SOL

coinfeeds-bot

tldr; Coinbase is expanding its staking offerings to include Solana (SOL). Solana is a decentralized computing platform that uses proof of stake consensus to pay for transactions. The Solana network sets the underlying return rate depending on the number of staking participants. The return is distributed to customers, less a commission. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

BlazeDemBeatz

I know my SOL buy average of 105 isn’t any good. Lol… I’m making no attempt to even try and DCA down.

archer4364

Buying some SOL just cuz I can stake on CB now lol

DingDongWhoDis

I think Solana is rushing to try and be the first to roll out this concept. Bad move, especially considering the ("but it's *bEtA*!) state of SOL. I don't see this working out for Solana, and it may be a negative for crypto at this point in time - another blemish to slow mass adoption.

CointestAdmin

Solana {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a SOL pro-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww4p/top_coins_solana_proarguments_april_2022/). | To submit a SOL con-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww7h/top_coins_solana_conarguments_april_2022/).

kvncnls

I would add SOL in there. People joke about it getting shut down, but they’re literally still in beta. 🥴 They’re getting faster and more resistant to crashes every day. With MagicEden flipping OpenSea in transactions, SMS, etc., SOL is here to stay.

niloy_r

Polkadot. Didn't need to get out of ONE or Luna, cause they fucked me anyways loool. I have a lil bit of SOL for shits and giggles but other than that, polkadot and eth left as my alts

CointestAdmin

#Solana Pro-Arguments Below is an argument written by samuelshix which won 1st place in the Solana Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Enter the Solanaverse > In July we saw Solana moon from $24 to $197 in September, bringing it all the way from the backwaters of mid cap territory to the highly coveted Top 10 of cryptocurrencies. Why? On a fundamental basis, Solana shines when it comes to its **technology** and its **ecosystem**, the two most important aspects when evaluating the value of a network. Its website claims to have solved the Trilemma of scale, security, and decentralization, which we'll also dive in here. > > ## Background > The Ethereum network has become extremely congested due to the explosion of DeFi activity on the blockchain. It's failure to scale to meet this activity has allowed the space to be filled by more scalable layer 1 solutions like Binance Smart Chain. But BSC still leaves a lot to be desired because of its centralization. This is where Solana comes in, a Proof of Stake layer-1 blockchain that has witnessed an explosion in interest because of its extremely fast speeds and low transaction costs, in addition to its relative decentralization. It now has over 350 projects built and counting, with one of the most active developer communities in the space. > > ## The Trilemma > Like many other protocols, Solana uses PoS to validate transactions, but what is unique to Solana is it use of Proof of History. In order to reach consensus on the network, validators use time to agree on the legitimacy of a transaction. This allows Solana to have fast and scalable transactions without sacrificing decentralization. There are other novel solutions that Solana introduces such as the first parallel smart contracts run-time (Sealevel), and Turbine, which is inspired by BitTorrent to allow Solana to help quickly "propagate large amounts of data to a large number of peers." These and five other innovations, which you can view yourself with a quick google search, allow Solana to have extremely low transaction costs and sub-second transaction times. It reached 50,000 Transactions per second on its testnet, and was able to prove its speed for the year or so that it's been live with 2000-3000 TPS, much faster than most others. This speed scales with internet speeds, so this will be even faster in the future, especially in conjunction with SpaceX's Starlink constellation providing unparalleled internet speeds in the future, which could theoretically lead to a 710k TPS based on a speed of just 1 Gigabyte/Second. > > ### Counterpoints to decentralization and security > Lets start with decentralization. Many may point out that Solana isn't very decentralized, with 19 validators controlling 33% of the network. This is true. But Solana is still a lot better than competitors with similar speeds, like BSC, and as Solana expands with more validators, it will become more and more decentralized. Someone earlier posted a concern about Solana's centralization, but they mentioned 11 validators controlling 33% of the network, we've improved markedly since then. > > Onto security. That 400k TPS attack we saw which shut down Solana's network for under a day is a huge problem. I agree, but I want to say that number one: problems like these are essential for the growth of the network as it reveals crucial problems to be solved; number two: Solana's hugely active development community will inevitably solve this security flaw and are working on it right now; and three, this is what the cost of fast development looks like. Cardano uses Peer Reviewed papers to inform its development, but that has caused development to be extremely slow. Solana development was much quicker, allowing it's Defi space to have longer to grow and mature. > > ## Community > As mentioned earlier there are 350 projects built on Solana, one of the fastest growing communities in the space with a large number of active developers. > > There is a growing interest in NFT videogames in the cryptocurrency space, with evidence that this segment will be the "next big thing" to happen to crypto, so to speak. There are a multitude of highly ambitious, highly anticipated games being developed on all kinds of networks, but I believe Solana provides the best environment for this. It's cheap, lightening fast transaction times are necessary and critical for a smooth, quick gaming experience. > > The Solana ecosystem is backed by SBF Alameda, a high profile cryptocurrency figure and founder of FTX, one of the fastest growing exchanges in the world. The credibility of the man itself would be enough for many to hop on the SOL train. > > ## Sources > https://medium.com/solana-labs/turbine-solanas-block-propagation-protocol-solves-the-scalability-trilemma-2ddba46a51db ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz2swt/rcc_cointest_top_10_solana_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find arguments on this topic in other rounds.

CointestAdmin

Solana {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a SOL pro-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww4p/top_coins_solana_proarguments_april_2022/). | To submit a SOL con-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww7h/top_coins_solana_conarguments_april_2022/).

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

Ultitasker

Exactly. You're SOL either way if it keeps going down so you might as well keep buying.

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

Melvins_short_dixk

All my homies hate SOL!

CointestAdmin

#Solana Con-Arguments Below is an argument written by jeff406 which won 2nd place in the Solana Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > As of May 2021, Solana's insider ownership is at 48% [\[source\]](https://twitter.com/RyanWatkins_/status/1394283802009145348?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1394283802009145348%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fnews.coincu.com%2F47293-as-the-solana-ecosystem-grows-the-co-founders-address-financial-criticisms%2F). Among the crypto community, [critics allege](https://mobile.twitter.com/search?q=Solana%20pump%20and%20dump&src=typed_query) that Solana is a pump and dump scheme being orchestrated by wealthy venture capitalists. While we cannot confirm or deny these allegations with 100% certainty, the amount of insider ownership is surely worrying. By investing in SOL, you are exposing yourself to the risk that these insiders could dump their coins on you. > > Solana also doesn't have a great track record; In September 2021, the network had a [17-hour outage](https://www.bloomberg.com/news/articles/2021-09-16/solana-network-of-top-10-sol-token-applies-fixes-after-outage). According to Gavin Wood, co-founder of Ethereum, "Solana’s 'exclusive and closed set of servers' may be fast, but its value is no match for well-secured decentralized networks." [\[source\]](https://www.bloomberg.com/news/articles/2021-09-16/solana-network-of-top-10-sol-token-applies-fixes-after-outage) > > Additionally, in November 2021 [it was discovered](https://twitter.com/CryptoWhale/status/1457031472938893322) that Solana lied about their supply when an audit revealed an additional 12M coins. > > Despite Solana's cheap fees and high transaction throughput, there are many events which bring the developers' credibility into question. For this reason, I intend to stay away from Solana. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2mdm/top_10_solana_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

CointestAdmin

#Solana Pro-Arguments Below is an argument written by samuelshix which won 1st place in the Solana Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Enter the Solanaverse > In July we saw Solana moon from $24 to $197 in September, bringing it all the way from the backwaters of mid cap territory to the highly coveted Top 10 of cryptocurrencies. Why? On a fundamental basis, Solana shines when it comes to its **technology** and its **ecosystem**, the two most important aspects when evaluating the value of a network. Its website claims to have solved the Trilemma of scale, security, and decentralization, which we'll also dive in here. > > ## Background > The Ethereum network has become extremely congested due to the explosion of DeFi activity on the blockchain. It's failure to scale to meet this activity has allowed the space to be filled by more scalable layer 1 solutions like Binance Smart Chain. But BSC still leaves a lot to be desired because of its centralization. This is where Solana comes in, a Proof of Stake layer-1 blockchain that has witnessed an explosion in interest because of its extremely fast speeds and low transaction costs, in addition to its relative decentralization. It now has over 350 projects built and counting, with one of the most active developer communities in the space. > > ## The Trilemma > Like many other protocols, Solana uses PoS to validate transactions, but what is unique to Solana is it use of Proof of History. In order to reach consensus on the network, validators use time to agree on the legitimacy of a transaction. This allows Solana to have fast and scalable transactions without sacrificing decentralization. There are other novel solutions that Solana introduces such as the first parallel smart contracts run-time (Sealevel), and Turbine, which is inspired by BitTorrent to allow Solana to help quickly "propagate large amounts of data to a large number of peers." These and five other innovations, which you can view yourself with a quick google search, allow Solana to have extremely low transaction costs and sub-second transaction times. It reached 50,000 Transactions per second on its testnet, and was able to prove its speed for the year or so that it's been live with 2000-3000 TPS, much faster than most others. This speed scales with internet speeds, so this will be even faster in the future, especially in conjunction with SpaceX's Starlink constellation providing unparalleled internet speeds in the future, which could theoretically lead to a 710k TPS based on a speed of just 1 Gigabyte/Second. > > ### Counterpoints to decentralization and security > Lets start with decentralization. Many may point out that Solana isn't very decentralized, with 19 validators controlling 33% of the network. This is true. But Solana is still a lot better than competitors with similar speeds, like BSC, and as Solana expands with more validators, it will become more and more decentralized. Someone earlier posted a concern about Solana's centralization, but they mentioned 11 validators controlling 33% of the network, we've improved markedly since then. > > Onto security. That 400k TPS attack we saw which shut down Solana's network for under a day is a huge problem. I agree, but I want to say that number one: problems like these are essential for the growth of the network as it reveals crucial problems to be solved; number two: Solana's hugely active development community will inevitably solve this security flaw and are working on it right now; and three, this is what the cost of fast development looks like. Cardano uses Peer Reviewed papers to inform its development, but that has caused development to be extremely slow. Solana development was much quicker, allowing it's Defi space to have longer to grow and mature. > > ## Community > As mentioned earlier there are 350 projects built on Solana, one of the fastest growing communities in the space with a large number of active developers. > > There is a growing interest in NFT videogames in the cryptocurrency space, with evidence that this segment will be the "next big thing" to happen to crypto, so to speak. There are a multitude of highly ambitious, highly anticipated games being developed on all kinds of networks, but I believe Solana provides the best environment for this. It's cheap, lightening fast transaction times are necessary and critical for a smooth, quick gaming experience. > > The Solana ecosystem is backed by SBF Alameda, a high profile cryptocurrency figure and founder of FTX, one of the fastest growing exchanges in the world. The credibility of the man itself would be enough for many to hop on the SOL train. > > ## Sources > https://medium.com/solana-labs/turbine-solanas-block-propagation-protocol-solves-the-scalability-trilemma-2ddba46a51db ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz2swt/rcc_cointest_top_10_solana_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find arguments on this topic in other rounds.

CointestAdmin

Solana {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a SOL pro-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww4p/top_coins_solana_proarguments_april_2022/). | To submit a SOL con-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww7h/top_coins_solana_conarguments_april_2022/).

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

coelectric

Lol SOL..

CointestAdmin

#Solana Pro-Arguments Below is an argument written by samuelshix which won 1st place in the Solana Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Enter the Solanaverse > In July we saw Solana moon from $24 to $197 in September, bringing it all the way from the backwaters of mid cap territory to the highly coveted Top 10 of cryptocurrencies. Why? On a fundamental basis, Solana shines when it comes to its **technology** and its **ecosystem**, the two most important aspects when evaluating the value of a network. Its website claims to have solved the Trilemma of scale, security, and decentralization, which we'll also dive in here. > > ## Background > The Ethereum network has become extremely congested due to the explosion of DeFi activity on the blockchain. It's failure to scale to meet this activity has allowed the space to be filled by more scalable layer 1 solutions like Binance Smart Chain. But BSC still leaves a lot to be desired because of its centralization. This is where Solana comes in, a Proof of Stake layer-1 blockchain that has witnessed an explosion in interest because of its extremely fast speeds and low transaction costs, in addition to its relative decentralization. It now has over 350 projects built and counting, with one of the most active developer communities in the space. > > ## The Trilemma > Like many other protocols, Solana uses PoS to validate transactions, but what is unique to Solana is it use of Proof of History. In order to reach consensus on the network, validators use time to agree on the legitimacy of a transaction. This allows Solana to have fast and scalable transactions without sacrificing decentralization. There are other novel solutions that Solana introduces such as the first parallel smart contracts run-time (Sealevel), and Turbine, which is inspired by BitTorrent to allow Solana to help quickly "propagate large amounts of data to a large number of peers." These and five other innovations, which you can view yourself with a quick google search, allow Solana to have extremely low transaction costs and sub-second transaction times. It reached 50,000 Transactions per second on its testnet, and was able to prove its speed for the year or so that it's been live with 2000-3000 TPS, much faster than most others. This speed scales with internet speeds, so this will be even faster in the future, especially in conjunction with SpaceX's Starlink constellation providing unparalleled internet speeds in the future, which could theoretically lead to a 710k TPS based on a speed of just 1 Gigabyte/Second. > > ### Counterpoints to decentralization and security > Lets start with decentralization. Many may point out that Solana isn't very decentralized, with 19 validators controlling 33% of the network. This is true. But Solana is still a lot better than competitors with similar speeds, like BSC, and as Solana expands with more validators, it will become more and more decentralized. Someone earlier posted a concern about Solana's centralization, but they mentioned 11 validators controlling 33% of the network, we've improved markedly since then. > > Onto security. That 400k TPS attack we saw which shut down Solana's network for under a day is a huge problem. I agree, but I want to say that number one: problems like these are essential for the growth of the network as it reveals crucial problems to be solved; number two: Solana's hugely active development community will inevitably solve this security flaw and are working on it right now; and three, this is what the cost of fast development looks like. Cardano uses Peer Reviewed papers to inform its development, but that has caused development to be extremely slow. Solana development was much quicker, allowing it's Defi space to have longer to grow and mature. > > ## Community > As mentioned earlier there are 350 projects built on Solana, one of the fastest growing communities in the space with a large number of active developers. > > There is a growing interest in NFT videogames in the cryptocurrency space, with evidence that this segment will be the "next big thing" to happen to crypto, so to speak. There are a multitude of highly ambitious, highly anticipated games being developed on all kinds of networks, but I believe Solana provides the best environment for this. It's cheap, lightening fast transaction times are necessary and critical for a smooth, quick gaming experience. > > The Solana ecosystem is backed by SBF Alameda, a high profile cryptocurrency figure and founder of FTX, one of the fastest growing exchanges in the world. The credibility of the man itself would be enough for many to hop on the SOL train. > > ## Sources > https://medium.com/solana-labs/turbine-solanas-block-propagation-protocol-solves-the-scalability-trilemma-2ddba46a51db ***** Would you like to learn more? [Click here](/r/CryptoCurrency/comments/pz2swt/rcc_cointest_top_10_solana_proarguments_october/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find arguments on this topic in other rounds.

CointestAdmin

Solana {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a SOL pro-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww4p/top_coins_solana_proarguments_april_2022/). | To submit a SOL con-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww7h/top_coins_solana_conarguments_april_2022/).

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

archer4364

Wtf Coinbase now has Solana staking. Only 3.85% but I didn’t even know staking was a thing for SOL

CardiologistSouth822

Waiting for 20 cents ADA and 10 dollar SOL

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

CointestAdmin

Solana {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a SOL pro-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww4p/top_coins_solana_proarguments_april_2022/). | To submit a SOL con-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww7h/top_coins_solana_conarguments_april_2022/).

Potatotornado20

SBF probably bails out Michael Saylor when he gets liquidated at $3K Bitcoin. Time to go all in on SOL 💰

Yegpetphoto

ETH walked so SOL could run and trip on its shoelace 12 times in 3 months so ETH could fly.

DamnMyAPGoinCrazy

ETH walked so SOL could run

Spare_Independent_91

depends on short or long term investment. Not financial advice but for the long game. SOL, ETH, JASMY, MANA, ADA and WAVES. Short game SHIB, GMT, GALA and SAND. High Risk: Wolverinu The high risk investment may have a turn around sometime in 2023 depending on tradability. I know Wolverinu is developing a game that might spike the price of the coin on release or it will just bomb like every other alt coin. Honestly not a great time to get into obscure alts, might as well play it safe with alts listed on Kraken or Coinbase.

Giga79

>Thank you for this detailed explanation. > >Is it safe to say that the 10-15% return is denominated in ETH which implies the rate in dollar terms can fluctuate; example ETH at $4k and 10% is different from ETH at $1k and 10%. Yes but that comes with having conviction in the thing you're actively supporting. Eventually you may start to count ETH's not the dollars they're denominated in.. The *costs* aren't fixed in POS however. For example it may cost $1000 to set up a mining rig to generate $1 per day. If your coin devalues by half and you make $0.50 that's doubled your ROI from 1000 to 2000 days. If you buy another $1000 rig ($2000 total) to make $1/day you still have to wait 2000 days, and even with 3 or 5000 mining rigs at a fixed cost you still wait all 2000 days before you can break even again. Your electricity cost determines mining APR more than anything, because if you are getting a static 1% back and everything else is changing in price it eats at it. Now using the same tokenomics for a POS example. You stake $1000 to generate $1 per day. Your coin devalues by half and your ROI doubled. Here you stake an additional $1000 for ($1000+$500+$500 total) and you will get three times the amount, or $1.50 per day, and a ROI of 1,333 days now instead of 2,000. If you add in another $1000 without the price changing you would be getting $2.50 per day and a ROI of 1200 days. All that is just a roundabout way of saying you have the ability to increase your cash-based APR even if your ETH-based APR remains static, as prices change. >Appears the yield itself is subject to float based on supply/demand (or activity on the blockchain). I think that alone will go a long way in regards to sustainability. One of the first red flags was LFG putting UST yield to vote. Big red flag. So I’m glad ETH rate will float. But imo, while this creates a supportive ecosystem, still does not achieve “permanence.” It will be the first blockchain that's *profitable*, ie has users spend more on blockspace than it gives out in new issuance. A very exciting time indeed. Bitcoin needs to do this eventually as its miner income is halved every 4 years. Its miners are getting $20-30M in free mint each day and there's about $400K in sales for the blockspace. Some great utility needs to happen or else it will be much less secure in the future than today. Every other chain has an even greater mint/income ratio which is why people justifiably say crypto is a speculative bubble (not for long!) I think Ethereum will achieve permanence if/when all of its blockspace is used by Rollups and not by users. Essentially compressing the chain to its limit to ensure not a penny or millisecond of compute is wasted. It's super silly to me that I can upload an ASCII tit permanently to 100,000+ devices for under a dollar, such a great waste of resources. Eventually it will cost $100 or $200 and I won't feel the impulse to do it anymore, and the only things left remaining will be apps who themselves are in profit and can afford such extravagant fees - even if they're just more rollups that people are using to make silly ASCII things or whatever. Since Rollups have zero issuance it is extremely easy for them to be in profit, they only need to afford gas from *some* activity and they're completely secure. I can see lots of wild economic models pop up basically destined to fail but worth a try since the risks are so low (to users and themself). Novel consensus approaches like what SOL is trying to do, but without risking user funds multiple times a week. Or novel POW models that could issue their token on their Rollup that's secured by Ethereum's POS. Giving new ideas a chance to become secure/profitable on their own without immediately being attacked out of the gate. Essentially I think what happened in 2018 when we saw 5000 new Layer 1's pop up we'll have a year with 5000 new Rollups. You can have in your wallet a built in rollup bridge so you go to spend $1 on A-chain and you are supposed to pay Z-tokens to C-chain, and your wallet can fix that automatically for a couple of cents or less. It will be amazing for users, but we are so many years away from it still. And BANKS are issuing stablecoins on crypto chains as soon as next year. That will flip everything on its head. The tech is already interopable so maybe users will be able to spend dollars in dApps the way they spend ETH today - the rollup buys ETH to buy their blockspace to operate so all the crypto is abstracted from the user - I think the utilities that come after that moment will start to define crypto's permanence.

jesuzombieapocalypse

My DeFi usage so far hasn’t included ETH, but with everything else I’ve explored I’ve only ever found one dex on that even supports limit buys. That might be the closest to what you’re looking for, but unfortunately it’s only SOL/USD. I’d be surprised if it was the only one out there though. If you can’t find a recurring buy dex, limit orders might be your next best bet. A little more involved but you’d just set buys all the way down to as low as you think it might go, with the buy amount increasing on the way down. But honestly I think the path of least resistance here is just buying on the dex and then sending it out immediately afterwards. I’m sure it’s happened at some point but I’ve never had trouble sending BTC or ETH out of Coinbase.

XnoonefromnowhereX

I heard the SOL phone isn’t going to support dating apps because the network is gonna go down on you so frequently you won’t need them.

XnoonefromnowhereX

I heard the SOL phone isn’t going to support dating apps because the network is gonna go down on you so frequently you won’t need them.

Dehyak

Weird. I can’t find enough information about ADA. I see a lot of BTC, ETH, DOGE, and SOL. ADA is probably the least I see on the sub

DamnMyAPGoinCrazy

Crazy that SOL going to drop a web3 phone before people who staked see ETH 2.0

TattooedPolitician

Careful now, they may hold a vote to take your SOL holdings for saying this.

coinfeeds-bot

tldr; Solana (SOL) continued its recovery trend on June 28 while inching closer to triggering a classic bullish reversal setup. SOL's price gained 2.42%, reaching an intraday high of $39.40/USD. The pair is now up 50% as a part of a broader retracement move that began on June 14. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

PreventableMan

Sure. And if we follow the smarter money (institutional money) SOL is a one of their gambles.

dwin31

Maybe as a short term momentum or day trade. But that is nothing more than a crap-shoot. SOL as an actual long term investment seems incredibly risky (even within the crypto space) at this point.

FetidGoochJuice

El SOL already died a few times

PreventableMan

Sure. This article might be regular bullshit TA. But look at all the 'SOL sucks' and 'SOL down again' threads and /cc is usually not happy about SOL. Al the while, SOL is not going the way of the people.

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

Clash_My_Clans

Do not call SOL pelase

m83midnighter

The thing is when you're in a bull market you don't know when the music is gonna stop. I had SOL over $200 and ETh $4500 and didnt sell because you expect it to keep climbing. FOMO definitely stopped me taking profits on the way up, but ive learnt my lesson now

Bpool91

SOL ?

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

NotRyanPoles

95% of school shooters hodl SOL

_TheWolfOfWalmart_

I thought SOL was already the joke coin!

Pale_Coyote_2745

Your forgetting SOL

NotRyanPoles

95% of school schoolers are SOL hodlrs

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

Kappatalizable

Well the bear market is still beginning it seems. Who knows? We might finally see SOL do a LUNA in the coming weeks

CointestAdmin

#Solana Con-Arguments Below is an argument written by jeff406 which won 2nd place in the Solana Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > As of May 2021, Solana's insider ownership is at 48% [\[source\]](https://twitter.com/RyanWatkins_/status/1394283802009145348?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1394283802009145348%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fnews.coincu.com%2F47293-as-the-solana-ecosystem-grows-the-co-founders-address-financial-criticisms%2F). Among the crypto community, [critics allege](https://mobile.twitter.com/search?q=Solana%20pump%20and%20dump&src=typed_query) that Solana is a pump and dump scheme being orchestrated by wealthy venture capitalists. While we cannot confirm or deny these allegations with 100% certainty, the amount of insider ownership is surely worrying. By investing in SOL, you are exposing yourself to the risk that these insiders could dump their coins on you. > > Solana also doesn't have a great track record; In September 2021, the network had a [17-hour outage](https://www.bloomberg.com/news/articles/2021-09-16/solana-network-of-top-10-sol-token-applies-fixes-after-outage). According to Gavin Wood, co-founder of Ethereum, "Solana’s 'exclusive and closed set of servers' may be fast, but its value is no match for well-secured decentralized networks." [\[source\]](https://www.bloomberg.com/news/articles/2021-09-16/solana-network-of-top-10-sol-token-applies-fixes-after-outage) > > Additionally, in November 2021 [it was discovered](https://twitter.com/CryptoWhale/status/1457031472938893322) that Solana lied about their supply when an audit revealed an additional 12M coins. > > Despite Solana's cheap fees and high transaction throughput, there are many events which bring the developers' credibility into question. For this reason, I intend to stay away from Solana. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2mdm/top_10_solana_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Solana) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

CointestAdmin

Solana {{pros}} & {{cons}} and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the Top Coins category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a SOL pro-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww4p/top_coins_solana_proarguments_april_2022/). | To submit a SOL con-argument, [click here](https://old.reddit.com/r/CointestOfficial/comments/tuww7h/top_coins_solana_conarguments_april_2022/).

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

CointestAdmin

#Ethereum Con-Arguments Below is an argument written by MrMoustacheMan which won 2nd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > #Ethereum Con Argument > > - *Disclosure: I currently hold a position in ETH, ~53% of my current portfolio value* > - Tweaking my argument from [the last round](https://np.reddit.com/r/CryptoCurrency/comments/pz4vav/rcc_cointest_top_10_ethereum_conarguments_october/hq6gy23/) > - ETH has been the subject of a lot of criticism over the years and the same points still seem to get recycled ([premine/founders](https://np.reddit.com/r/CryptoCurrency/comments/owypvc/my_personal_investigation_into_ethereum_uncovers/), [DAO rollback](https://www.gemini.com/cryptopedia/the-dao-hack-makerdao), [scalability/centralization](https://np.reddit.com/r/CryptoCurrency/comments/qw2e32/eth_is_bad_and_i_am_tired_of_pretending_its_not/hl0bqo9/), [inflation/supply](https://www.theheldreport.com/p/bitcoin-vs-ethereum)). There are a ton of rebuttals online for the most common Con arguments - [see here](https://np.reddit.com/r/ethereum/comments/najp2c/addressing_common_criticisms_about_ethereum/) and [here](https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb) for a start. > > - That being said, there are definitely some legitimate concerns about ETH to consider: > > ##Gotta pay the troll toll > > - As a protocol, Ethereum is an '[empire](https://www.finder.com.au\/brave-new-worlds-cosmos-blockchain-and-social-evolution)', a self-contained ecosystem with [composability](https://en.wikipedia.org/wiki/Composability). > > - But the downside of a 'one chain to rule them all' approach is that it locks users into using the system and paying gas fees in ETH. > > - [EVM](https://coinmarketcap.com/alexandria/glossary/ethereum-virtual-machine-evm) is certainly an industry standard, but [interoperability](https://www.gemini.com/cryptopedia/why-is-interoperability-important-for-blockchain) may be crypto's future. As Do Kwon of LUNA said recently: "[Maybe it's a bad idea to stick all the applications into one global computer. Maybe it just makes sense to have a multi-chain future.](https://twitter.com/MessariCrypto/status/1439969124550119431)" Vitalik agrees, [but differentiates between a *multi-chain* vs. a *cross-chain* future](https://np.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/). > > - We all know [gas fees](https://www.gasprice.io/) on ETH are a pain in the ass. > - A lot of complaints about gas are misguided or uninformed, not understanding the [blockchain trilemma](https://www.gemini.com/cryptopedia/blockchain-trilemma-decentralization-scalability-definition), mistakenly believing EIP1559 was supposed to lower gas fees (vs. [making them more predictable](https://pintail.xyz/posts/gas-market-analysis/)), or suggesting that ['gas fees are high, no one will use Ethereum'](https://np.reddit.com/r/CryptoCurrency/comments/qikr7r/a_10k_eth_is_not_unrealistic_it_is_inevitable/hik9pet/). > > - High gas fees are in fact an indication of usage, of [people competing to use the chain](https://cryptofees.info/) - but this makes ETH a victim of its own success. > > - Paying [$20 for a token transfer or a Uniswap trade](https://etherscan.io/gastracker) is just not feasible for users with less capital - [they get priced out of using the chain](https://np.reddit.com/r/CryptoCurrency/comments/qdi9i8/ive_tried_to_use_ethereum_1015_times_over_the/). > > - A really interesting article dives deeper into how "[people are entirely 'locked out' of their funds since it’d cost more in transaction fees to move the funds than the funds are actually worth.](https://medium.com/geekculture/value-fragmentation-8c8336f97cfd)" At the time of writing the total 'lost value' of ERC20s was $600M, which doesn't include ETH itself or NFTs. > > - Which brings us to competition and scalability: > > ##I drink your milkshake > > - Having prioritized decentralization and security at the expense of scalability, Ethereum is now [focused on rollups to meet demand](https://vitalik.ca/general/2021/12/06/endgame.html). > > - However, some users may not care about decentralization - they want to participate in DeFi, NFTs, etc. without paying an arm and a leg and will use BSC, SOL or [sidechains that don't inherit ETH's security](https://finematics.com/polygon-commit-chain-explained/). > - [Funds have migrated](https://ethhole.link/) over the past year from ETH [via bridges to L2s and other L1s](https://medium.com/etherscan-blog/ethereum-bridges-four-months-on-10ee36f889ae). > > - [TVL on L2s has boomed](https://l2beat.com/) as users flock to platforms with [cheaper transactions](https://l2fees.info/). Polygon for instance recently [flipped Ethereum in daily active addresses](https://www.coindesk.com/markets/2021/10/04/polygon-flips-ethereum-on-active-user-addresses/). > > - Ryan Selkis of Messari explained some concerns around these trends, suggesting that ETH's position will eroded by competitors and/or cannibalized by L2s: > > >["Decentralization (specifically political decentralization) and architectural soundness have become secondary properties at best and willfully ignored at worst in the mercenary dominant market of 2021. Not every new chain has tossed decentralization aside, but many have. Even if Ethereum manages to hold off its largest non-EVM rivals, it will leak value to the rollup chains it leans on for scalability. ETH sits at ~60% market cap dominance among Layer 1s. That will either fall below 50% in 2022, or its Layer 2 rollup tokens will eat into its growth. Maybe both.] (https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf)" > > ##Points of failure? > > - While I agree with [this article debunking the "ETH is centralized" mantra](https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe), I think Ethereum still has some progress to make on the [**sociopolitical** and **architectural** aspects of decentralization](https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274#.355j5eg0v): > > - **Sociopolitics**: > > - Vitalik is a great steward of the project and has been [trying to remove himself as a single point of failure](https://www.youtube.com/watch?v=3x1b_S6Qp2Q&t=656s). Anyone remember the [Vitalik death hoax?](https://fortune.com/2017/06/26/vitalik-death/) > > - But as a 'high priest', Vitalik's [vision](https://vitalik.ca/general/2021/12/06/endgame.html), [proposals](https://news.coincu.com/38718-vitalik-buterin-makes-proposal-eip-4488-to-lower-gas-fees-for-ethereum-layer-2-in-the-short-term/) and opinions have preeminent influence and there's no doubt [he remains the 'face' of Ethereum](https://time.com/6158182/vitalik-buterin-ethereum-profile/). The community looks to him for key communications like [roadmap updates](https://twitter.com/vitalikbuterin/status/1466411377107558402). > > * While [Ethereum development functions as an open source collaboration](https://media.consensys.net/ethereum-2-0s-latest-strides-forward-13f63652e57d?gi=30830fb85bbd), I think there are a lot of benefits to having a pseudonymous, 'absent' founder like with Bitcoin and Monero. > > - There are also some concerns in my mind about the role of Joe Lubin and ConsenSys in [privatizing what should arguably be public goods](https://saitoofficial.medium.com/the-infura-problem-fe68866484ec). > > - **Architecture**: > > * ConsenSys has been a huge player in [driving enterprise adoption](https://consensys.net/blog/news/consensys-acquires-jpm-quorum/) - but they also own [key Ethereum infrastructure like Infura and MetaMask](https://www.coindesk.com/business/2021/11/02/consensys-shareholders-readying-legal-action-over-share-valuation/). They're now being [audited for letting banks like JPMorgan Chase get a piece of the pie](https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html). > > - [Crypto Twitter](https://twitter.com/infura_io/status/1499446959827931175) seemed surprised to learn that MetaMask and Infura aren't actually permissionless [when users in some countries lost access](https://www.theblockcrypto.com/post/136336/a-look-at-metamask-infura-opensea-and-the-countries-they-do-not-serve). > > - Bigger incidents like [Infura going down](https://coinmarketcap.com/alexandria/article/ethereums-infura-iating-outage-revives-decentralization-concerns) or the [Geth bug causing a chain split](https://decrypt.co/79597/ethereum-blockchain-splits-software-bug-network) highlight the Ethereum network's reliance on this infrastructure. > > > - Meanwhile client and hosting diversity remains an issue [(1)](https://mirror.xyz/jmcook.eth/S7ONEka_0RgtKTZ3-dakPmAHQNPvuj15nh0YGKPFriA) [(2)](https://clientdiversity.org/) as of writing: > > - On the mainnet (PoW): [>80% of nodes use Geth](https://www.ethernodes.org/), while [~69% of nodes run on hosting services](https://www.ethernodes.org/network-types)([e.g. AWS](https://decrypt.co/44321/70-of-ethereum-nodes-are-hosted-on-centralized-services)). > > - On the beacon chain (PoS): ~2/3 of validators use Prysm [(... ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2luf/top_10_ethereum_conarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/v2re03/monthly_optimists_discussion_june_2022/).

Best_Window4605

Layer 2s will reduce gas fees for ETH Solana is still in beta and is being used heavily compared to the other chains Harmony/Matic for example had outages because they couldn't handle the traffic, but no one ever brings those up. There's certain biases in this subreddit. There's a big reason why developers like building on SOL/Eth I like Polkadot too btw. I'm a big fan of Moonbeam. Dont be blind and follow what this subreddit shills. 99% of shilled projects are vaporware that isn't being used and can't handle large volume of traffic.