4 ms·
"Centralized finance is bad, and blockchain solves that. Except blockchain doesn't scale to millions of clients, so we are going to introduce a centralized mech
by pphysch 4y ago
"Centralized finance is bad, and blockchain solves that. Except blockchain doesn't scale to millions of clients, so we are going to introduce a centralized mechanism that solves that problem, while hiding the fact that we violated our founding principal of decentralization (by overwhelming you with crypto-jargon)."
- hgsgm 4y agoIt's only temporarily decentralized until a batch puts the txn in the main chain, right? It's like riding the city bus when your you don't want to pay for gas for your car.
- pphysch 4y ago"layer 2" systems are just (unregulated) banks that use the blockchain as an eventual settlement mechanism. They have all the same middleman/trust/centralization issues as tradfi banks and anyone who tells you otherwise is lying.
- cdiddy2 4y agoMost layer 2s do right now. That is not how they are meant to be though. A true layer is completely non centralized. That is the whole point of the fraud proofs. The ideal end state is stage 2 described here https://ethereum-magicians.org/t/proposed-milestones-for-rollups-taking-off-training-wheels/11571 https://ethereum-magicians.org/t/proposed-milestones-for-rol...