> So, it’s [Ethereum] a big operating system powered by crypto tokens, for the purpose of moving around… crypto tokens. This is the thing that few authors unde

> So, it’s [Ethereum] a big operating system powered by crypto tokens, for the purpose of moving around… crypto tokens. This is the thing that few authors understand about Ethereum. The main use case is creating new tokens and trading them, and this was clear from the beginning when Ethereum was created as an alternative way to do Bitcoin colored coins. This is not entirely useless. Speculation is a "use" after all. But as the article lays out, such uses are likely to be dwarfed by uses around censorship-resistant base money. Especially with the ways in which the worlds major government-backed currencies have been weaponized. > Ultimately, it partially depends on what governments want. Smart contract platforms with centralized attack surfaces can only exist at the pleasure of the government, so it comes down to how much regulatory crackdown they get vs how much regulatory approval they get. Another point that authors seem to really not get. It's all memes and good times until governments discover there's a casino operating out back that's not paying tribute. We haven't so far seen the effect of a western government clamping down hard on this, but if it comes, it will come to "stable" coins first. And as the author notes, the probable success of such clamp downs positively correlates with the degree of centralization. Many seem to have forgotten Liberty Reserve. https://en.wikipedia.org/wiki/Liberty_Reserve https://en.wikipedia.org/wiki/Liberty_Reserve That precedent should give the oligarchs running a proof of stake chain such as Solana, or eventually Ethereum, reason for caution.