A Primer On Ethereum

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?

 

About coinspeak

20 years as an IT consultant. Escaped the rat race in 2015. Addicted to travel and tacos.

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One comment

  1. sticking to ur guns i dig it

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