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Comment by jacobn | Hacker News Reader

Has there been any resolution to the issues raised in https://threadreaderapp.com/thread/1560070819518234624.html ?

My reading of the concerns is that USDC has effective fork veto, and that with PoS the chain would be subject to OFAC, which would effectively destroy it.

(my reading may well be incorrect / the concerns irrelevant)

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If being subject to OFAC oversight would "destroy" Ethereum, then Ethereum should be destroyed.

Why is that? OFAC is a US government agency, Ethereum is not a US-based organization. Why should they be forced to follow US laws? There are plenty of us outside of the US who do not care about what's illegal in the US or not.

You're misunderstanding his post. He's saying that if such a US-centric thing threatens the entire system, the system shouldn't exist at all. It will have failed at its mission to be decentralized and thus has no reason to exist.

He's saying cryptocurrencies should be bigger than the US government. The system should be so resilient that there is no way for the USA or anyone else to intervene no matter how much they want to.

If the majority of validators adhere to OFAC regulations then your chance of getting a transaction approved that violates OFAC drops. Anybody can be a validator but if the majority of validators choose to adhere to these rules then that's what you end up with. Crypto isn't successful because it creates some anarcho-capitalist alternative universe (though that was the initial impetus). And the die-hard bitcoin followers who believe so are slowly seeing their market cap falling below that of ether.

die hard bitcoin followers want regulations and etfs. The cypherpunks aren't relevant in bitcoinland these days. In fact in a poll overwhelmingly 90% responded that they'd be willing to slash ofac validators if the need arises. The greatest strength of crypto is the ability to fork, and you'd see which one of those would be called 'ethereum' by some derivatives market before the event even happens

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