chainlink utility dress chainlink chainlink ethereum merge ETHEREUM HODLERS… CAN’T BELIEVE THIS IS HAPPENING LEAKED AUDIO
chainlink ethereum merge chainlink price twitter ETHEREUM HODLERS… CAN’T BELIEVE THIS IS HAPPENING LEAKED AUDIO
um the problem of course is that if we kind of im going to be a little vague here but if we you know launch with mev boost and flashback relay or whatever that means then it means that functionally were launching with censorship built in from the merge as soon as the merge lands weve got censorship happening as soon as we hit the ground now there are some caveats here um one of course yes welcome back everybody to altcoin daily my names austin if youre invested in ethereum you should hear this this is from an eth core devs meeting yesterday so these are the ethereum developers the believers the people responsible for the merge talking about the risks of the upcoming merge happening in september i want to share with you a clip of a much bigger over 75 minute discussion well talk about what this means for you as an eth holder but first just to clue everybody in what is the merge and why is the merge important if you know this feel free to skip ahead timestamps below ahead of the video but when and what is the merge well the ethereum blockchain is all set to make its highly anticipated transition from its current proof of work mining consensus to proof of stake the merge date is officially scheduled for september 15th or 16th less than 30 days away and this is all to make the ethereum network as well as the defy built on top of it less energy intensive because theyll no longer be using all that computing power to mine new blocks into existence instead itll be stakers validating the network and two the merge will eventually lead to a more scalable network eventually that will not happen in september that is still years away with roll-ups and charting and that discussions for another day but in a nutshell that is the merge and what we just uncovered in this call filled with ethereum core developers the people that we know is that when the merge upgrade occurs it will come with centralization built in thats their words thats a direct quote which isnt good for a network that aims to be wants to be as decentralized as possible now this clip is a full four minutes long so stay tuned for the full thing and just to define two terms that youre about to hear number one is minor extractable value mev what is mev mev is an abbreviation of minor extractable value that has actually recently changed to maximal extractable value which refers to the profits that can be made by extracting value from ethereum users through block production so this is a way for validators of the network whether its miners stakers its a way to manipulate the ordering of transactions for an individuals benefit given the vast financial application ecosystem built on ethereum theres often an arbitrage opportunity in the ordering of transactions the producers of blocks can reorder sandwich meaning the act of front running a large order only to use their market order as exit liquidity to profit from the spread so reorder sandwich or sensor transactions within blocks being produced it typically affects defy users interacting with automated market makers and other apps if this still sounds confusing dont get bogged down in the technicals just know youll hear the term mev in this audio im about to share with you and it can be used to manipulate for a centralized partys game youll also hear the term flashbots what is a flashbot flashbots is a research and development organization working on mitigating the negative externalities of current mev extraction techniques and avoiding the existential risks mevs could cause to state-rich blockchains like ethereum our primary goal is to enable permissionless transparent and fair ecosystem for mev extraction so this is meant to incentivize a fair ecosystem decentralization if nothing else in ethereum well those are the two terms youre about to hear the eth devs also start this conversation talking about the recent sanctions on tornado cash from the us government listen to the full four minutes of this clip and then afterwards i want to share with you my breakdown my opinion on the subject watch this so the the tldr for anyone thats been living under iraq uh the us government recently sanctioned one of the contracts on ethereum so allegedly depending on how interpret that u.s citizens are not allowed to interact with those contracts um and then some people are interpreting this in different ways some people believe that means that if you are a relay youre not allowed to relay transactions um i i would assume that some people also believe this means you cant cost up such transactions um there are some people believe that you cant interact with any address who has interacted with those sanctioned addresses um theres just a very broad range of beliefs of what this actually means no ones quite sure yet um so people are implementing different solutions all across the board um for the sake of this group and this discussion i think the one that impacts us the most is the de decision of flashbots uh to sensor transactions that are coming into the flashbots relay i think they actually do it on their builder side i dont know exactly i dont remember the exact technical spot where they do the blacklisting but the functional effect is is that if you send a sensor transaction to flashlight relay or if it sees one in the mempool or you send a bundle to them that has it they will just ignore that bundle or that block or that transaction and they wont mind it um the problem of course is that if we kind of im going to be a little vague here but if we you know launch with mev boost and flashbot relay or whatever that means then it means that functionally were launching with censorship built in from the merge as soon as the merge lands weve got censorship happening as soon as we hit the ground now there are some caveats here um one of course owners can or valuers can choose from whatever software they want we can stop them and there is no way for us to functionally stop people from censoring um two there are flashbots isnt the only relay builder theres also blocks throughout blocks route has um two relays that will not be asserted will not be censoring and they have a third relay that theyll be providing that is not live yet but they plan on building that will be censoring and then theres a third party um manifold who claims to be building a relay but they dont have anything to show for it yet and so the question i think we have to answer and this is again ideally if we can answer this somehow without into the philosophy thatd be great but i dont know if thats gonna be possible is do we want to launch go into the merge with mbb boost and all the associated software and connections and you know tutorials and documentation etc when we know that that the centralized entities that are going to be in control of this are providing censorship software to their users um i dont think theres an easy answer to this i mean i have pretty strong opinions but even that even i recognize this is a complex situation and theres not an easy and obvious answer especially with blocks throughout who is so flashbacks is a little more clear-cut like theyre just theyre only offering censorship thats the only option blocks around its a little different because they are offering the user to choose um the caveat there is that wed be pointing users say hey go check out blocks route and then they go to blocks route and watch i was telling them hey this is how you undermine the censorship resistance of ethereum by running this thing or if you dont want to under minor theory on this thing and so theres i can definitely see you know some people may feel differently on either side um the other caveat ill say before we start discussing is that um i recognize that this is the well this is the all core devs call what i recognize is mostly execution layer devs and weve kind of handed the keys of the kingdom so to speak over to the consensus layer so the kinslayer is in a better position to actually do something here than i think the execution player is the reason i wanted to bring it up is just because the merge is so close i think theres value in getting the discussion going and because uh we do have some consistent clients on this call and so its a good opportunity just to discuss and talk about it okay what do you think about this seriously i would love to hear your take down below in the comment section drop a one a number one down below if you think this is the problem drop a two down below in the comment section if you think nothing to worry about the eth devs have it handled to me this reminds me of the scalability trilemma in blockchains which is i would say an issue on every single cryptocurrency on coinmarketcap today which is you cant really have all three at the same time thats scalability decentralization and security the trilemma is you can only usually pick two for example bitcoin is very is the most decentralized it has the most security but its not that scalable as opposed to litecoin lets say it has way less security doesnt have near the hash power that the bitcoin network has it i dont know probably similar decentralization probably a little less but its much more scalable so it sacrifices security slight decentralization for more scalability looking at a data platform lets say layer 2 like polygon for example it is very scalable it has very good security it shares the security of the ethereum network but in terms of decentralization meh doesnt compete with something like bitcoin the nodes are way more centralized the amount of people running nodes are all around the world the development team theres only one development team for a lot of these cryptos unlike bitcoin where the developers are global but the point is what this means to you is nothing is perfect but in this scalability trilemma usually you can only have two out of the three and when you choose those two or even closer to one you sacrifice the others now how this relates to ethereum in the merge while the blockchain as we know it now in my opinion was always the second best in decentralization the second best in security it also wasnt that scalable hence the merge what we just heard on that call is that in order to make it more scalable it turns out there are some trade-offs in decentralization that the developers are discussing mainly is it worth it can we get around it what trade-offs can we do in order to make this work thats where this call stands right now give me your thoughts down below and finally is this something you as an ether need to be worried about well for me i can only speak for me for me it doesnt change my opinion because this is information weve known all along that is why theres a war with bitcoin maxis versus ethereum axes because the bitcoin maxi community has made it very clear they will only make trade-offs to support decentralization theyll keep the network less scalable whenever a trade-off comes up in order to support decentralization and the eth community honestly also because they have to they have two different use cases here bitcoins value comes as a store of value it gets its value from hodling eths adapt platform meaning it gets its value as a network from developers building i am still very bullish on both cryptos for totally different reasons but just note that discussion in the devs call we just heard par for the course as we watch the experimentation take place as the crypto market evolves im still an eth believer im still a bitcoin believer and truly the true ramifications of trading off decentralization for scalability a lot of that stuff wont come into play until decades from now as these ecosystems evolve and we see which block chains make it in the end if you hold ethereum make sure you subscribe because we have been giving you consistent updates into this merge the minute i get new information ill keep you updated like always see you tomorrow Before you buy ETH watch this! Whats happening w/ ethereum merge? Today we discuss the LATEST cryptocurrency news for bitcoin, ethereum, altcoins, & more! SLAP THE LIKE BUTTON! NFT & Comedy Event in LA: Kevin Smith Makes Crypto History with First Ever NFT Film Huge Moment Mark Cuban EXPOSES The Crypto Market in 2022 Full Interview Why Spike Lee is BULLISH on Bitcoin and NFTs Altcoin Daily, the best cryptocurrency news media online! Is ethereum a good investment 2022? What will ethereum be worth in 2030? Can ethereum reach $20,000 in 2023? Follow us on Twitter: Follow me [Austin] on Instagram here: TimeStamps: 00:00 Intro 00:51 What is The Merge Everything YOU Need to Know 02:12 What is MEV & Flashbots? 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