The Ethereum Merge Will Break The Internet (My Honest Concerns)

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httpv://www.youtube.com/watch?v=embed/n-TYzSmBB2M

i'm gonna speak more of a game theoretical perspective than say like a developer's perspective um i i ruffle a lot of feathers when i express my concern here it's also true that if you're a pessimist whatever you're gonna be right about 50 of the time right so i don't want to just be a doomer um but i but i do have concerns like it's it's just that it's a concern the likelihood of them being successful with emerge i think [Music] hey welcome back everybody to altcoin daily my name is austin back again with the man the legend seth of the youtube channel twitter account mine your biz i'm one of the up-and-coming leaders in this space from my point of view in terms of tech and mining thank you for joining me thanks for having me back on it's always a pleasure i almost said thank you for joining us aaron's making the daily video today thank you for joining me um but as we i think most of people saw the interview that dropped a few days ago went over the metaverse mark zuckerberg there's a link down below but because um your background isn't tech isn't mining i want to talk about eth 2.0 or more specifically the eth merge happening this year um are you bullish on that uh you know i kind of feel like i'm along for the ride i i'm very conflicted on the eth merge just having such strong ties to the the gpu mining community some of them i mean we we literally treat each other like family we had a member of that community pass away last year uh and we rallied around uh his widow and his family to raise funds for them like it's it's tight-knit so i've got a lot of conflicting feelings but i probably lean more towards this sign of the side of bearishness against the merge i'm going to love this conversation because i feel most people are just their default is bullish so i want to pick your brain for the folks at home that maybe are newer into crypto what is the merge from like the average person's point of view how will it affect me as a neath holder okay so first question how what is the merge it's essentially the the current they they're not calling it a test net but the beacon chain which is a version of ethereum that is running right now it's an operation as of the time recording right now that allows for ethereum holders to commit their ether to proof of stake and to earn rewards to in a proof-of-stake earning paradigm right for the validated network instead of proof-of-work the merge will be at a future time as of today still not totally understood exactly when or what the timeline exactly is but it'll be a a combination of the current proof of work chain as an ultimate settlement layer and then this beacon chain that is proof of stake which is currently in production and kind of a proof of concept but it's had some problems which we'll talk about in a minute um and if you're holding on to ether but you're not a miner you might be looking forward to this this time in the future whenever it happens as a means of getting yield on your ether holdings without having to really do much of a technical nature not setting up a server or buying a you know warehouse full of gpus or anything that's that's very challenging from an i.t perspective but just putting your ether holdings at stake and then getting a trickle of yield over time and that is if you want to choose to stake if you're just an average hodler and you're just in it for the investment you'll hold and nothing will really change um let's jump let's go a little further because this is a huge unknown sort of the biggest upgrade in cryptocurrency happening presumably presumably later this year what are your concerns or i i don't even want to frame it like that but why aren't you as bullish or what are you bullish on yeah so uh so i do have some concerns i'm glad that i know you kind of brought it back to it the different framing for the question i do have some concerns tell them and that's that's why i'm not so bullish and one of the concerns is that i mean not too long ago as of the time of recording not too long ago we saw that the beacon chain it had a full what's called a reorg a full rewrite essentially of seven full blocks that's a lot in blockchain time that would be the equivalent of say the current ethereum main chain that's uh that is powered by proof of work that would be sort of the equivalent of it being taken over for a little over a minute and a half by uh by literally millions of gpus from an unknown source from an unknown actor coming in and attacking the network and being able to have their way with the chain rewrite transactions reverse transactions double spend steal nfts go and plunder exchange wallets and do all kinds of stuff that during that period of time was executed on the chain they can just rewrite that happened on the beacon chain recently i mean really very very recently it's this this whole like yeah that case is not closed yet the body's not even cold yet um for that particular problem so i do have big concerns with the ethereum core developers no big deal to push back though that this is the time you're supposed to find these problems like they are still in the test early phase it is and then when you find a problem like this generally speaking what you do is you kick the the time to to commit the main net or to commit to the main net you kick it back a few months you don't say well you know this only this this steals our resolve we're definitely gonna launch on time you say we found a problem this is cause for concern because an unknown attacker was able to fully rewrite blocks on the chain this is this is massive this is this is the sort of problem that is uh that is akin like it's um in blockchain terms this is like a biblical problem right in the same way that that terra and ust had like a meltdown of biblical proportions if there were serious money at stake flowing in and out of exchanges that were dependent on that beacon chain which is the same technology that will exist after the merge then we would be hearing about it from all the mainstream media they would be saying well some unknown attackers stole billions of dollars of value and look these investment groups and these these other brokerages they they had all their portfolios drained of billions of dollars of value like we would not hear the end of it as crypto and blockchain educators it would dominate our news cycle for a couple of weeks so it's huge and obviously we don't know would you say it's a in your opinion 50 50 that you think oh it might be good it might be a success it might not be a success we would say 60 not a success in your mind right now as a tech guy coming from the minor point of view what are your thoughts well my thought is that the fact that it happened uh i'm going to speak more of a game theoretical perspective than say like a developer's perspective um i i ruffle a lot of feathers when i express my concern here it's also true that if you're a pessimist whatever you're going to be right about 50 of the time right so i don't want to just be a doomer but i but i do have concerns like it's just it's just that it's a concern the likelihood of them being successful with emerge i think very very high very very good uh the likelihood but i don't think that uh i think that the optics of the ethereum core developers saying oh we had this massive like what is usually a catastrophic problem it's it's usually considered a catastrophic problem to have a blockchain reorganized in the way that they did for them to do that and be so flippant and glib about it and say no we're still on track this is the date that decreases my confidence and that makes me think like oh yeah now now we're in the realm of being able to assign a a percentage of you know likelihood of success so it makes me more inclined to say like oh yeah we're we're only 70 likely to see this thing go off without a hitch because we already saw the worst case scenario so if they have not been able to assuage public fears of it happening again then um we could see it happening again let's now switch mindset and say like hey if this thing is a success success vitalik's a smart guy they have some of the best developers in the world working on this if a success what is that how does that bode for the other l ones in the space avalanche cardano solana to competitors yeah that's a great question um i think there's still a huge opportunity for l ones that use a similar tech to ethereums um for for your audience's benefit i'm gonna call all the competing l1s that can be used with metamask call them evm chains because they use like they use a system like the ethereum virtual machine and they're typically used for side chain scaling so i'll just say polygon matic for example some people love it some people hate it but the reality is that it is used for some side-chain scaling and there are a lot of services that launched primarily for ethereum like say open c i know it's a bad word right now but open c and others that also use polygon for scaling those systems that are that use the evm structure and that evm architecture they're going to continue to have great success after the merge because the merge itself won't actually improve ethereum's scale or decrease its fees and most people don't realize this so [ __ ] is just sort of like this yeah it's always bullish from yeah it's it's kind of writing though right you look at you're like wait then why are we all excited because it's a narrative that will get some of retail excited including some of the brokerages that are holding retail's money so so it is a really positive narrative and there's a lot of bullishness and and what is that the word um what is it um i don't want to say it's not ignorance but it's uninformed optimism right sort of irrational exuberance surrounding this event but like but why nobody can really give you a good reason why we should be excited about that other than cool it's a check box very very high on a long list um and it's an early early milestone on a long road map so yeah the ones that are that are padded that way will do very well because they're going to continue to help ethereum scale before ethereum can scale itself and i'm going to leave we did an interview a couple weeks ago if not a month ago with an ethereum maximalist anthony cesano of the daily gui i'm going to link that down below as well because i just like different opinions and i think you're i always love you know the the the tech perspective you come at you come with in the space so just give me like an information um what does the audience need to know or just like final thoughts about this merge potentially coming up i think uh from a game theory perspective it's important to question narratives but it's especially important to question narratives from people who are highly interested anthony is a rock solid guy just off the charts intelligent and i respect him a lot as well but i also understand that he's incentivized to see the merge very successful he's not incentivized any other way so my incentive is a lot like yours austin um i just i i need to put my money where my mouth is and i need to see that my bets play out um i i cannot operate on the hope that the tech will work i need to know that it will work so that i don't so i don't place my bets incorrectly um but yeah i think that's the biggest thing is question really strong narratives i'm not a maximalist either for or against ethereum um and i'm also not trying to like you know whatever glass half full glass half empty glass full of piss not i'm not like i'm not i'm not that guy either right i'm just i'm i am just really trying to very realistically eyes wide open evaluate it so yeah i'm questioning narratives and i i urge your audience to do the same and that's healthy i think everybody should encourage that as most people do the links for seth mine your biz are down below on twitter on youtube thanks man [Music]

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