I salute @bitstein and @pierre_rochard for their investigative work uncovering the ETH #supplygate.

But it’s time to #articulate the steel man argument...

God only knows that no one else can pull it off!

Grab your cancellation torches and read the THREAD /1

Ethereum and Bitcoin are very different.

There are some surface-level similarities (users need to understand private keys, mining is a cool word, can trade both on Binance etc).

But everything else is different; goals, values, culture, sex orgies ( joke)

/2

One huge difference that puts everything else in context:

Bitcoin is a digital asset with a blockchain...

Ethereum is a blockchain with a digital asset.

Read this again a couple of times then move on to the next tweet /3

Both sides like to accuse each other of moving the goalposts over the years, but this was always true since day one of each project.

Bitcoin was always presented as a better form of money. Its blockchain was always described as a necessary implementation detail (and a flaw!) /4

Meanwhile Ethereum and everything about it, stem from a belief that blockchains can make the world better (real talk: not easy for me to hide how silly I think this is. I’m trying)

The ETH asset was always explained away as a necessary (flawed!) element of making this work /5

Now, details changed along the way. BTC was said to be a payment network, then store of value, with a lot in between. Its underlying tech had a lot of promises that didn’t turn out, too

ETH was gas, it was money, it was a cryptocurrency, it was inflating, deflating, the works /6

But:

Lots of projects tried to become digital money, bitcoin is the first that didn’t fail yet.

Lots of projects tried to “decentralize everything” (gawd, I’m really not the right person to try and champion this view), Ethereum is the first that didn’t fail yet. /7

Is it really necessary to say anything else? I’m sure you can see it by now

Bitcoin is a digital asset first. “The technology” is at best a distant second on many bitcoiners’ priorities. Of course all they care about is sound monetary policy, that’s what they’re here for /8

But Ethereum people don’t care about that as much. Just like an $AAPL holder doesn’t exclusively care about stock structure.

Sure, it’s important, it’s even *very* important, but it’s really not anywhere near the top priority for many investors. /9

As far as ETH holders are concerned, “the blockchain” is what matters. As long as consensus is kept, that means that, among other things, there’s consensus on supply too.

Not knowing what it is exactly doesn’t matter, ETH is an implementation detail to them. /10

ETH supply will change and fluctuate over time anyways, as people’s preferences change

For them this is fine. For me, I don’t find that appealing which is one of the reasons why I’m not a long term ETH holder.

But I understand the difference in priorities and you should too /11

One good thing that came out of this, imo, is that it helps shed light on the differences between the two communities.

Hardliner bitcoiners don’t understand Ethereum people at all, and vice versa. It’s really quite amusing, given how obsessed the 2 camps are with each other /12

And that’s it from me on this subject.

Culture wars aren’t super important in the grand scheme of things, it’s more important to just make money

But perhaps keeping other people’s blind spots in mind could help you on that quest.

You may cancel me now. /13 END

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All the ETH whales are already there!