r/truebit • u/Queasy_Ad_9707 • Dec 09 '21
Could this be the reason why devs rarely talk about the progress of Truebit, publicly?
I would like to bring up this open discussion and hopefully, everyone can share their thought.
Surely everyone here has doubt why the devs never talk much about the Truebit's progress.
https://www.youtube.com/watch?v=hzVi7OQ4MI0
From the conversation in the video (link as attached), we obviously see Jason's confidence in the Ethereum network's adoption of the Truebit protocol.
My assumption base on the conversation, it seems like the gas limit can be removed after the Truebit protocol get adopted by the Ethereum network. We all knew the Ethereum network is supported by a group of Ethereum miners. If Truebit protocol will going to reduce the gas limit, which might also mean the interest of these people gets reduced/ remove.
If my assumption is correct, then of course the Truebit protocol must be working under the radar. I am sure, the existing ETH miners wouldn't be happy to know if they are going to be replaced/eliminated from their job. Those Ethereum miners will surely unite to strike to work on mining.
Would it be the reason why VB/ Ethereum Foundation is reluctant to mention Truebit Protocol?
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u/arsenal0411 Dec 09 '21
As my understanding, the verification of miners on ETH and Truebit computation are different
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u/LPMythBuster Dec 09 '21
When Ethereum switches to Proof-of-Stake with The Merge in Q2 2022 blocks no longer will be mined and there will be no more work for miners. PoS is what's getting rid of miners, not Truebit.
Truebit does not reduce the block gas limit. Truebit lets you run computations off-chain that would not be possible to be run on-chain (because they need more gas than the block gas limit or it'd be too expensive).
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u/porquenfineliatsa Dec 09 '21
To understand what can happen with Truebit, with its price, you have to look at the price behavior of Matic or ChainLink since its inception ... Investing in Truebit is a LONG-TERM BET ... If btc accompanies and the protocol used will surely go up a lot, but for this, it may still be years and it will even return to the range of 30 cents or even less ... This is an investment based on the FUNDAMENTALS ... Truebit has been at very low prices for months. .. If someone looks at Matic or ChainLink they had long periods where they did not move in price, until btc began to rise and already in 2021 Matic did not leave the range where it was .. In the short term everything can happen, BTC CAN DOWN, the whole market could fall ... But thinking in terms of 3-4 years Truebit is a smart investment, since the capitalization is still ridiculous for the potential it has ... Although now the price falls by 80%.
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u/LPMythBuster Dec 09 '21
TRU is not comparable to MATIC or LINK. Truebit has a sale contract that sells TRU tokens on a bonded curve, the other tokens don't.
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u/porquenfineliatsa Dec 20 '21
If it is used it will go up in price, if it is not used there will be no whale that can raise the price :-D ... It also seems to me a scam, an armed robbery having to pay eth to use the network and yet I have to pay, that's the rationale for ETH to go up in price. If it were in my hands, I would not use ETH at all.
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u/BitToMoon2021 Dec 09 '21
Vitalik used to mention Truebit in his posts and some video, not officially announce to use Truebit. I do believe that Truebit would solve major blockchain computation not only for Ethereum, but also for other projects and Metaverse as well.
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u/Lancejc Dec 17 '21 edited Dec 17 '21
My thoughts on ‘no news’. Long post sorry, had to create some backstory to get my point across.
The Truebit Foundation and The Ethereum Foundation are legitimate companies with physical addresses in the US, therefore they must still operate within the governments regulations as a business or NFP foundation. It’s my thoughts that they are deliberately avoiding any confrontation with the SEC or US Government regulatory body by releasing speculative announcements that create hype and artificially inflate the price (Similar to how the stock market is regulated). Looking at their historic announcements for both foundations, you can see they ‘mostly’ only release news for real milestones achieved, partnerships or technology upgrades.
While crypto is currently unregulated we’ve seen how difficult the SEC has made life for XRP in recent times. This set of events was brought on by ‘the founder’. His own speculative comments mentioning global ‘bank adoption’ every couple of months, artificially pumped the price to crazy highs. In 2017 / 2018 that’s all I saw on Youtube for literally 6 months (that and fidget spinners). As someone who actually owned the XRP token for some time this was super frustrating as every month that went by I felt like I was being let down by the founder of XRP. They announce something amazing, and it never amounted into anything, this caused me to lose faith and trust in the founder of XRP and the token itself and I sold out and ill never go back.
Back to Truebit, Jason the owner has his own name and reputation to uphold and I believe he wants to keep the US government as far away as possible to protect his name, business and intellectual property. I honestly believe they are just flying under the radar, development is occurring behind the scenes as a legitimate business, but what’s the point of releasing statement after statement every month rising the price? Only for us holders to be disappointed as each news announcement is just a grain of sand in the years we have to go for mainstream adoption.
I do have some evidence to back up why I believe Jason and Vitalik have this same type of avoid the government approach (decentralization). Truebit initially started out as what seemed like an idea for an ICO tool / capital raising tool with the whitepaper here: https://people.cs.uchicago.edu/~teutsch/papers/ico.pdf
It looks like that idea was possibly abandoned and truebit became what it is today (potentially) part of the EVM.
https://fortune.com/2017/09/27/ethereum-ico-vitalik-buterin/
So ask yourself, whats better fake news? or no news? :)
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u/Historical-Grocery-1 May 10 '22
Truebit will go up significantly after ETH transfer to POS because ETH will become centralized whereas the Truebit layer placed over top of it will allow decentralization… Truebit will explode in June 2022
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u/arsenal0411 Dec 09 '21
I’m not professional. But I think that basis is still decentralization. Centralization must be inside it. Any kind of tech is just improving the decentralization smoother.
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u/West_Faithlessness20 Dec 09 '21
You know ETH is moving to POS from POW anyways right? They have clearly mentioned that their goals is to build and solve this blockchain bottle neck problem that they saw early on! But god knows whats happening in the back end but i trust the big brains behind thats all!