ct/late 21. redacted and poor ..
Oblivion
Joined December 2019
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Jay retweeted
I believe ETH will eventually replace BTC as crypto’s primary store of value. And Bitcoin’s future may look a lot more like DOGE than people want to admit.
Look at Dogecoin. Its market value and cultural influence have survived, but its underlying network has become increasingly marginal. Today, it has fewer than 500 publicly reachable nodes. In 2024, a single old laptop exploited an unpatched vulnerability and crashed 69% of its publicly visible nodes.
DOGE didn’t die. Its price, community and meme survived. Its mining security now largely depends on merged mining with Litecoin. That’s the fascinating part: a cryptocurrency can remain valuable even as its own network becomes less economically relevant.
Bitcoin is obviously much stronger today. But I’m looking at the next 10 or 20 years, not today.
Stablecoins, RWAs, lending, financial markets, digital art and countless other assets are building an increasingly substantial economy on Ethereum. Even BTC needs to become wrapped BTC to participate in much of that economy.
I believe the most important store of value in crypto will eventually be the native asset of the network that holds the most economic value, not necessarily the coin that came first.
That’s why I agree with Vitalik’s focus on ETH as a store of value. Ethereum doesn’t need to maximize fee burns. It needs to become indispensable.
BTC may survive as digital gold, or eventually as a giant meme. ETH has a chance to become the reserve asset of an entire onchain economy.
Expanding on why I believe "ETH as store of value (SoV)" makes much more sense to focus on than "ETH as fee-burning token".
Three primary reasons:
1. ETH as fee-burning token never was as strong as it seemed
2. Optimizing for ETH as fee-burning token would demand Ethereum and ETH function in ways that are very hard to make compatible with decentralization and capture resistance.
3. Meanwhile, optimizing for ETH as SoV is aligned with Ethereum focusing on its unique strengths (decentralization and CROPS)
EIP-1559 (including its burn) is fine and good, we should keep them. But we should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere.
The core idea: the big thing that people appreciate about Ethereum is decentralization and CROPS. The main pragmatic benefit that these things translate into is stability. SoV is the category where that is not an unneeded extra we merely put effort into for ideological reasons, but rather a pragmatic strength from the perspective of people putting in their assets. And in the era of AI disruption, stability will be highly valued.
Jay retweeted
Binance will be "hacked"...
2026 or 2027.
There is no bottom in the market until Binance is hacked.
It's part of the script.
Jay retweeted
this $200m USDT top-up looks like just a regularly scheduled top-up from Binance 124->Binance 14? seems to happen when wallet goes below $200m.
txns below.
Jay retweeted
User funds are safe!
It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).
I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.
Jay retweeted
Looks like wagyu dot xyz was hacked & all user data including swaps, ip addresses, countries & transactions details got leaked. @PerpetualCow refused to pay a $5 million ransom. All the information is posted on whiteArmors site
Jay retweeted
My father has never hugged me.
Not when I was born. Not at my graduation. Not when I left home.
That's normal for a Japanese father his age. Love is a full gas tank when you visit. A bag of oranges handed over without a word.
Last month, my friend from Texas came to dinner at my parents' house. When it was time to go, he did what Texans do.
He hugged my mother.
Then he turned around and hugged my father.
My father froze. Arms straight down. Like a soldier being hugged by a bear.
Three seconds. Nobody breathed.
After he left, my father sat at the table for a long time. Then he said:
"In America… do they do that with their fathers too?"
"Every time," I said.
He nodded. That was all.
Two weeks later, I went home for dinner. When I was leaving, my father stood up, walked to the door, and put his arms around me.
Badly. Like he was assembling furniture with no instructions.
I'm over forty. It was the first time.
He let go, looked at the floor, and said, "Drive safely."
My mother told me later he'd been practicing on the dog.
Jay retweeted
Withdraw all funds from CoinDCX if you value your assets.
Its co-founders are clowns running a circus.
They publicly and privately denied a theft of its assets occurred meaning they straight up lied or are negligently incompetent.
Later they disclosed the $16M theft and wasted everyone’s time instead of being transparent with the public initially.
Not the first time CoinDCX has done it.
Indian CEXs like CoinDCX, WazirX, BitBNS are all the same.
(I still helped freeze 6 figures for CoinDCX)
