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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)


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:

  1. Cryptography

  2. Proof of work

  3. Decentralization (essential component)

20:39 – If block chain is not decentralized, it is not censorship resistant

  1. Staking will lead to centralization

  2. 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


The problem with Ethereum Bitcoin aren’t toxic - They have integrity other articles by Tomer on Medium For the love of bitcoin, on apple podcasts if you use Brave browser, which I highly recommend, you can visit the website 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 Blockfi - get interest on your crypto or get a loan in fiat with your crypto holdings - click link below Shift Crypto - get a Swiss made hardware wallet - click link below This podcast is edited by Mikhael Junod, produced by Mikhael Junod and Didier Borel. Copyright © *2020* *The Swiss Road to Crypto*, All rights reserved.

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