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Tomer Strolight - Is Ethereum what it claims to be?
Swiss Road to Crypto – Tomer Strolight
Main topics
(3:38) – Explanation and analysis of the different roles within Ethereum community
(13:00) – Upholding integrity and transparency – promises made and promises kept in Bitcoin
(14:57) – Bitcoin is a system of rules without rulers – it is consistent
(15:25) – Rule changes don’t hurt the ones enforcing them, rather the working class
(22:05) – Proof that these are not schemes by providing examples
(26:20) – The problem with Ethereum moving towards centralization
(34:00) – Bitcoin’s innovation and distinction from other cryptocurrencies
(38:30) – Discussion of NFT’s and how to think of them
Key words
Cryptocurrency and integrity
The four roles Ethereum
Bitcoin versus Ethereum and value
Proof of mining and proof of stake
Difficulty bomb proof of mining
Block chain and censorship resistance
Centralization versus decentralization cryptocurrency
Non-fungible tokens (NFTs)
Notes
1:43 -- Intro to Tomer Strolight – co-host of podcast: For the love of bitcoin
Intellectually honest analysis of crypto
2:58 -- Discuss Ethereum’s evolution, application on Ethereum
3:15 – Dives into article: Problem with Ethereum
3:23 – First paragraph, different roles within the community
Tomer explains 4 classes (4:00) – working class (does all the work), wealthy class, ruling class (subset of wealthy class), broad class (everyone else)
(5:30) -- Difficulty bomb = End proof of mining, replace with proof of stake
(6:30) -- Pre-sale put into “DAO”, but this is a volatile system with poor code since it can be hacked, and money is drained
(7:35) -- For every unit of work, there is 5 units of currency
The ruling class changes this ratio from 1:5 to 1:4 to 1:3
Implications – pay cut for the working class means they will need to work harder to make up for the 20% loss
Ruling class postpones bomb
Inflation – goes straight to the wealthy class
13:10 – “I’m a Bitcoiner… and I find this off-putting… in Bitcoin we don’t have multiple classes, we don’t have promise makers who get to punish anybody else”
13:27 – None of the promises that were made in the Bitcoin white paper have ever been broken – this is integrity
14:57 – Bitcoin white paper is the modern version of “We the People”, a Declaration of Independence from rulers
Bitcoin is a system of rules with no rulers
18:28 – Sitoshi mined the initial 50 coins and were not spendable to maintain integrity of the system
Proof that this is not some type of scheme
19:45 – As time goes on, less crypto is created not more
20:00 – Block chain is an efficient way of organization a database
Huge advantage that’s bigger than any other database – censorship resistance
Censorship resistance is a composition of:
Cryptography
Proof of work
Decentralization (essential component)
20:39 – If block chain is not decentralized, it is not censorship resistant
Staking will lead to centralization
Most people deposit coin bases and others will stake for you
22:07 – “Proof of stake is a system that rewards the rich for being rich and allows the rich to make the rules”
22:14 – Proof of rules is nobody can change the rules and we only reward the workers’
26:20 – Ethereum is moving more towards centralization
30:10 – Bitcoin is the only project moving toward decentralization, all others are moving toward centralization
32:30 – People in power change the rules to skew them in their favor
38:35 – They discuss non-fungible tokens (NFT’s)
Didier uses analogy – equates it to a painting in a warehouse
39:10 – Tomer dismisses this analogy
JPEG is like NFT and it is not a singular thing that exists in a singular place; it can be copied freely, so infinite supply that is indistinguishable from original
If “ownership” looks identical to ones that could hypothetically copied, how can one distinguish the owner from the copy
It exists only in a digital world, so using a physical example is dismissed
51:13 – Discussion of Tomer’s past and how he got into Bitcoin
President of digital division in newspaper company in Canada
Studied Bitcoin intensively in 2013
58:00 – Corruption is at the base layer, not just application layer of Ethereum
1:00:00 – Ultimately, Tomer feels it is not okay to tell someone to put their money in a system that is moving toward decentralization
Articles
The problem with Ethereum https://tomerstrolight.medium.com/the-problem-with-ethereum-af9692f4af95 Bitcoin aren’t toxic - They have integrity https://tomerstrolight.medium.com/bitcoiners-are-not-toxic-they-have-integrity-bd866d2773e9 other articles by Tomer on Medium https://tomerstrolight.medium.com/ For the love of bitcoin, on apple podcasts https://podcasts.apple.com/us/podcast/for-the-love-of-bitcoin/id1551683632 if you use Brave browser, which I highly recommend, you can visit the website swissroadtocrypto.com and tip me in Bat tokens and sign up for notifications of new episodes Affiliate Links Andreas Antonopoulos - access to his shop, courses, books and goods - click link below https://aantonop.com/shop/?raf=ref2475594 Blockfi - get interest on your crypto or get a loan in fiat with your crypto holdings - click link below https://blockfi.com/?ref=f0559479 Shift Crypto - get a Swiss made hardware wallet - click link below https://shiftcrypto.shop/en/?ref=W7XHHFMKYt This podcast is edited by Mikhael Junod, produced by Mikhael Junod and Didier Borel. Copyright © *2020* *The Swiss Road to Crypto*, All rights reserved.