V God’s resumption of the past 10 years: the latest thinking on Bitcoin, BCH and L2

ditor’s note:

Just today, V God shared some things said and done in the past 10 years on Twitter, and gave the latest views on these things, involving Bitcoin, BCH, POW, POS, sharding, altcoins, stablecoins And many other contents.

V God's resumption of the past 10 years: the latest thinking on Bitcoin, BCH and L2

For learning purposes, the author compiles the content of Twitter as soon as possible. In view of the short time, some of the content may be different, please correct me:

1. In 2013, I wrote an article on “How Bitcoin can really help Iranians and Argentines”. Core point: The main benefits of Bitcoin are internationality and censorship resistance, not the “21 million limit.” I predict that stable currencies will prosper.

Last week, I went to Argentina. My conclusion is: roughly correct. The adoption rate of cryptocurrencies is high, but the adoption rate of stablecoins is also high; many companies are already operating in USDT. Of course, if the dollar itself starts to have more problems, this situation may change.

2. Published an article on the consequences of “regulated” Bitcoin services in 2013. The core view: Bitcoin’s censorship resistance is not because it belongs to a new legal category, but is achieved through technology.

My opinion today: Of course, Bitcoin’s decentralization can allow it to “survive” in a super hostile regulatory environment, but it cannot “thrive”. A successful censorship resistance strategy requires a combination of technical robustness and public legitimacy.

3. In 2015, I predicted when PoS and sharding will be implemented. To be honest, these are very wrong and deserve to be laughed at; share a screenshot of a speech I made in 2015 so that everyone can laugh more easily:

V God's resumption of the past 10 years: the latest thinking on Bitcoin, BCH and L2

What is the core error? In my opinion, I seriously underestimated the complexity of software development. Today, the Ethereum research team pays more attention to simplicity-whether it is the simplicity of the final design or the simplicity of the implementation path, it is more inclined to pragmatic compromise. Dankrad’s latest sharding design fits this spirit very well.

4. “The cost of each transaction on the Internet of Money should not exceed 5 cents.” This was the goal in 2017, and it is still the goal. I still stick to my point of view 100%, which is why we spent a lot of time researching Reasons for scalability.

5. I should also add that the core concept of sharding has been continued intact.

Blockchain 1.0: Every node downloads everything, there is a consensus

BitTorrent: Each node only downloads a few things, but there is no consensus

Ideal: BitTorrent-like efficiency, but with blockchain-like consensus

The core supporting technologies come from the community, ZK-SNARK and data availability sampling.

6. In 2012, I was a supporter of POW. Fortunately, in 2013, I was excited about POS. In 2014, I changed my mind again.

This reflects the evolution of my broader thinking: from “X is something I must defend, so everything that is good for X must be correct” to “I like X, but X is flawed and it seems that Y fixes them, I Now supports X+Y”.

Soldier mentality –> Scout mentality.

7. In 2014, he published an article on automatic execution of contracts. Basically, it tries to prove that making the whole society more like a formal system is good, and we should be excited.

Through comprehensive research, I saw the limitations of this way of thinking: The problem with pushing everything into a formal system is that almost any formal system with more than two participants is attackable.

8. I liked altcoins very much before they became popular. See my article published in September 2013 (2 months before the birth of Ethereum). Three core arguments:

(i) Differential chain optimization for different targets

(ii) The cost of having multiple chains is lower

(iii) In case the core development team makes a mistake, external force is needed

Do I still agree?

The above parameters are not so important today, because (i) chains are more general, (ii) applications are more complex, so bridging is more dangerous, and (iii) experiments are feasible in L2.

Even so, I still think that there are some things that cannot be done in L2, and there is still room for different L1.

9. I was particularly optimistic about Bitcoin Cash, because in this large-scale war, I agree with the views of big block supporters rather than small block supporters.

Today, I think BCH is a loser. My main point is: the communities formed around the rebellion, even if they have a good reason, usually have a long period of hardship, because they value courage over ability and unite around resistance instead of a unified path forward. .

10. The 2016-2017 posts are basically advocating the construction of Uniswap.

“Do something simple and stupid, even if it is sub-optimal.” Although this is the current concept, it took me a long time to find the basis for POS and sharding design.

11. The applications envisaged in the Ethereum white paper:

*ERC 20 standard token

*Algorithmic stablecoin

*Domain name system (such as ENS)

* Decentralized file storage and calculation


*Wallets with withdrawal restrictions


*Forecast market

Although the incentive file storage + calculation has not yet been implemented, many of the above assumptions are correct (basically predictive DeFi). Of course, I completely ignored NFTs.

What I want to say is that the biggest problem missing in the details is the collusion problem in DAO governance.

12. Published an article on stablecoins in 2014. A large part of the article’s views are trying to use blockchain data as a price reference basis, rather than through oracles.

I am more pessimistic about this, especially because of PoS switches, we need oracles. If we want to make stable currencies robust against the collapse of the dollar (if this happens, by switching to their own local CPI), we need more active governance.

in conclusion:

*At that time, my thinking about politics and large-scale human organizations was naive, too focused on simple and complete formal models… I know now.

*I did have a good instinct in the early days to avoid the craziest part of Bitcoin maximization thinking. There were a few early mistakes, which I quickly corrected.

*X is wrong does not mean that any resistance against X will go smoothly. This will face another difficulty in the form of organization.

*In terms of technology, I am more accurate in abstract ideas than in software development. Over time, one must learn to understand the latter.

*I now realize more deeply that what we need is simpler than I thought.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/v-gods-resumption-of-the-past-10-years-the-latest-thinking-on-bitcoin-bch-and-l2/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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