@MadpunkCalls @luxdiei @cz_binance What is more insidious is a lot of these “utility” projects sell useless tokens but also raise funds from VCs for equity. So token holders end up neither as creditors or equity holders. It is biggest scam to able to raise money and be accountable to nothing.

@jon_charb Probably, open-source AI will fall under 3) in the future.

@jdorman81 I always find it funny how the "fundamental guys" pretend to be the "grown ups". Yet, they have to fudge a lot of metrics to make things look rosy....

@MikeIppolito_ No independent user distribution = no business launching appchains = no moat in the long run.

@llamaonthebrink This is why I said it was super bearish for TradFi to brand ETH as “an open source app platform” before the ETF launched. You all fell for the trap because you all just want the ETF hype. Now ETH is marketed as something replaceable with no real moat…

@QwQiao How does that make any economic sense? Using LLMs mean you have little to no human capital moat and the output has near zero marginal cost for competitors to replicate. Who want to fund startups with no competitive advantage? It is like launching generic EVM alt L1s - down only.

@ralwart1 @0xJim I think a lot of apps launching useless DAO tokens before pmf is a prime example. The team should be leading product development before the product matures.

@ralwart1 @0xJim For the vast majority of users, they aren’t at risk of censorship by Circle. It is more important the stable has broader acceptance and maintain its peg for most users’ utility. Adoption happens based on how ppl find it useful.

@ralwart1 @0xJim I don’t agree fully with what @0xJim said. You can sacrifice decentralization for UX at the app layer, not at the platform layer. But as I said, a lot of decentralization effort at the app layer feels poorly thought out.

@ralwart1 @0xJim Its centralized system backed by real reserve is exactly what I meant by it can ensure peg and scale better than decentralized versions.

@ralwart1 @0xJim UX should be the priority at the app layer. However, I think decentralization is important for security at the platform layer. Using Solana/early roll-ups as examples reek of selection bias. I have seen plenty of dead Polkadot para chains or Cosmos chains to understand the truth.

@evan_van_ness @konstant_crypto @dYdX @HyperliquidX So, which perp dex bucked against the Hyperliquid trend by staying on Ethereum? The very fact Hyperliquid is pretty centralized and runs on USDC makes me doubt these traders care about being on Ethereum.

@4rgon4ut_ @sassal0x A lot of that FUD was started by ETH DeFi folks. It was gaslighting the fact ppl are tired of DeFi ponzis and they wanted a big target to lay blame, i.e. the EF.

@JasonYanowitz Premium for a newer VM?

@udiWertheimer Maybe over time, as VC funding dries up, there will be less appetite to fund near identical projects to vampire attack existing ones. Probably then, the homogenous goods competition problem becomes less of an issue.