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I'm seeing more and more comments like "XYZ smart contract platform will never get ETH's adoption and BTW it's also a scam."
How sad and ironic it would be if the very same maximalism we abhor amongst Bitcoiners became a common thing in Ethereum.
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How sad and ironic it would be if the very same maximalism we abhor amongst Bitcoiners became a common thing in Ethereum.
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Yes, it's mighty satisfying (and profitable, if you have ETH) to watch number go up. And DeFi's explosion is incredible to behold. But as these trends continue, a false sense of fait accompli has crept into the community; many are acting a bit cocky & overly sure of the future.
While most meaningful adoption is happening on ETH, this tech is by no means ready for the mainstream. L2 is a nice stop-gap, but to really bring it to the masses we'll need ETH 2.0.
That's 2-3 years out, yet some are celebrating prematurely.
That's 2-3 years out, yet some are celebrating prematurely.
The hubris & overconfidence brings to mind shades of r/bitcoin. It's not *that* bad, but the early signs are there:
- Dismissing out-of-hand other tech
- A sense of inevitable "victory"
- An adoption of the zero-sum fallacy
- Calling everything else a scam
This is how it starts
- Dismissing out-of-hand other tech
- A sense of inevitable "victory"
- An adoption of the zero-sum fallacy
- Calling everything else a scam
This is how it starts
The logical outcomes of the above mentality are groupthink, tribalism, and toxicity - the very things that stifled Bitcoin's innovation and poisoned much of that formerly-amazing community.
So there's a historical precedent for this in crypto. We can't let it happen in Ethereum.
So there's a historical precedent for this in crypto. We can't let it happen in Ethereum.
To be sure, there are many shitty projects out there. Let's critique them - but let's do so with civility and fact-based arguments. The day Ethereum becomes plagued by narrow-minded maximalists is the day it stops innovating. And the only victors that day are BTC maxis.
Finally, the zero-sum fallacy is rearing its head in Ethereum; the idea that other chains' success threatens ETH.
This doesn't jive with a scenario where bridges effectively connect value between chains; pegged Bitcoin has presented a win-win scenario for both BTC and ETH.
This doesn't jive with a scenario where bridges effectively connect value between chains; pegged Bitcoin has presented a win-win scenario for both BTC and ETH.
If Ethereum someday becomes as unwelcoming and narrow-minded as Bitcoin, its first-mover advantage will evaporate. Minds and capital will move on to more inviting pastures. As a community we need to be perpetually on-guard against this scenario.
In this nascent Bull market it's all number-go-up. I get it; it's really fucking exciting & intoxicating drinking that moon juice. But don't lose sight of the facts: ETH 2.0 is probably 2-3 years away; there are meaningful innovations happening on other chains.
So...stay cool & humble. Don't turn into arrogant narrow-minded maximalists. Many Bitcoiners already did that, and it was a fucking disaster; maximalist thinking destroys innovation and discourages the unique strain of independent thinking that fuels Ethereum's success.
/fin
/fin
