Bankless SotN#9 (PART 2) - Guest: VITALIK BUTERIN on ETH SUPPLYGATE!
Aug 14, 2020
Vitalik Buterin, Co-founder of Ethereum, discusses the pressing issue of ETH SupplyGate, shedding light on Ethereum's supply dynamics and transparency challenges. He addresses misconceptions about auditability compared to Bitcoin and emphasizes the importance of blockchain validation. The conversation dives into Ethereum's governance, scalability with layer twos, and the evolution of transaction costs through roll-up solutions. Vitalik also highlights the significance of community collaboration in shaping Ethereum's future amidst rising gas prices and DeFi developments.
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ETH SupplyGate Origins
- Pierre Richard, a Bitcoin maximalist, questioned Ethereum's ability to easily audit its ETH supply.
- This sparked the "ETH SupplyGate" controversy, highlighting the difference in how Bitcoin and Ethereum handle supply audits.
Motte-and-Bailey Fallacy
- Vitalik Buterin argues that the Ethereum community knows the ETH supply, which is around 112.1 million.
- He claims this "ETH SupplyGate" controversy is a "motte-and-bailey fallacy," where a weak argument hides behind a stronger one.
All-or-Nothing Verification
- Verifying cryptocurrency involves validating the entire chain, not just individual coins.
- This all-or-nothing approach ensures the integrity of the entire system, not just parts of it.