NERD, $ADA investor, wise cracker
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Joined February 2018
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SmothCoin retweeted
I’m honestly tired of this. At this point, it feels like we’re going to spend more time dealing with endless voting and treasury drama than actually building anything.
Unpopular opinion:
The treasury shouldn’t be open 24/7. In my opinion, it should only open a few times a year maybe once per quarter for proposal submissions and funding decisions. Projects get reviewed, funded, or rejected, and then the treasury closes.
We open the treasury every 3 months for voting. A break between voting periods would be ideal to make adjustments and see what the community thinks before putting proposals on-chain.
SmothCoin retweeted
$ADA
While most people watch price and look for someone to blame, Cardano is having a debate most chains never even reach.
How to decentralize research.
How to decentralize the roadmap.
How to decentralize governance without breaking the system.
Charles said the quiet part clearly today:
When vision is lost and only the Twitter mob remains,
the project starts eating itself.
Leios. Hydra. Bitcoin DeFi. Post-quantum research. RealFi.
These are not marketing slogans. They are long infrastructure wars retail usually only notices when they become “bullish.”
The irony?
Many people want Cardano’s results, while trying to break the people and research that created them.
If Cardano loses its scientific core, it loses the reason it was different in the first place.
SmothCoin retweeted
If you're a Cardano holder, please repost this immediately.
We've come to an absolute defining moment for ADA.
In the next 48 hours, the proposals that fund Cardano development are being decided.
While the #2 chain in crypto loses their builders or researchers, Cardano can keep theirs, at one of the most critical times of the altcoin cycle.
Cardano has come this far. It can not stop here.
DReps, think about the impact here.
Holders, make your voice heard.
SmothCoin retweeted
🚨𝕏 Alexander Hamilton, a Founding Father of the United States and an immigrant himself, specifically warned us about future leadership allowing mass migration…
This is an eerily prescient warning as if he wrote it for today:
“The consequences that must result from a too unqualified admission of foreigners…
The safety of the republic depends essentially on the energy of a common National sentiment; on a uniformity of principles and habits; on the exemption of the citizens from foreign bias, and prejudice; and on that love of country which will almost invariably be found to be closely connected with birth, education and family.
The opinion advanced in the Notes on Virginia is undoubtedly correct… that foreigners will generally be apt to bring with them attachments to the persons they have left behind; to the country of their nativity, and to its particular customs and manners. They will also entertain opinions on government congenial with those under which they have lived. How extremely unlikely is it that they will bring with them that temperate love of liberty, so essential to real republicanism? There may as to particular individuals, and at particular times, be occasional exceptions to these remarks, yet such is the general rule.
The mass influx of foreigners must, therefore, tend to produce a heterogeneous compound; to change and corrupt the national spirit; to complicate and confound public opinion; to introduce foreign propensities. In the composition of society, the harmony of the ingredients is all important.
The United States have already felt the evils of incorporating a large number of foreigners into their national mass; it has served very much to divide the community and to distract our councils, by promoting in different classes different predilections in favor of particular foreign nations, and antipathies against others. It has been often likely to compromit the interests of our own country in favor of another.
In times of great public danger there is always a numerous body of men, of whom there may be just grounds of distrust; the suspicion alone weakens the strength of the nation, but their force may be actually employed in assisting an invader.
To admit mass foreigners indiscriminately to the rights of citizens, the moment they put foot in our country, would be nothing less, than to admit the Trojan Horse into the Citadel of our Liberty and Sovereignty.”
SmothCoin retweeted
Okay so nobody wants to talk about the MEV bot doing 20.6 million transactions in the last 7 days on Solana.
Interacting with 2 programs.
-Program 1 is the 5th highest sucesss rate across all programs on Solana (7D)
-Program 2 is the 8th highest sucesss rate across all programs on Solana (7D)
Both programs have 1 user (same user) responsible for 20.6 million transactions.
7rhxnLV8C77o6d8oz26AgK8x8m5ePsdeRawjqvojbjnQ
Solana really is the blockchain for the future! For bots.
SmothCoin retweeted
Ouroboros Leios (Sneak Peak) teapaw.org/i/broadcasts/1djGXNOqm…
SmothCoin retweeted
Meet the new crypto narrative:
"If the blockchain does not have a high TPS right now, then it has already lost and will disappear."
The #Cardano road map had clearly defined priorities from the very beginning.
First of all, the focus will be on decentralization. Then on scalability and governance.
This order is important:
➡️The blockchain industry is primarily about decentralization, not scalability.
➡️ It is technically difficult to further decentralize a running (scalable) network.
➡️ If the network is well decentralized, enough distributed computing resources (CPUs, memory, etc.) are available that can be used for scalability.
First of all, it must be said that Cardano scales well enough. There is no point in having 100K TPS if there is no demand.
The crypto industry is still in the HODL era.
Crypto is not mainstream. Banks and institutions are preparing for HODL, not yet an economy running on public blockchains.
Cardano blocks are often full, so Cardano is at the edge of its throughput capacity.
The short-term solutions are:
➡️ Users must use Plutus V2 applications.
➡️ Teams responsible for Plutus V1 applications must migrate to Plutus V2 applications.
➡️ The team can increase the block size (or decrease the block time).
There are also a few long-term solutions:
➡️ Input Endorsers
➡️ Milkomeda
➡️ Hydra
➡️ Sidechains
➡️ Partner chains & Midnight
➡️ ZK rollups
A typical FUD goes like this:
Cardano doesn't scale. There are no L2s. Input Endorsers are far away. Who cares about Midnight?
I would like to see Cardano better prepared for 2025 when an influx of new users can be expected.
There is still time to prepare for it.
It's easy to jump on the TPS narrative.
The networks are fast and the UX is amazing. Transactions are settled almost instantly and are cheap.
This is exactly what users want. This can compete with the traditional financial world.
But if such a network is not decentralized, what has actually been created? Maybe a good FinTech company. Definitely not a suitable infrastructure for disrupting the financial sector.
The competition has something that Cardano does not have yet, so they try to present it as an advantage. It is fair.
However, it is not fair in the context of decentralization.
Obsession and adherence to decentralization are essential.
Once the TPS blockchain with minimal decentralization is established, decentralization may further decrease and only a few entities will hold the keys.
Without on-chain governance, such an infrastructure will be in the hands of teams, i.e. VC funds.
Decentralization first is the foundation for disruption.
The IOG team delivered the best PoS network in the crypto industry. Staking on Cardano is a standard that everyone, including the #Ethereum team, is now trying to copy.
It is even becoming apparent to everyone how advantageous the UTxO model is for scalability.
The reality is that Cardano is the leader in decentralization and everyone knows it.
Once the Input Endorsers are delivered, Cardano will be the technology leader as it will not only be decentralized but also scalable. Both at the same time.
There will be a few blockchains that are alike.
We can ask many questions: When will the Input Endorsers be delivered? When will we learn more about Partner Chains? When will Hydra be ready? When will the Midnight main-net launch?
The important thing is that everything is worked hard.
It is important for Cardano not to get into TPS races and compromise on decentralization. It is important to build the infrastructure with the same care as before.
Scalability is essential for the adoption of blockchain technologies. However, decentralization and security are more important.
People don't care much about decentralization and if they see great UX, they just like it. It is important to keep going back to the roots of the crypto industry.
SmothCoin retweeted
🚨#BREAKING: Hundreds of Thousands of fireworks are going off across the Hawaii islands
📌#Waipahu l #Hawaii
Currently, Millions of people are joyously welcoming the arrival of the New Year of 2024. In Hawaii With thousands of people lighting up the night skies in Waipahu and Honolulu with hundreds of thousands of breathtaking fireworks all going simultaneously creating a dazzling display that illuminates the surrounding areas The celebration is so vibrant that traffic has come to a standstill at points, with thousands of people watching the fireworks from the road. – at Waipahu, HI
SmothCoin retweeted
2/9) To summarize:
1. SOL was caught lying about the circulating supply
2. SOL made false statements around TPS
3. SOL is deceptively designed to falsely inflate usage
4. SOL ecosystem was complicit in "faking" peak TVL numbers
5. SOL made multiple dangerous trade-offs in design
SmothCoin retweeted
Sorry chief… If you want to re-invent the wheel, you need to call it a different metric. TPS can only be TPS when talking about how many transactions per second have been achieved over a time period.
Cut it however you want but 28 transactions in 1.6seconds is 17TPS,
If you want to have a metric based on anything else, name and explain it accordingly. Don’t manipulate people into think it is something it is not.
SmothCoin retweeted
🚨 Breaking News 🚨
After hundreds of Solana Saga Phone orders were cancelled tonight with claims that they accidentally over sold the product, the eBay account of Solana Founder Anatoly Yakovenko was uncovered with hundreds of listings for upwards of 800% retail price!
Readers added context they thought people might want to know
The posted claim appears baseless. Image is digitally altered. No evidence supports alleged eBay listings by Anatoly Yakovenko. Such accusations seem driven by personal bias rather than factual proof.
ebay.com/sch/solana+mob…
SmothCoin retweeted
Retrospectively, rushing Alonzo without reference inputs & scripts was one of the worst mistakes made since Shelley.
That said, all together, we can overcome it🔥🦾
By using Plutus v2/3 and maybe:
github.com/cardano-foundatio…
SmothCoin retweeted
1/ There is no doubt that this volume is impressive but it would be good for all to know that it is also MASSIVELY inflated
Due to super cheap tx costs, $SOL is the most botted and MEV ridden chain in the space
Literally 95% or more of non-consensus tx are bots
Why does this matter?
Well for every $1000 buy or sell order there is often a sandwich attack coupled with arbitrage
That means a bot does roughly $1000 in tx volume immediately before AND after a user tx
So that $1000 volume just became $3000 a 3x boost in volume even if the bot only make $.05 because doing that 1000x a day adds up
But it doesn’t end there…
Bots then do arbitrage as well and sell that $1000 of token X on one DEX and buy the same amount in another DEX for maybe $999.98 adding another almost 2k in volume
In fact arbitrage bots make up on average 80% of total volume on Solana(see pic)
Why do they do this? Because tx costs are dirt cheap and fast
So if you could have a bot running automatically for you making you even as little as $.01 1000x a day, wouldn’t it make sense to do so?
TLDR…this “impressive” volume is likely inflated by 3-40x the ACTUAL user volume #SOL is doing
So don’t get caught up in hype and misleading numbers just because a chain allows for and even promotes MEV
teapaw.org/degeneratenews/status/…
