So we're finally getting news about how this whole Ethereum temporary fix thing is going to go, and we're starting to see chinks in the armor. The reality of layer 2 is that it's a fucking hassle, and the reality of Uniswap 3 is that it's not really gonna fix what we need fixed.
I wrote about this from a slightly different perspective in this article about Ethereum. But the bottom line is this: Don't look for any miracles from ether's price in the short term. If you're holding it waiting for that huge pump, you could be making money elsewhere. You don't have to give up your whole position on ether. I didn't. But it's the first thing I sell if I need more free capital, put it that way.
Face the reality that BSC is layer 2 without all of the complexity and nonsense. I have a position in Polygon/Matic that I continue to hold. But I haven't used the protocol at all. Why not? BSC has everything I need without all of the bullshit! Why the fuck am I moving shit to Ethereum layer 2 that may eventually need to come back to layer 1 once I get ready to cash out? Why don't I just move the shit over to Binance with low fees and direct access to the biggest legit crypto exchange in the world [read: fuck Coinbase and if you use it fuck you too]?
I've said it before; I'll say it again. I want decentralization. I am begging for the Ethereum Network to realize its goal of being the world's completely decentralized supercomputer. But using this supercomputer is going to be expensive. And no, I'm not talking about the fees. I'm talking about using it. When you begin to really interact with a protocol, even centralized low-fee stuff on Binance, you'll find that keeping up with project inflation is prohibitively expensive.
Case in point, Wault.Finance. They started out their launchpad saying you only needed 50 Wault to participate. Once they had a successful launch of Swirl.Cash, they just fuckin upped the minimum to 150. And here's the secret — everybody does that. Somehow even on these "decentralized" platforms with so-called "fair" governance, draconian monetary policies start to appear. Fiscal policies that reward the richest holders proliferate. Sound familiar?! Just goes to show that we as humans really haven't fixed our core financial issues. We've just given ourselves a few more choices in how to express ourselves financially.
Point of that example being you have to constantly make money to keep up with inflation protocol. Not only do you need to consistently expand your reach to participate in each protocol, but you have to keep up with the expansion of the entire ecosystem as well. Where do you think I got the money to invest in layer 2 Matic? That's right, from a good play on BSC. If that centralized entity wasn't there, I wouldn't even have the cash to put a position on layer 2.
So when I hear that Uniswap 3 isn't even going to solve the fucking gas problem and layer 2 is doing nothing but introducing a wider attack surface for hackers and more fucking fees and technical garbledegook, AND the fucking stupid ass Fed is tanking the market with its dumbassery, I have to come back to myself for a minute. Where can I make profits so I can actually afford to have a philosophy in this new, exciting world of digital finance? More often than not, the answer lies with centralized entities that are not Ethereum.
Fuck. Am I really going to have to get on the new goddamn crypto.com chain just to make some money? I hate that fuckin company and their service. But if I'm thinking this way, you can bet that other people are as well. And if we get a critical mass, we may have an unforeseen shift in the way this bull run is going to play out. Everyone says that ether is gonna go to 5 digits & flip bitcoin. Right now I'm not seeing it.
Open to other opinions, definitely. But right now, there's good money on other chains, far, far away from this farce of layer 2 and Uni 3.
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