/biz/ - Business & Finance

this man btfo'd fudders for 5 years in 20 minutes

>>51697613
>you need tokens to use layer 2
no you don't
*ahem*
TOKEN NOT NEEDED

>>51697646
>no you don't
t. not Eric Schmidt

>>51697646
Faggot not needed FAGGOT

>checks the price
lmao

>baggie's paradox
>the token is both unsneeded and useless but held by everyone until it moons

>>51697613
Sergey looked so nervous when Eric reminded us how much the token will be worth

-ded

>>51697613
>I thought it was timely, honest, and was pertinent to the crisis we are in concerning Eric Schmidt’s total sell out to China through advanced technology stolen from Google, Facebook, WhatsApp and other digital platforms that have come to aggressively control all Chinese. I believe Eric’s evil program, Dragonfly, has already been implemented in America.

I am calling him out for his lies and his complete control by the Chinese Communist Party. Eric has lied so much lately and has admitted that he created the Social Credit System now ruling China for a ruthless totalitarian government that has Eric controlled and manipulated by President Xi Jinping and his central committee. In May of this year, Eric said that he also bifurcated the Internet for China so that there will soon be two different Internets – one controlled by America and one by China. These things are immoral and wrong and must be stopped.

>>51697886
>I am calling him out
This is surely the place to do it.

>>51697886
shoulda bought a ticket to smartcon to actually call him out
laura Loomer style, she basically singlehandedly shut down Jack Dorsey from becoming a guy in the crypto space

https://www.youtube.com/watch?v=fdz0ICgi4Dk

>>51697927
based Laura Loomer and fuck Jack Dorsey that tanned mystic looking nigger

Techno Fascist!

>>51697613
Really don't get what he meant by this. L1s equally have tokens that become more valuable with network use.

>>51698317
he just says dumb things confidently
like how the china hash rate pools were supposedly ever a threat to BTC network or gave some sort of control to China, what a retard
the moment a pool engages in shady behaviour it loses all its hash rate.

>>51698317
>>51698324
>L1s equally have tokens that become more valuable with network use.
How do they become more valuable with network use?

>>51698345
Network use necessitates use of the token for fuel. Alongside obviously the speculative value capture when a network sees adoption.

>>51698392
>Network use necessitates use of the token for fuel.
And how does this make the price go up?

>>51698398
People have to buy the fuel. As more people use the network gas becomes more expensive as well.

>>51698406
>People have to buy the fuel.
They did this when ETH was under 1 USD and it worked perfectly.

>>51697613
unless the jews control those orbs i keep seeing flying around in the sky he will burn in nuclear fire like the rest of you

>>51698406
>>51698392
Also you're talking about smart contract platforms, most L1s are probably more BTC-alikes.
How do these become more valuable with network use?

>>51698407
And once upon a time eth was $0. So the network being used at all increases token price. Of course it can use other things than that alone to raise price but so to do the L2s. Network use resulting in token value is common to both layers.

>>51698435
>Network use resulting in token value is common to both layers.
And how does this happen?

>>51698426
BTC also requires BTC to be spent to use it.

>>51698442
So how does this make price go up?

>>51698441
Already covered that

>>51698456
No you did not.
Regardless of how many people are using ETH or BTC right now, the system would work exactly the same if the price were $.01 or $100,000

>>51698476
The system wouldn't as the cheap gas would result in horrific congestion. The pricing according to use enables it to correspond with demand.

>>51698507
>cheap gas would result in horrific congestion
This has literally never happened.
Also, high gas does not mean high ETH price; it's very often the exact opposite as ETH price dumps cause spikes in gas price due to everyone rushing to get rid of their ETH.

He was talking about shit like carbon credits and social credit scores, not LINK tokens

>>51698559
Uh it has happened, Nano has been spam attacked multiple times retard

>>51698591
That's not cheap gas causing congestion, that's cheap gas providing an attack vector.
There are thousands of attack vectors for literally anything.

>>51698603
Congrats you actually stunned me using only your retardation. I respect the pilpul keep on keeping on and I’ll continue with never selling

>>51698507
Also, gas prices are transaction fees.
If they are low, that means the big miners fuck off and small miners come back.
So in a very real way, lower prices allow for a better network because the mining is more decentralized.

So again, how do L1s structurally increase in value with increased usage?
(structurally meaning literally anything but speculation)

Literally who

>>51698641
You were supposed to prove how low gas fees organically cause massive congestion.
Not how low gas fees allow for certain attacks to take place, because different attack vectors open up at different price levels.
In fact, nearly all the major contract exploits you've ever heard of occurred during times of high gas fees.

Also, the spam attacks on Nano were only a problem because there's no unified state on Nano, and spam causes the different states to go out of sync.

>>51698559
It kind of has happened but also as said the system protects against it. Anyway as for token price and gas price, i never once said only gas price dictated eth price nor is that relation true of L2s.

>>51698689
>i never once said only gas price dictated eth price
Well you did bring up the gas price.

>nor is that relation true of L2s
It is for Chainlink.

>>51698680
I wasn’t supposed to do anything, just wanted to btfo you by giving an example on how cheap gas causes congestion, and I succeeded simple as.

>>51698767
By that logic, losing weight by jogging causes muggings.

>>51698796
Respect the pilpul. And I accept your concession btw

>>51698716
Yes because gas prices fit what Eric says is characteristic of L2.

>>51698818
>walking down the street causes you to lose money
>no it doesn't
>yes it does, this one guy got mugged walking down the street

This is you.

>>51698839
In a way, but those are transaction fees, not the L1 coin price.
And as shown, the relationship between transaction fees and the L1 coin price is often inversely correlated, systemically.

>>51698899
Checked and cheap gas causes congestion and it HAS happened before simple as glad we got that worked through and you learned something new and got humbled

>>51698926
>cheap gas causes congestion
In the same way walking down the street causes you to lose money.

Faggots begone from this thread. This is about sergey eventually becoming more powerful than google

>>51699122
If he can get into that chair by himself, imagine all the other things he can accomplish

>>51697927
haha what an attention whore.

>>51699144
Exactly

>>51699144
Checked. Yes he is truly an alchemist

>>51698641
sorry bud but you're a little retarded. he's not fudding LINK/trying to get you to sell, he's saying that LINK has figured out a tokenomic structure that necessitates the price of the token to increase as the network scales. this is not true of L1's where nearly all of the token value is speculative.

>>51697693
That pic is unironically amazing

>>51700655
I don’t read and I don’t sell ok?

>>51697613
>CRV IS JUST A REWARD TOK...ACK

>>51697613
Imagine listening to a boomer about web3. Also he's saying the token doesn't play any essential protocol role, it's merely behavior incentive, rip.

>>51697627
Idk I came away from it feeling really bearish. Like it all looks good as far as long term development goes, but I came away from the Schmidt talk +feeling like I'm going to waging for many years to come.

>>51702385
Nobody cares about your feelings

>>51697613
THE BEST INCENTIVE
IS NO INCENTIVE

>>51704005
The best thing is this quote is from fucking Ripple's David Schwarz.