iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
189 Blog Posts

A Primer On ETH

Vitalik Buterin was a barely 21 year old contributor with Bitcoin Magazine when he approached BTC Core about ideas he had for computation on BTC. By this time BTC was under control of Blockstream who were not interested in Vitalik’s project so they blew him off. Vitalik took his ideas and created Ethereum because his project was hamstrung by the limits Blockstream imposed on BTC.

That is the origin of Ethereum in a nutshell. BTC was being throttled and op codes (pieces of script present since the beginning of BitCoin) were being removed so Vitalik created Ethereum to fill the gap with ability to do computations.

I will give credit where it’s due. Creating Ethereum was a bold step from Vitalik and quite an accomplishment for his age. However, Ethereum is fundamentally flawed. Ethereum requires Gas to run computations. ETH has no halting mechanism so the ETH network will run a transaction computation until the gas attached to the transaction is exhausted or the transaction completes. This is very problematic for a global network. Fees are high, scaling is non existent and ETH is flirting with structural changes that hardcore ETH devs are skepitcal will ever launch.

The success of Ethereum and Litecoin led to an explosion of Shitcoins. We have thousands of coins and just as many “Crypto experts” with YouTube channels. The entire market is built on getting everything wrong about BitCoin. I estimate less than 5% of the “experts” understand what they are talking about.

What’s been missing is the knowledge that BitCoin is Turing Complete. Turing Complete means using native BitCoin script you can calculate any calculable number. This includes creating Smart Contracts or any other type of transaction. BitCoin can do it all as originally designed and does it in a way that avoids the problems of Ethereum.

BTC was not a hobby project. It was a decades in the making intellectual masterpiece. Well, until Blockstream got involved.

The problem is that BTC was stripped of it’s functionality, limited to small blocks and saddled with high fees by Blockstream so they could promote their own products. Here is the Blockstream white paper for reference of their vision for BTC in 2014. Enabling Blockchain Innovations with Pegged Sidechains

BSV removed the limits imposed by Blockstream and restored the missing op codes because there was a small group of people who understood the true power of BitCoin. BSV can do everything any other coin can do at low cost, nearly instantly and at large scale.

Do you understand now why I have been pro BSV on this blog through all the bullshit since 2017?

Ethereum is enjoying a lot of publicity and ridiculous gains at $3,000+. However, the truth is spreading about BSV vs Crypto and Ethereum. BSV will soon overtake all of it.

Here’s an Ethereum dev talking about Craig Wright and BSV. It’s a very good collection of videos spanning several years.

My timeframe for BSV assuming dominance is off by more than a year. Meanwhile BTC has gone on a huge run. It’s disgusting to watch if you understand what is at stake: honest money.

Maybe I’m a fool to be optimistic that the game isn’t rigged. Is the idea of a global honest money an unrealistic idea or will it be … Just Like Heaven?

 

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4 comments

  1. mcyield

    Adam Back is probably Satoshi. Craig is the biggest problem for BSV

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    • CoinSpeak

      Adam Back is most definitely not Satoshi.

      Craig is the biggest problem for BSV. I’ll agree. But he’s an even bigger problem for everything else.

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      • mcyield

        The outing of Satoshi is likely a negative no matter who it is (unless he’s dead). My problem with BSV is perceived centralization of influence – CW even if he was not an arse and shifty character. Might as well call it CSW coin. His involvement and penchant to own it all through patent/copyright claims stymies potential network effects even if BSV provides potential scaling and additional utility over BTC. NGU matters. Network effects/Lindy effects trump some better functionality that was taken out of BTC for highly debatable reasons. Meanwhile the ability to exchange different utilities/use cases across different decentralized (mostly) platforms and tokens grows by the day. Craig strikes me as a genius polymath bullshit artist – his ongoing rabbit hole goes deep but personally I find him a waste of time until he can stop making crazy excuses and actually prove something. All that said I have appreciated your posts through out the years and will continue to do so. I know you agree the crypto space is nothing short of an internet or mobile type paradigm shift in the making. Still early – money and finance disrupted.

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        • CoinSpeak

          At times I am not a Craig fan. Usually when I consider how my bags performed in this bull run.

          However I think his genius is years away from being fully recognized. He will be in our children’s schoolbooks alongside Newton and others. I wrote a blog here about how geniuses are sometimes assholes. Still applies.

          In the long run I think Craig and BSV will get it’s due.

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