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Comment by jbirer | Hacker News Reader

As someone who has been working as a blockchain developer for nearly 4 years, I find it funny when Ethereum fanboys tell me things like "L1 was not designed for this type of throughput", "the high fees are good" and similar things. You can tell they got into crypto and NFTs recently and they don't know the initial promises made by the Ethereum team at the beginning and are just trying to hold onto their hype bubble. Ethereum was supposed to be capable of handling the world's bulk of decentralized application and finance transactions, and Ethereum devs at some point where making fun of Bitcoin for having high fees, now they are making excuses such as "L1 was not designed for this." as the dApps are leaving for other chains. Truly a funny show of denial and cover-up.

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It's not so much an excuse but a learned lesson: the decentralization trilemma is real.

Don't forget that Ethereum is still a research project. "Denial" and "covering-up" would only apply if the devs were still promising that the base-layer would scale by itself. But ask any serious developer and it is pretty understood that "(Complete) Decentralization, Security, Scalability... pick two" is how things will have to go.

I sincerely thought from the beginning that Ethereum was going to implode because its core conceit of running a distributed VM was too insecure. The last straw was going to a launch party for the token and seeing the kind of people that were there; one lady ecstatically saying "we're all gonna be rich" got my senses going "they're actors - they have no real ability to discuss this tech, it's gotta be a scam", and I went home and found other alts to go into.

Many years and thousands of faulty Solidity contracts later, I still haven't been entirely vindicated. I certainly missed the boat on the gains, though I still did OK overall with my other moves. As it turns out, both the type of dev and the type of investor Eth attracts have never really changed: both are a bit too awed by the raw tech and its generality to think through the application in more detail than "we can make it and you can buy it".

But hey, it worked, the party is now crowded with apes; it's probably time to exit, though, cause I can't see it staying like this forever.

A developer wants the compute cost to be low, but the investors want it to be high. Is there anyway out of this contradiction?

That's simple supply and demand: buyers want trinkets to be cheap, sellers want them to be low. Theres an equilibrium price at the middl6.

you didnt follow my point

-Ethereum fanboys

+maximalists

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