2024-01-17

Fudamental Motivations in Crypto

Why it is futile to argue with crypto bros about fundamentals

I don’t think that most people who believe in PoS chains like ETH truly believe in decentralisation. People want their investments to go up, that is it. There is no point in arguing that Proof-of-Stake is not secure, due to its lack of unforgeable costliness, or that nodes are not validating the entire chain if they are not archive nodes. That is not the point behind PoS chains. The point behind PoS chains for most is number go up but in dollar, euro or other fiat. The application is secondary, the security is also secondary. It’s a momentum-based market, nothing more, nothing less.