Coinbase and Binance are at war.
How we got here: Coinbase chose a weak technology in Ethereum, then chose a weak fix via inventing a irrational second layer in Layer 2 which breaks web3 first principles immidiately.
Binance forked the weak technology to make Binance Chain and just run it on a few servers to bypass its scalability issues with a non existent security model and the lowest Nakamoto Coefficient in the game. Neither will ever run faster than 200 tps. Neither should ever have happened and should have been readdressed years ago. However they are both building on a broken software and are just doubling down.
They are putting lipstick on the pig and building apps on top of their weak stacks using your extracted liquidity. Ive narrated how they do this for years. They control the markets, which have no regulatory rails, allow wash trading, and have deep political influence in all jurisdictions. They control the fiat/crypto exchanges so they have infinite power over the pricing in dollar terms of all crypto. They use this power to gaslight you.
The high level picture. We are using cryptography and moores law to reintroduce trust into our society to rebuild the world and globalize around global money and global finance. Neither of these corporations are trustworthy. You know that.
This is technology and software, code does not lie, neither do permissionless blockchains. Corporations almost always lie to get ahead. This is happening with Oracle my previous employer and the Open AI deal, it happened with Microsoft which led to Bill Gates evil empire, and is now shifting to C and B. These are companies trying to beat existing companies by grifting crypto narritives, the latest hot narritive, the same old story.
They do not understand the software or permissionless finance, they just want to win. Its a war. They dont benefit from permissionless finance. They benefit from centralized rent seeking and fiat/crypto pricing control.
Counter: Now you know I always say "do you want to rich or do you want to be right?" and there is a lot of liquidity to be extracted from these centralized gamifications to draw your attention, but there is zero evolution to these products. They are simply reinventions of the existing problems.
I know this, the industry knows this, any technologist knows this, Im just here to let you know so you are not gaslit.
Permissionless or nothing. Thats the evolution of crypto. Anything bridged centrally, anything with escrow windows and closed source, IS NOT CRYPTO.
The biggest risk to crypto lies in these corporate wars and their centralized stack of lies and layers.
Remember this post.
Ive been in software architecture for 30 years. I dont care about your feelings. When it comes to software I talk facts. As a CTO its my job to find risk and edge case. If you dont want to know facts unfollow me. This is software, my domain, Im here to tell you the things marketing departments dont, but legal teams and regulators will want to know. I architected the predecessor to blockchain for Oracle (then FiServ), this is my wheel house.
Feelings are irrelevant. Either something is or it isnt, and when it isnt things break. I dont want anything to break in our industry, but there are projects making risky decisions with little to no disclosures of risk.
If a transaction is not finalized on a L1 blockchain it has not happened. Its in escrow. This goes for L2s, bridges, CEXs, and any other permissioned system masquerading in a permissionless ecosystem with no disclosures.
Anyone that is in disbelief about @solana#xStocks - you didnt listen to me, dont make me pull receipts. Read pinned post again. Not possible on L2. Not sufficiently decentralized. L2 is a centralized sequencer not a blockchain. Accumulate $SOL under $200.
You late already. $1 trillion is about to enter @solana ecosystem through #xStocks and we have not yet passed regulatory approval in the US. Once the Market Structure Bill is approved this goes live to the globe and the US capital market grows 2x via Stable Coin stimulus. which proxy US Treasuries.
I’ve been in systems architecture since 1995.
The entire point of web3 is to have a single database. That’s what blockchains are. Distributed systems sharing a single logical database for instant settlement and finalization of sensitive data and providing the users and app builders a single view of the world. The point of this is to avoid data redundancy and duplication which introduces security risks, data fragility, opaqueness and corruption and all the hundreds of issues with web2 and data systems that existed before blockchain.
Now understand:
- L2s introduce a second database.
- Bridges introduce a second database.
- Centralized exchanges introduce a second database.
- Wrapped assets introduce a second database.
All of these things violate the core reason for web3 and show a total technological ignorance by those that architected them out of:
- haste
- necessity
- lack of technical understanding
- taking shortcuts
- flawed designs
The results will be tragic for these technologies that introduce a second database.
Remember this post.
Monolithic, permission-less single state blockchains or nothing. Anything else missed the entire point of blockchain and will pay the price.
Furthermore, any large investment in these first principle violating technologies shows ignorance and immaturity of understanding.
That goes for institutions that build and fund the building of these violating technologies.
That’s the post. Eat it up.
If $BTC does NOT reach $95k by the 31st of August 2024,
I will give everybody that RETWEETS this tweet £50.
I know I won’t have to,
Because I will NOT be wrong.
I’m willing to put my money where my mouth is.
I called the #Bitcoin top last cycle at $69k,
(go and look at my old tweets).
I’ve done over 100x last #crypto cycle:
Called $SOL
Called $RNDR
Called $BNB
Called $KAS
Called $PEPE
And now I can confidently say,
Most people are NOT prepared for what’s coming.
Patience + Conviction = fuck you money.
My followers are always one step ahead.
As always 2 People will win $1K in ETH
RT the original post AND this post to enter (LIKE+FOLLOW+BELL ON)
SuperVerse has integrated with the most anticipated AAA game in web3 history Off The Grid
It's plausible that OTG is home to 10s, maybe 100s, of millions of players THIS YEAR
To say I'm proud of what SV is accomplishing is a wild understatement, but the truth is things have only just begun
Crypto gaming WILL go mainstream, it will eat the internet and the insanely talented teams that have worked through unthinkable uncertainty to make it happen will go down in history as GOD TIER
The SV network was custom-tailored to help games like this thrive.
A perfect partnership.
Also... This is just ACT 1 of the integration with Gunzilla's ecosystem
If you don't hold SUPER tokens there is still 6 days left before the snapshot. Tick Tock.
You can find me in the game.
1/2
Users, developers, and validators can engage with the testnet through Galxe's Quest platform. The Galxe Quest platform will feature activities involving the core chain, its enshrined applications, and projects building in the ecosystem.
https://t.co/uZtGRKa6TJ
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