Justin Bons @Justin_Bons Twitter profile

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Justin Bons

@Justin_Bons

2 years

1/6) Solana was DDoS attacked again yesterday This attack exploited fundamental design flaws which are considered features by SOL As it sacrifices decentralization & security for speed While ignoring the consequences of that trade off Specifically Proof of History & Turbine:

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Justin Bons

@Justin_Bons

2 years

1/25) Solana has far too many red flags Blockchains should never have downtime Yet SOL has gone down at least 7 times since I first spoke out! A consequence of their own design decisions There are many examples of lies, fraud & bad design Exposing a pattern of bad behavior:

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Justin Bons

@Justin_Bons

2 years

1/18) I do not support SOL, there are far too many red flags. Consistently displaying a pattern of bad behavior. Prioritizing attracting ignorant investors over good blockchain design. There are many examples of lies, fraud & bad design. I will go over several in this thread:

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Justin Bons

@Justin_Bons

3 years

1/6) In early April 2020 the Solana team stated that the total circulating supply was 8.2M. When in reality the total circulating supply was above 20M! Marking the start of a long series of lies, fraud & deception by SOL The following story is all based on verifiable evidence:

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Justin Bons

@Justin_Bons

2 years

1/25) I do not support SOL, far too many red flags A blockchain with downtime is unacceptable ETH & BTC never go down SOL is suffering from the consequences of their own design decisions There are many examples of lies, fraud & bad design I will cover several in this thread:

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Justin Bons

@Justin_Bons

2 years

1/25) Polygon is still highly insecure & centralized! It would only take 5 people to compromise over $2B Adding insult to injury 4 out of these 5 are the Polygon founders! This is one of the largest hacks just waiting to happen Reckless & irresponsible, a warning to the wise:

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Justin Bons

@Justin_Bons

2 years

1/7) SOL has gone down again This is the 8th time SOL has gone down in the past year! Blockchains should never have down time, yet SOL goes down almost every month! This is another consequence of bad design As SOL prioritized attracting investors short-term over good design:

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Justin Bons

@Justin_Bons

2 years

1/9) Elrond has solved the blockchain scaling trilemma! EGLD is now the first chain that has crossed the scaling finish line The holy trinity; state, execution & data sharding All fully interoperable, achieving ETH's roadmap before ETH! The future is now, the future is Elrond

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Justin Bons

@Justin_Bons

2 years

1/14) Polygon in its current state is insecure & centralized! It would only take 5 people to compromise over $5B! 4 of those people are the founders of Poly! This is one of the largest hacks or exit scams just waiting to happen Reckless & irresponsible, a warning to the wise:

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Justin Bons

@Justin_Bons

1 year

1/6) The cryptocurrency top 50: BTC - The king is dead ETH - Long live the king USDT - Trusted without trust BNB - Wild West USDC - Trust Brian XRP - Decentralization LARP ADA - Academic-paced innovation DOGE - Started out as a joke; still a joke MATIC - Ignore the admin key

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Justin Bons

@Justin_Bons

1 month

Solana is broken; it fails to meet demand! Before leaving crypto, try other chains! Here are all L1s in the top 100 based on decentralization & scalability:🧵 BTC - Low capacity❌ BNB - Centralized❌ ETH - At capacity & centralized L2s❌ SOL - At capacity (parallelization)❌

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Justin Bons

@Justin_Bons

2 years

1/25) HEX is a scam! Technically not a Ponzi scheme but something much worse HEX is designed to enrich its founder through ponzinomics Unable to generate its own revenue, it purely relies on new investment to avoid collapse! Not all cryptocurrency innovation has been good:

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Justin Bons

@Justin_Bons

7 months

Buyer beware; a list of major red flags in the cryptocurrency top 50: 3. USDT - No proof of reserves 5. XRP - Claims to be decentralized but is not 13. MATIC - Admin key can steal user funds 19. LINK - Admin key can manipulate oracle prices 31. HBAR - Claims to be

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Justin Bons

@Justin_Bons

2 years

1/20) Cardano has been propped up by false promises & claims Promising the moon while only delivering mediocrity ADA is one of the oldest 2nd generation blockchains Yet it is objectively the least capable compared to all of the competition I will cover why in this thread:

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Justin Bons

@Justin_Bons

15 days

1/16) SUI has a great design, except for its token economics: SUI claims to have a capped supply of 10B, with 52% being "unallocated" till 2030 The problem is that over 8B SUI is being staked right now! Over 84% of the staked supply is held by founders! SUI is centralized: 🧵

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Justin Bons

@Justin_Bons

2 years

6/6) This is just one aspect of SOL's design that exposes the bad faith of its creation Prioritizing attracting ignorant cryptocurrency investors over good sustainable blockchain design There are many examples like this in terms of design as well as lies & fraud, buyer beware

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Justin Bons

@Justin_Bons

2 years

1/25) Elrond is the closest to solving the blockchain scaling trilemma! The holy trinity; interoperable state, execution & data sharding However, there are also major flaws which I will expose in this thread Flaws that have to be overcome! Here are the pros & cons of EGLD:

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Justin Bons

@Justin_Bons

2 years

1/45) Solana has far too many red flags SOL has gone down at least 9 times this year alone! A consequence of their own design decisions; sacrificing decentralization & security for speed There are many examples of lies, fraud & bad design Exposing a pattern of bad behavior:

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Justin Bons

@Justin_Bons

5 months

1/8) The roadmap released by @VitalikButerin today proves that ETH will never scale There is, in fact, zero L1 scaling on the roadmap Everything is focused on L2s instead of empowering people to use the blockchain directly That is not cypherpunk at all

vitalik.eth

@VitalikButerin

5 months

By popular demand, an updated roadmap diagram for 2023!

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Justin Bons

@Justin_Bons

9 months

Looks like Arbitrum went down for an hour yesterday At this stage, Solana is more reliable than ETH L2s! While everyone rallies around BASE, which had $10 fees today! That is what you get when you sacrifice the L1 on the altar of "L2 scaling"; unreliable & expensive custodians

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Justin Bons

@Justin_Bons

2 years

1/11) BTC is unique in that it is technically one of the worst cryptocurrencies It has a broken long-term security model It lacks capacity, programmability & composability With comparatively weak economic qualities BTC is, in fact, a purely speculative asset without utility

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Justin Bons

@Justin_Bons

2 years

1/5) The cryptocurrency top 50: BTC - The king is dead ETH - Long live the king USDT - Trusted without trust BNB - Wild west USDC - Trust Brian XRP - Federation without purpose BUSD - Trust CZ DOGE - Started out as a joke; still a joke ADA - Academic-paced innovation

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Justin Bons

@Justin_Bons

6 months

1/6) EGLD has completely solved the problem of MEV! (Miner Extractable Value) A problem that ETH research still spends countless hours of research & debate over All while this remains a non-issue in EGLD as they focus on more important things The solution is elegantly simple:

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Justin Bons

@Justin_Bons

1 year

BNB, XRP, MATIC & BTC are not DeFi! The “De” stands for decentralization & “Fi” for finance BNB, XRP & MATIC are centralized due to their permissioned blockchain architecture BTC is just not capable of complex financial products ETH, ADA, DOT, AVAX, NEAR, EGLD & XTZ is DeFi!

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Justin Bons

@Justin_Bons

3 months

It is disappointing to see SOL go down today There is a correct balance to be struck between innovation & stability; this is not it I will investigate the cause of this outage in depth later However, if SOL goes down more than twice this year, I will drop my support entirely!

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Justin Bons

@Justin_Bons

5 months

1/9) SOL has the same economic model as ETH Yet many act as if it is dangerously flawed The only major difference to ETH is that it has high capacity & therefore lower fees All of this criticism around SOL's economics is nonsense; a 1.5% inflation rate is not a fatal flaw:

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Justin Bons

@Justin_Bons

11 months

1/6) In early April 2020, the Solana team stated that the total circulating supply was 8.2M When in reality the total circulating supply was above 20M! Marking the start of a long series of lies, fraud & deception by SOL The following story is all based on verifiable evidence:

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Justin Bons

@Justin_Bons

2 years

1/25) Solana has been marred in controversy since its founding With frequent downtime, failures, hacks & scandals! This is why I have put together a short & incomplete history of SOL's skeletons Working our way down a colorful history of lies, fraud & dangerous trade-offs:

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Justin Bons

@Justin_Bons

2 years

1/41) BTC is fools gold It has a broken long-term security model It lacks capacity, programmability & composability With comparatively weak token economics I abandoned BTC by 2017 Yet I still believe in Bitcoins original vision, which I first fell in love with back in 2013:

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Justin Bons

@Justin_Bons

2 years

I am sorry for anyone who has lost capital due to FTX Keep in mind that cryptocurrency is not fundamentally affected Blocks continue to be created like clockwork This reminds us that: Trust in centralized authorities is exactly the problem blockchains were invented to solve!

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Justin Bons

@Justin_Bons

1 month

Arbitrum, Optimism, Base, Blast, Starknet & ZkSync all have admin keys! All of the top L2s can steal all user funds right now If this is considered safe, then we might as well go back to legacy banking ETH gives decentralization lip service, but actions speak louder than words

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Justin Bons

@Justin_Bons

6 months

Arbitrum, Optimism, Base, ZkSync & DyDx all have admin keys These are the top 5 L2s & they can all steal user funds right now If this is considered safe, then we might as well go back to legacy banking ETH gives decentralization lip service, but actions speak louder than words

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Justin Bons

@Justin_Bons

8 months

1/5) I have softened up on SOL over time The network effects are undeniable, even after taking inflated metrics into account Stability has improved by fixing the very issues I pointed out years ago Since ETH pivoted away from L1 scaling; SOL has become a strong opposing voice:

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Justin Bons

@Justin_Bons

9 months

BTC has become a joke; I can barely take it seriously from a tech perspective It has an outdated & broken design While being hopelessly unequipped to improve due to its own politics & governance Yet it tops out in market cap; this is why I will keep warning you of its downfall

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Justin Bons

@Justin_Bons

1 year

BTC is a dead end Lighting adoption is a pipe dream, with a UX only usable with custodians Spending hundreds of terawatts on a speculative asset & spinning it as environmentally friendly is delusional at best No capacity means no utility & without utility; there is no security

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Justin Bons

@Justin_Bons

1 month

Solana is failing right now The rate of dropped TXs has degraded SOL's UX to an unacceptable state Victory laps by modular scaling advocates are premature, though, as this will be fixed within weeks SOL will return to reliably hosting more TPS than ETH & all L2s combined soon!

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Justin Bons

@Justin_Bons

8 months

1/36) BTC's security model is broken It has to double in price every 4 years for a century or sustain extremely high fees! Just to maintain the present level of security... Which is impossible, as it exceeds global GDP within 31 years Therefore, BTC security is doomed!🧵

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Justin Bons

@Justin_Bons

6 months

1/11) Kaspa lacks key features that are critical for L1 blockchains KAS has no Turing-complete smart contracts or PoS! Chains without these two features are uncompetitive, no matter how scalable they are KAS claims to be technologically advanced, yet it fails to measure up:

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Justin Bons

@Justin_Bons

5 months

The real bitcoiners left BTC by 2017 What BTC became had nothing to do with the original intent, vision, or purpose BTC has, in fact, totally abandoned Satoshi's vision; it was meant to be P2P Cash, not a pet rock! That is why real bitcoiners support BTC's competitors instead!

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Justin Bons

@Justin_Bons

7 months

It has been great visiting SOL's Breakpoint conference this week Exciting to learn about all of the new developments, especially Firedancer! I have high hopes that it will be able to achieve massive scalability As it is breaking new ground in terms of single-shard performance

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Justin Bons

@Justin_Bons

3 years

6/6) The total circulating supply was now 16M, double the supply promised in April! After this they just moved on, Not even publishing this release on any of their official announcement channels. This is just one example of a pattern of behavior exposing SOL's bad character.

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Justin Bons

@Justin_Bons

11 months

1/9) Stop saying that sharding is too hard or impossible When several cryptocurrencies have succeeded in implementing this technology today Solving the scaling trilemma by achieving massive scale while preserving decentralization Let me explain; using EGLD as a living example:

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Justin Bons

@Justin_Bons

1 year

I do not support SOL; far too many red flags: SOLs founders were caught lying about supply & made false statements about TPS SOL falsely inflates usage by design & its ecosystem was complicit in faking peak TVL numbers Any blockchain with downtime is also utterly unacceptable!

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Justin Bons

@Justin_Bons

13 days

@SuiNetwork I love SUI's tech, but the token distribution is garbage You are making it worse by doubling down on some terrible takes "Unallocated" allocations, seriously? It comes across as defensive & insincere; clean up your communication, please; this is bad:

Justin Bons

@Justin_Bons

13 days

1/7) The SUI Foundation responded! Turns out all of SUI's "unallocated" supply has been allocated... "Every token that will be released has been allocated" Now, who is really being dishonest here? 84% of SUI stake is still controlled by "founders"! 🧵

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Justin Bons

@Justin_Bons

2 months

Everybody loves to hate Solana Not for what it is, but for what it was & represented; update your damm thesis! SOL is a different beast now, so stop with the BS criticisms & recognize SOL for what it has become We should praise SOL for carrying the L1 scaling torch of freedom!

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Justin Bons

@Justin_Bons

1 year

1/6) The good, the bad and the ugly of cryptocurrency: The ugly; Matic's & Arbitrum's admin keys can steal all user funds! A total value of over $2B! Chainlink's admin keys allow for the manipulation of its price oracles, which are used across DeFi Putting over $40B at risk!

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Justin Bons

@Justin_Bons

13 days

1/7) The SUI Foundation responded! Turns out all of SUI's "unallocated" supply has been allocated... "Every token that will be released has been allocated" Now, who is really being dishonest here? 84% of SUI stake is still controlled by "founders"! 🧵

Sui

@SuiNetwork

13 days

Recently, there have been some misleading posts issued about Sui’s token supply. Let’s set the record straight, starting with the basics: locked tokens are locked by third-party custodians. They cannot be moved, and are safely custodied until they are unlocked according to Sui’s

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Justin Bons

@Justin_Bons

5 months

SOL went down many times last year, in part due to a lack of fee markets That was one of the reasons why I was a SOL critic This year, SOL implemented local fee markets & it has been stable all year! It would be irrational to stick to my critique; that is why I support SOL now

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Justin Bons

@Justin_Bons

2 years

1/25) Algorand's technology is cutting edge Highly scalable without sharding or L2s, boasting a TPS of up to 6k with 4-second finalization times & on-chain governance! Unfortunately, ALGO is also centralized & permissioned: Permissioned gatekeepers can censor any TX on a whim!

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Justin Bons

@Justin_Bons

1 year

1/9) BTC has to double in value every four years for the next century or sustain extremely high fees Just to maintain the current level of security Such growth is impossible since it would exceed global GDP in 31 years based on current price Therefore; BTC security is doomed!

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Justin Bons

@Justin_Bons

1 year

BTC, XRP, BNB & XLM are not DeFi! The “De” stands for decentralization & “Fi” for finance BNB, XRP & XLM are centralized due to their permissioned blockchain architecture BTC is just not capable of complex financial products ETH, ADA, DOT, AVAX, NEAR, EGLD & XTZ are all DeFi!

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Justin Bons

@Justin_Bons

10 months

1/11) Tether is one of the greatest threats to cryptocurrency right now: With the potential of a collapse greater than Terra Luna's UST! We have to trust they hold $74B in collateral without proof! Even after the CFTC fined Tether for lying about their reserves in 2021...🧵

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Justin Bons

@Justin_Bons

9 months

I am going to start a show where I will ask to be pitched by cryptocurrency founders So I can respond with criticism & bring the listeners along on that journey In some cases, I will come in fresh, so you can learn with me I am making a schedule; so join me by responding here:

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Justin Bons

@Justin_Bons

9 months

You cannot scale a blockchain through L2s As it routes traffic away from the chain instead of actually scaling it In reality, L2s are parasitically in competition with the L1 over fees! This is why restricting L1 capacity in favor of L2s is a perversion; born from corruption!

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Justin Bons

@Justin_Bons

6 months

1/9) BTC is a dinosaur; the technology is ridiculously out-of-date At an embarrassing 7-13 maximum Transaction-Per-Second, it is in a position to disrupt nothing All while being the most inefficient possible, as it excels at nothing From utility to economics, BTC is a failure:

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Justin Bons

@Justin_Bons

1 year

1/9) Tezos released enshrined roll-ups yesterday Achieving massive scale while preserving decentralization Utilizing the advantages of roll-ups without the disadvantages of L2 scaling ETH should pay attention or get left behind; talk is cheap; scalable blockchains have arrived

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Justin Bons

@Justin_Bons

1 year

1/31) Scaling a blockchain exclusively through L2s is a terrible idea As it comes with horrible UX & trust trade-offs; pushing people into centralization Inevitably leading to failure; as users move to scalable chains instead L2s have become the greatest source of corruption:

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Justin Bons

@Justin_Bons

11 months

BTC should not be taken seriously as an investment As it is an emperor wearing no clothes; without utility or long-term security Making it a purely speculative asset, contrary to the original goals of the project Here are fourteen reasons why you should not invest in BTC: 🧵

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Justin Bons

@Justin_Bons

7 months

Why would anyone choose an L2 ecosystem over an L1 ecosystem? Worse UX, fragmentation, trust trade-offs, bridges, higher total fees & lack of composability ETH is coasting off its past success; usage only moved to L2s because ETH failed to meet demand Better L1 options exist!

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Justin Bons

@Justin_Bons

2 years

2/6) A consequence of PoH is deterministic block creation: There is a good reason why public blockchains before SoL did not take this route Non-deterministic block creation adds to security & censorship resistance as you cannot predict who will create the next block

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Justin Bons

@Justin_Bons

2 years

3/6) Instead in SoL it is possible to predict & therefore attack the next block producers inline For instance attacking the next 100 validators inline instead of attacking the entire network This attack also works regardless of scale, thereby severely reducing SOL security

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Justin Bons

@Justin_Bons

2 months

Solana is Ethereum's punishment for complacency The more centralized YOU think SOL is, the sweeter the revenge For some maddening reason, ETH developers think they can keep the lead with high fees & bad UX... Even when ETH's success was built on the promise of L1 scalability!

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Justin Bons

@Justin_Bons

1 year

Credit where credit is due, out of the top fifty cryptocurrencies by market cap; Nine have successfully implemented on-chain governance: #DOT , #ATOM , #TON , #LIDO , #ALGO , #ICP , #AAVE , #EOS & #XTZ Congratulations, you are the future! Adopt governance to support decentralization

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Justin Bons

@Justin_Bons

8 months

Algorand just announced how they will remove relays This is a big deal; a real commitment to decentralization I criticized the relay nodes & suggested changes; removing them works as well! I wonder how this affects TPS? The trade-off is worth it either way; welcome to the club

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Justin Bons

@Justin_Bons

3 months

In terms of "fully deployed" sharded PoS chains: There is only one; EGLD Am I missing any cryptocurrencies? Future promises do not count; it has to be implemented now on a public chain Help me discover what other chains deserve more of our attention, as sharding is the future!

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Justin Bons

@Justin_Bons

11 months

The SEC's actions against cryptocurrency is exactly what we needed As it gives our ecosystem more legitimacy & a chance to prove them wrong in court! Regulation gives clarity, paving the way for institutional adoption Do not let fear get the better of you; the future is bright

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Justin Bons

@Justin_Bons

2 years

BTC has been completely obsoleted by ETH. I believe in a multi-coin future, however BTC has nothing unique to offer in that regard. It fails to be competitive in every possible way. If there were trade offs both could co-exist, but ETH can do everything BTC can, better & more.

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Justin Bons

@Justin_Bons

4 months

1/19) There are three approaches to scaling a blockchain: 1. "L2 scaling" (BTC, ETH, TIA) 2. Parallelization (SOL, APT, SUI) 3. Sharding (TON, NEAR, EGLD) Sharding is the future & parallelization is inevitable There is no doubt in my mind that this is how it will all play out:

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Justin Bons

@Justin_Bons

7 months

After my first day at the #xDay     conference, I have to admit something: I was super impressed by the founders & team behind EGLD! Do not worry, I am not becoming a maximalist, just excited to meet a great team on the forefront of sharding L1 scaling is clearly the future!

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Justin Bons

@Justin_Bons

11 months

BTC is fools gold It has become a purely speculative game of greater fool theory Only buying an asset based on an expectation of future price gains is no different from the modus operandi of a Ponzi scheme investor BTC is not competitive with a broken long-term security model!

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Justin Bons

@Justin_Bons

2 years

4/6) EGLD has already fully implemented sharding: The holy trinity; state, execution & data sharding! All fully interoperable, exactly what ETH is trying to build! EGLD has already developed much of the technology Now they just need to build up their ecosystem to catch up

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Justin Bons

@Justin_Bons

6 months

Achieving massive scale while preserving decentralization is the holy grail of cryptocurrency Do not let anyone tell you this is impossible! ETH gave up on this vision way too soon, as several competing chains have now achieved this Leaving ETH behind in the dustbin of history

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Justin Bons

@Justin_Bons

8 months

BTC does not solve any real-world problems at scale because it cannot scale at all The promise of a fixed supply is a lie, as the security model is unsustainable Support in BTC is based on belief, not utility or value BTC is now a purely speculative vehicle for greed & naivety

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Justin Bons

@Justin_Bons

2 years

1/25) BTC is fools gold A purely speculative game of greater fool theory Without security or scarcity, BTC is not competitive I abandoned it completely by 2016 Most do not know that BTC completely changed since that time BTC is no longer P2P Electronic Cash or sound money!

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Justin Bons

@Justin_Bons

5 months

1/25) Chainlink's use of admin keys has the potential to bring down most of DeFi! LINK serves such a critical role in the DeFi ecosystem That if those keys are ever compromised, it will cause a black swan that shakes DeFi's core! That is the devil that hides in LINK's details:

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Justin Bons

@Justin_Bons

7 months

Any blockchain that does not scale is a joke A stain on our entire industry holding us back from global adoption Due to BTC & ETH not scaling, most people now think cryptocurrency is slow, expensive & without utility! The very opposite of what blockchains are truly capable of!

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Justin Bons

@Justin_Bons

10 months

Layer two scaling is a poor excuse for not scaling the L1 Over 90% of L2 usage is on protocols that can steal user funds, including Optimism, Arbitrum & Polygon! As they rely on admin keys for their smart contracts Expecting this to change is naive at best & malicious at worst

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Justin Bons

@Justin_Bons

1 year

Stay away from HEX; it is clearly a scam Technically not a Ponzi scheme but something worse HEX enriches its founder through ponzinomics; collecting all raised funds & a majority of HEX supply! Caught manipulating the ICO & faking usage; only scratches the surface of this con

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Justin Bons

@Justin_Bons

8 months

1/9) Ethereum is becoming the antithesis of the decentralization ethos As it is pushing people into custodian & trusted "L2 scaling" solutions While rejecting on-chain governance in favor of a centralized & permissioned decision-making process That is not what I signed up for!

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Justin Bons

@Justin_Bons

5 months

What is happening in cryptocurrency now is awesome There has been a narrative shift away from ETH in favor of scalable L1s such as SOL, AVAX, NEAR & EGLD Validating the criticisms of ETH's "L2 scaling" roadmap The future is so bright as the blockchain trilemma has been solved!

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Justin Bons

@Justin_Bons

1 year

BTC might not have an active founder, but it certainly does have a team, ironically known as Bitcoin Core Who, over the years, have captured BTC As they can effectively gatekeep any rule changes This is how BTC, without formalized governance, has become extremely centralized!

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Justin Bons

@Justin_Bons

2 years

BTC has been completely obsoleted by ETH. I believe in a multi-coin future, however BTC has nothing unique to offer in that regard. It fails to be competitive in every possible way. If there were trade offs both could co-exist, but ETH can do everything BTC can, better & more.

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Justin Bons

@Justin_Bons

2 months

If you now doubt your favourite chain because it underperformed Then you lack conviction! Price performance over the last month is meaningless, compared to the fundamentals If you are in it for the long run, then ignore the meme coins & dinosaurs; keep your eyes on the prize!

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Justin Bons

@Justin_Bons

1 year

1/14) There is so much nonsense in cryptocurrency! We have to cut through all the BS; to find the gems Out of the top 20 in market-cap, only 5 are even respectable! An abysmal number, exposing the immaturity of our space These are the top 20 according to Fundamental Analysis:

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Justin Bons

@Justin_Bons

2 months

ETH has 10x the capacity of BTC SOL has 10x the capacity of ETH Why is it so difficult to get people to recognize technological progress? The answer lies in their bags Sharded chains such as TON, NEAR & EGLD have 10x the capacity of SOL; instead of denial, SOL is scaling more!

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Justin Bons

@Justin_Bons

2 years

1/25) Polygon is still highly insecure & centralized! It would only take 5 people to compromise over $4B. 4 of these individuals are the founders of Polygon! Representing one of the largest hacks ever, just waiting to happen. Reckless & irresponsible, a warning to the wise:

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Justin Bons

@Justin_Bons

3 months

EGLD has a capacity of 100k+ TPS, with a theoretical limit of 1M+ TPS! (Sharding) NEAR will implement sharding as well, along with TON, SHM & more SOL usage exceeds 1k+ TPS & capacity is increasing (Parallelization) ETH is maxed out at 100 TPS & has ZERO plans to scale its L1!

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Justin Bons

@Justin_Bons

8 months

Ethereum has the best possible economic model for a cryptocurrency All blockchains should adopt this; tail inflation & fee-burning! An elegant solution to BTC's security dilemma, by making supply algorithmic; ETH remains more secure & scarce compared to BTC; a perfect design!

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Justin Bons

@Justin_Bons

7 months

I am overjoyed that SOL is gaining so much traction! As a critic of ETH's scaling roadmap; I see SOL's success as a direct consequence of ETH's failure to scale A harsh lesson in free market economics that I hope the community will acknowledge Because ETH has to evolve or die!

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Justin Bons

@Justin_Bons

1 year

I do not support Matic; far too much centralization risk: The Polygon admin key is secured by a 5 out of 8 multisig. Adding insult to injury; 4 are owned by the founders! After years of criticism & a refusal to change We must draw a line in the sand & stop trusting bad actors!

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Justin Bons

@Justin_Bons

11 months

BTC's governance is effectively centralized under Bitcoin Core There is 1 lead maintainer who has the final say; making it a dictatorship Like all dictatorships, there are limits to what they can get away with However, this is still a total perversion of true decentralization!

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Justin Bons

@Justin_Bons

1 year

1/22) Two of my favorite blockchains; NEAR & EGLD Preserve decentralization while achieving massive scale through sharding However, they both lack on-chain governance, a critical piece in the puzzle of blockchain design I advise following my six principles for good governance:

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Justin Bons

@Justin_Bons

3 months

Satoshi Nakamoto was a big blocker This contradicts maxi narratives, as it exposes the capture & resulting pivot of BTC! The truth is that Satoshi would oppose everything that BTC stands for today As the facts of history expose BTC for abandoning its own founding principles:

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Justin Bons

@Justin_Bons

1 year

1/9) Solana has far too many red flags With a long history of lies, fraud & dangerous design decisions Last week, SOL crashed for the 12th time, causing close to 20hrs of downtime! My new critique exposes patterns of bad behavior; far beyond redemption:

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Justin Bons

@Justin_Bons

2 years

4/6) SOL security is not just reduced against DDoS attacks since this attack can also be combined with a 51% attack Allowing an attacker to temporarily gain proportional staked control over the network by attacking other large stake holders These are all consequences of PoH!

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Justin Bons

@Justin_Bons

2 years

1/9) There is a good reason why some are surprised by the BNB rollback today Even though BNB has always been entirely centralized & permissioned! As BNB seems decentralized to an untrained eye However, its 21 "validators" are chosen by a committee of 11, controlled by Binance!

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Justin Bons

@Justin_Bons

11 months

It would take more than seventy years for everyone in the world to do a single BTC transaction! Some have proposed the Lightning Network as a solution However, onboarding people onto LN in a non-custodial way requires several on-chain TXs! BTC is truly a technological dead end

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Justin Bons

@Justin_Bons

1 month

1/21) I used to be one of Solana's biggest critics Covering the fake usage numbers, centralized design, downtime, lies & fraud In this thread, we go over all my old critiques one by one & explore how SOL has changed: Let me explain as we pivot for decentralization's sake:

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Justin Bons

@Justin_Bons

2 years

Comparing Solana to Ethereum's early history is not a fair comparison ETH never had any downtime in its entire history, unlike SOL! ETH's founders never got caught lying, unlike SOL! ETH is far from perfect but SOL's numerous red flags cannot be excused through comparison

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Justin Bons

@Justin_Bons

7 months

L2s are a terrible replacement for L1 scaling In fact, L2s do not scale the L1 at all; if anything L2s compete with the L1 over fees Weakening the security & economics of the L1 All while delivering worse UX, lower security & fragmenting liquidity "L2 scaling" is parasitical!

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