Ethereum is a Casino | Etherean.org

Ethereum is rapidly becoming a DeFi network, and DeFi feels quite similar to traditional finance in important ways. What does this mean for the network, the community, and the future of Ethereum?

A recent explosion of DeFi applications has caused gas prices to soar and made Ethereum all but unusable for anything else. As a result, the network feels more and more like a casino. Remember: at a casino, the house always wins.

The Rise of DeFi

I remember clearly when, a year or two ago, the Ethereum community collectively made fun of the fact that most applications built on the nascent Eos and Tron platforms were gambling applications. By contrast, we took great pride in the “real” things being built on Ethereum, from DAOs to stable coins to satellites, asteroid mining, and space exploration. There was an understandable tendency not to take the other platforms seriously because they lacked serious, mature use cases...

This is a companion discussion topic for the original entry at https://www.etherean.org/blockchain/defi/ethereum/2020/10/04/ethereum-is-a-casino.html
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very good article. There are many great projects out there but they are not “profitable”. The crypto libertarians must work together with the crypto communists and supply much greater funding to support the bootstrapping of the commons, without the commons there is no liberty

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Thanks for sharing your thoughts! Is there a place in between the crypto libertarians and the crypto communists for, say, liberal crypto humanists? :slight_smile:

it’s crypto commOnists. from the commons. look up that article (crypto libertarians vs crypto commonists). there is a place but they are irrelevant, the liberal humanist agenda is bankrupt, it’s the current one and it is a cover for the elites to keep the current economic system

Is this the article you’re referring to?

https://blog.p2pfoundation.net/crypto-commonists-and-crypto-libertarians/2019/02/11

Will read it before saying too much more here—while I share many of your frustrations with the current, broken social, political, economic world order, I think I’m less enthusiastic about jettisoning it entirely than many crypto-anarchists and crypto-idealists. That’s a theme I’ve been trying to explore in my writing lately.

Well there’s no repairing capitalism, we tried that. i’m not sure what you mean by “entirely”. Capitalism is the private ownership of the means of production. So yes this has to go out the window. The crypto commons allows to have that in scale, decentralized. While the crypto libertarians fantasise that it is possible, and that people would choose Capitalism without governments. All the liberal and humanist agenda is just a facade for the underlying issue which is our economic system.