be toward centralization, think AWS. which is perfectly fine for many applications.

money as in a hard money asset happens to be one thing where decentralization and security matters far more than fast block times and large size blocks

[xraygoggles]

Store of value, inflation, etc: it's all relative.

[jacoavlu]

Store of value, inflation, etc: it's all relative.

doge has far outperformed both

[xraygoggles]

doge has far outperformed both

& Shib has far outperformed Doge.