Re:Bored Ape virtual land sale breaks Ethereum
by rglullis on Monday May 02, 2022 @06:48PM
(#31242110)
The problem with your rant is that you are comparing apples with oranges.
Ethereum's base layer is not meant to compete with credit cards. Ethereum's base layer is not even meant to be a bank.
If you want to compare with "credit cards", then you need to look at the layer-2 systems, which (a) already exist and (b) are cheaper than most credit card transactions (cents on the dollar for Loopring) and (c) are just as permissionless and accessible as the base layer.
The fact that a bunch of "rich whales" decided to play with their money did not make the layer-2 systems less secure or less efficient. Quite the opposite.
Ethereum's base layer is not meant to compete with credit cards. Ethereum's base layer is not even meant to be a bank.
If you want to compare with "credit cards", then you need to look at the layer-2 systems, which (a) already exist and (b) are cheaper than most credit card transactions (cents on the dollar for Loopring) and (c) are just as permissionless and accessible as the base layer.
The fact that a bunch of "rich whales" decided to play with their money did not make the layer-2 systems less secure or less efficient. Quite the opposite.
The system is working as designed.