1/ A huge chunk of what Ethereum (mostly - but not only - application layer) is building today is propped up by excuses & massive, hand-waved trust assumptions and VC-driven narrative capture. We need centralised L2s because of "training wheels". We need upgradeable proxies controlled by a few keys held by some foundation or multisig cabal. We need trusted setups, trusted sequencers, trusted committees, trusted councils, trusted whatever the fuck is fashionable this year. We are told we cannot have unconditional & L1-enshrined privacy because regulators might get nervous or throw a tantrum. It is _always_ later. Always soon. Always after we ask for permission from people who fundamentally hate this space. This path turns Ethereum into the fucking soy boy of crypto. Safe. Compliant. Apologetic. Bent over, hoping institutions don't hit it too hard while pretending this is all part of some grand master plan. Guys, this is not how you fucking change the world!
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the only real _long-term_ market fit IMHO for Ethereum is private & self-sovereign applications. Everything else, including _most_ (not all, to be clear) of DeFi is fundamentally short-term, driven (mostly) by speculation & attracts folks who come fast and leave fast as well however (since rekt many times). Look, as the world moves further into mass surveillance across finance (and nobody can deny this), your identity & whatever you do on the internet, the value of privacy becomes more urgent and more critical. Privacy is the product-market-fit of Ethereum long term.
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so, hmm, we rely on firmware we can't inspect, compilers we don't build, closed-source LLMs, proprietary enclaves, remote updates etc. Each of these layers is a target and more will join in the coming years/decades. In a world this complex (and guys this complexity is our own making!), how do we even verify that we're safe? If you ask me, verification has never been more critical or more impossible.
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