This is the scariest bear post I've read this cycle
But sadly he makes a valid point. What is Base but just the company chain of Coinbase. Also Zora chain is a chain of a brand. All fine to me, but it’s good to be conscious of the implications. And thinking, why if you want speed and low transaction fees not go for a stellar L1 EVM solution like Gnosis chain?
Why can't Eth scale on layer 1? it did the transition to PoS Monero and Bitcoin Cash are ready for the crackdown. Ethereum is living in a fantasy tale. It’s unfortunate because I want it to succeed. It’s shame devs will have to be jailed for you to get it.
Do you really think it is true what the author is saying and that L2s are money transmitters? It would be kinda entertaining, but also good for the space, I guess, because it, once again, means that they‘ll have to decentralize better to forgo this classification.
I'm not a lawyer, but I think the law could be interpreted that way. And I agree that long-term this risk is net good for the ecosystem - finally L2s will have some strong incentives to decentralize. I just hope no one ends up in jail before we get there :)
Let me rephrase, I don't want anyone jailed. And it sounds like everyone here has the same goals of decentralization. Btw I read timdaub's piece on why multi-chain world won't work, and it made solid points. I agree it kills the network effect to have all these other coins. The thing is that people don't agree on cultural values. So like a Monero user, a Bitcoin maxi, and Ethereum dev, these people all have different ways of responding to the "L2 money transmitter" issue.