Bitcoin community reacts to former hedge fund manager Greg Foss’ criticism of Ordinals Samuel Wan · 4 hours ago · 2 min read Greg Foss and others deemed Udi Wertheimer and Eric Wall’s appearance at Bitcoin Miami inappropriate – Foss later retracted his comments and expressed support for Ordinals.2 min read Updated: May 23, 2023 at 4:56 pm Cover art/illustration via CryptoSlate Greg Foss blasted Bitcoin Magazine for giving the stage to Udi Wertheimer and Eric Wall during the recent Bitcoin Conference.The former hedge fund manager, now executive director at energy company Validus Power, did not hold back in blasting the pair over their recent conference appearance.Wertheimer and Wall, aka the Wizards, have been instrumental in driving Taproot innovation on the chain.
However, “laser-eyed” purists maintain that Bitcoin should be used only for monetary transactions.
Foss drops multiple f-bombs Bitcoin 2023 in Miami, which ended on May 20, had Wertheimer and Wall as panelists during “The Great Ordinal Debate” segment.The pair were dressed as wizards and “flossing” as part of their argument for expanding the Bitcoin use case.During a Twitter Spaces on the matter, Foss dropped an emotional response at their Bitcoin Miami appearance – shouting f-bombs, even stating the future generation is in jeopardy due to their antics.
“That Bitcoin Magazine was a f*cking farce.Two f*cking idiot wizards on stage.This is not a f*cking joke, people… Our f*cking children are at risk, and we’ve got these two f*cking clowns on stage?” Business Development Manager at Upstream Data Adam O said, whether you agree with Foss or not, “ya gotta love the passion.” He excused Foss’ emotional response as understandable, considering his desire to escape fiat enslavement and the Wizards’ apparent mockery of that cause.Swan co-founder Yan Pritzker chimed in to explain that Bitcoin has moved on from the 2013 magic internet money meme to become more significant.
He added that Wizard costumes and “acting like clowns” is inappropriate for “the most important movement of our generation.” “It is not the right meme for 2023 with bitcoin as legal tender, supporting energy grids, and powering freedom protests.” Foss later said he probably should not be doing Twitter Spaces when driving.He added that swearing was an old habit from 30 years as a trader.In closing, he extended his support for Ordinals, saying, “Bitcoin is bigger than a coin.” “I love #freedom.
I am thankful for America and its values, and sometimes I swear, but that’s because I care.“ Do the Bitcoin Wizards have a point? Speaking to Crypto Journalist Laura Shin on the rise of the Wizards and the battle for the soul of Bitcoin, Wall explained that the laser-eyes were the ones who developed Taproot in the first place – but came undone having found no use case for it.In response to the negative sentiment, Wall explained that their pushback, including flooding the conference with Wizards, stems from the hate they are facing.Investor Trevor.btc pointed out that, in a few months, the Wizards have orange-pilled more newcomers than the purists combined ever have.Leave a Reply [Cancel reply](/featured/bitcoin-community-reacts-to-former-hedge-fund-manager-greg-foss-criticism-of-ordinals/#respond) Leave a Reply What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect via Access Protocol Access Protocol is a web3 monetization paywall.
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It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate.For more information, visit our terms page.- Vitalik Buterin, in a recent post, stated how the reuse of validators for different purposes may compromise the security of the Ethereum network.- ETH’s price and network usage didn’t react to Vitalik’s blog post.The consensus mechanism of the Ethereum network stands as one of the most robust and secure cryptoeconomic systems available.With approximately 18 million ETH, equivalent to around $34 billion, held by validators, blocks are successfully finalized every 6.4 minutes.
Realistic or not, here’s ETH market cap in BTC’s terms Should Ethereum’s technology be multipurpose? Due to the robustness of this technology, many have suggested alternative uses of Ethereum’s blockchain.Various ideas have surfaced over time to leverage the Ethereum validator set and social consensus for different purposes.One such idea is the ultimate oracle, where users can vote on facts using ETH.Re-staking is another concept employed by protocols like EigenLayer, allowing Ethereum stakers to use their stake as a deposit in another protocol, potentially facing penalties for misbehavior.Additionally, the notion of L1-driven recovery of L2 projects suggests forking the Ethereum blockchain to address bugs or failures in Layer 2 solutions was also suggested.Vitalik Buterin, in a recent post, has stated how the reuse of validators for different purposes like the ones mentioned above may compromise the security of the Ethereum network.
Criticisms ahead According to Vitalik, allowing Ethereum stakers to simultaneously use their stake as a deposit in another protocol, creates a scenario where stakers can be challenged or penalized for violating the rules of the other protocol.This introduces a potential avenue for manipulation or exploitation of the staking mechanism, which could undermine the security and integrity of the Ethereum network.Is your portfolio green? Check out the Ethereum Profit Calculator Furthermore, Vitalik highlighted the potential for contentious hard forks as a result of the re-staking process.According to him, conflicting interests and incentives within the community can lead to network splits and disruptions.What did the founders have to say? Sreeram Kannan, Founder of EigenLayer, a protocol directly referenced in the blog post, took to Twitter to respond.In the tweet, Sreeram stated that the principles of Eigen Layer were consistent with the content of the blog post.
We welcome this excellent analysis of the different kinds of risks using restaking for different use cases a la @eigenlayer by @VitalikButerin.It is consistent with what we have been advocating with Eigenlayer.A brief summary here: https://t.co/8ppF9jUp6t — Sreeram Kannan (@sreeramkannan) May 21, 2023 Network remains unfazed Furthermore, the Ethereum network and ETH remained largely unaffected by the blog post and the responses surrounding it.The daily activity on the Ethereum network continued to surge and the gas usage on the Ethereum remained high.ETH was trading at $1813 at press time and hadn’t seen much volatility Top posts ada1 hour ago Cardano’s TVL surge could have ADA move in this direction in coming days Cardano’s TVL surged by 4.53% in the last 24 hours However, ADA’s RSI didna seem to second the TVL update and…AI2 hours ago Adobe says Photoshop’s AI feature is aimed at accelerating creative use, not replacing graphic designers What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.
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