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In this video, I discuss Vitalik Buterin's revelation that all Ethereum rollups and Layer 2s currently contain backdoors that can be used by developers to change or interfere with the protocol.
This is bad for decentralization and censorship resistance, since it means that VCs and insiders (or governments applying pressure to them) can censor transactions or freeze funds whenever they choose.
To add injury to insult, the Ethereum base layer is already profoundly compromised and unreliable:
1) Will Vitalik, Joe Lubin, and Ethereum insiders fork Ethereum again and roll back history to erase transactions as they did after the 2016 DAO hack?
2) Beneficiaries of Ethereum's huge premine can now even more easily censor transactions or blocks now that Ethereum has moved to proof of stake (unlike proof of work, the more coins you own under proof of stake, the more control you have)
3) US government censorship (OFAC compliance) of transactions as demonstrated by MEV Watch.
Unlike Ethereum rollups, the Lightning Network is:
NOT centralized
NOT controlled by Lightning Labs
NOT controlled by VCs
NOT controlled by a centralized multi-sig that can be used to censor you or rug you.
There's only one crypto asset that started out highly centralized (on the computers of Satoshi and Hal Finney), and rapidly became decentralized (i.e. not subject to the control of a small group of insiders).
And that's Bitcoin. It had an immaculate conception, seeded by an unknown founder who disappeared.
Bitcoin had:
-- Zero premine
-- Zero initial economic value
-- Zero venture capitalist investors
There is no second best. That's what makes investing in BTC so great: there are literally no real competitors.
Not investment advice! Consult a financial advisor.
Ethereum Layer 2s:
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OFAC censorship happening on Ethereum now:
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ConsenSys updates policy to collect IP addresses from MetaMask:
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Every Ethereum rollup and Layer 2 has a backdoor according to Vitalik:
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Arbitrum financed by VCs:
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Arbitrum literally runs out of gas:
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The Lie of DeFi (Decentralized Finance):
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The Lightning Network Made Easy:
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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#ethereum
#crypto
#bitcoin
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