3 ms·

Has there been any resolution to the issues raised in https://threadreaderapp.com/thread/1560070819518234624.html https://threadreaderapp.com/thread/15600708195

by jacobn 4y ago

Has there been any resolution to the issues raised in https://threadreaderapp.com/thread/1560070819518234624.html https://threadreaderapp.com/thread/1560070819518234624.html ? My reading of the concerns is that USDC has effective fork veto, and that with PoS the chain would be subject to OFAC, which would effectively destroy it. (my reading may well be incorrect / the concerns irrelevant)

sbierwagen 4y ago
If being subject to OFAC oversight would "destroy" Ethereum, then Ethereum should be destroyed.
- capableweb 4y ago
  Why is that? OFAC is a US government agency, Ethereum is not a US-based organization. Why should they be forced to follow US laws? There are plenty of us outside of the US who do not care about what's illegal in the US or not.
  - brobinson 4y ago
    You're misunderstanding his post. He's saying that if such a US-centric thing threatens the entire system, the system shouldn't exist at all. It will have failed at its mission to be decentralized and thus has no reason to exist.
  - matheusmoreira 4y ago
    He's saying cryptocurrencies should be bigger than the US government. The system should be so resilient that there is no way for the USA or anyone else to intervene no matter how much they want to.
deleted 4y ago
[deleted]
jcfrei 4y ago
If the majority of validators adhere to OFAC regulations then your chance of getting a transaction approved that violates OFAC drops. Anybody can be a validator but if the majority of validators choose to adhere to these rules then that's what you end up with. Crypto isn't successful because it creates some anarcho-capitalist alternative universe (though that was the initial impetus). And the die-hard bitcoin followers who believe so are slowly seeing their market cap falling below that of ether.
- stablefusion 4y ago
  die hard bitcoin followers want regulations and etfs. The cypherpunks aren't relevant in bitcoinland these days. In fact in a poll overwhelmingly 90% responded that they'd be willing to slash ofac validators if the need arises. The greatest strength of crypto is the ability to fork, and you'd see which one of those would be called 'ethereum' by some derivatives market before the event even happens

by jacobn 4y ago

sbierwagen 4y ago

If being subject to OFAC oversight would "destroy" Ethereum, then Ethereum should be destroyed.

capableweb 4y ago
Why is that? OFAC is a US government agency, Ethereum is not a US-based organization. Why should they be forced to follow US laws? There are plenty of us outside of the US who do not care about what's illegal in the US or not.
- brobinson 4y ago
  You're misunderstanding his post. He's saying that if such a US-centric thing threatens the entire system, the system shouldn't exist at all. It will have failed at its mission to be decentralized and thus has no reason to exist.
- matheusmoreira 4y ago
  He's saying cryptocurrencies should be bigger than the US government. The system should be so resilient that there is no way for the USA or anyone else to intervene no matter how much they want to.

deleted 4y ago

[deleted]

jcfrei 4y ago

If the majority of validators adhere to OFAC regulations then your chance of getting a transaction approved that violates OFAC drops. Anybody can be a validator but if the majority of validators choose to adhere to these rules then that's what you end up with. Crypto isn't successful because it creates some anarcho-capitalist alternative universe (though that was the initial impetus). And the die-hard bitcoin followers who believe so are slowly seeing their market cap falling below that of ether.

stablefusion 4y ago
die hard bitcoin followers want regulations and etfs. The cypherpunks aren't relevant in bitcoinland these days. In fact in a poll overwhelmingly 90% responded that they'd be willing to slash ofac validators if the need arises. The greatest strength of crypto is the ability to fork, and you'd see which one of those would be called 'ethereum' by some derivatives market before the event even happens