Vitalik has taken an overly rigid and tight view on Eth's L1+L2 model with his near-exclusive focus on tech and decentralization.
In this, he's setting us back in the real world.
Vitalik is missing (or knows but didn't say) two crucial things about Ethereum that will drive our hypergrowth going forward:
1. Vitalik tends to ignore the role of non-tech factors in L2 flourishing.
A copypasta evm L2 with a distinct business model (or distinct strategies, partners, customers, apps, culture, etc) qualifies as "bringing something actually new to the table".
Non-tech factors are extremely high leverage.
When we judge an L2 (or app or token), we should take the broadest view of the full spectrum package of tradeoffs/characteristics, and not look just at tech/decentralization.
For example, most ppl tend to think of Base and Arb as "generalized L2s", but if you look closer and broader, they are extraordinarily different from each other.
2. Vitalik's writing postures as if centralized L2s/apps on Ethereum are bad, undesirable, or illegitimate.
An is anti-centralization stance in the app layer is straight up wrong.
We always say "Ethereum is for everybody".
Well, that includes (relatively or fully) centralized apps, tokens, and L2s.
Centralized users love that the L1 is credibly neutral. They don't want to be rugged. It's a match made in heaven.
Ethereum's commitment to maximum decentralization and credible neutrality is wonderful and world-changing. It's why I'm an eth person.
Asking devs to build decentralized apps, protocols, and tokens is great. We need these. I use many.
Celebrating what makes Ethereum special (credible neutrality) is fantastic. We do it often, and we should.
But, tech and decentralization don't have to step on the neck of business and centralization to succeed.
It's decentralization🤝centralization, not decentralization vs. centralization.
Ethereum uniquely lets users choose their tech, business model, and level of decentralization. This flexibility will be a driving force behind our growth to global ubiquity. Let's embrace it.
> living in asia for 4 years already
> traveling nonstop
> living in hotels and airbnbs
> having my whole life in 2 suitcases
> realizing i already live a life i don’t need a vacation from
> now i want to bless others so they can do the same
.@elonmusk, what if we took @SpaceX public by merging it with Pershing Square SPARC Holdings, Ltd. (SPARC) a new form of acquisition company that was approved by the @SECGov.
We could distribute SPARC special purpose acquisition rights (SPARs) to @Tesla shareholders so that all Tesla shareholders would have the right to invest in the SpaceX IPO, or they could choose to sell their SPARs to someone else.
This would reward loyal Tesla shareholders with the opportunity to invest in SpaceX (or with cash for their SPARs), while totally democratizing the IPO process.
In addition to receiving common stock in SpaceX, exercising SPAR holders would also receive Pershing Square SPARC Holdings II SPARs, which we could use to take @xai public at the time of your choosing.
Pershing Square would due diligence on behalf of all shareholders and would commit $4 billion of capital to the IPO at a fixed price per share.
SPARC has no underwriting fees, founder stock or shareholder warrants, and we would waive our right to receive SPARC sponsor warrants.
The result would be an IPO without any underwriting fees or dilutive securities issued. @SpaceX would go public with a 100% common stock capital structure and it would not incur any transaction costs other than modest legal fees which SPARC would pay from its cash on hand.
We could raise whatever amount of capital you would like by adjusting the exercise price of the SPARs. Assuming we issue 0.5 SPARs for each share of Tesla, there would be 1.723 billion SPARs outstanding including the 61.1 million SPARs that are already outstanding. Since one SPAR would be exercisable for two shares of SpaceX, the SPARs would be exercisable for 3.446 billion total SpaceX shares.
So, if we set the SPAR exercise price at $11.03, SpaceX would raise $42.0 billion, $38 billion from the exercise of SPARs and $4 billion from Pershing Square, or if we set the SPAR exercise price at $42.0, SpaceX would raise $148.7 billion, $144.7 billion from the SPAR exercise and $4 billion from us.
SPARC is indifferent to how much of the shares are primary versus secondary shares giving the company maximum flexibility.
We could do due diligence and enter into a definitive agreement committing to the transaction within 45 days, at which point it would be certain that SpaceX would go public at a fixed valuation subject only to SEC approval of the merger proxy/registration statement. Our commitment to the transaction would not be subject to market conditions.
We could start work right away and announce the transaction by mid- February.
It only seems appropriate that the most innovative and efficient rocket company in the world should go public in the most innovative, efficient, and fairest-to-Tesla-shareholders manner possible.
To Mars and beyond!
What do you say?
have to give props to @JonahBlake and his team. he's been working hard on this for some time now
they're doing excellent work and I am excited to use it for my own streams
killing it
What are you using for 2FA? 🔐
If you're still using SMS as 2FA, you're at risk and susceptible to SIM swaps and other attack vectors...
If you're using an authenticator app, great, you're decently secured, but you still run the risk of phishing, cloud backups, human error, and more..
Get a Yubikey! A Yubikey is the best 2FA you can have. It's hardware-based, phishing-resistant (FIDO2/WebAuthn), independent of phone OS, and cannot be copied!!!
The most secure option for 2FA is using a Yubikey, especially for X, Discord, and your email. Take this quiz (https://t.co/exyNYERczT) to see which Yubikey works for you and your devices, and it's always recommended to get two!
Stay Safe & Stay Vigilant