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Ethereum: the Goldman Sachs of blockchains by sorin.cristescu

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· @sorin.cristescu ·
$5.52
Ethereum: the Goldman Sachs of blockchains
I have recently started a new initiative: a tokenised, bankless, blockchain-based non-profit called OffChain Luxembourg. 

As we don't have a bank account, OffChain Luxembourg uses the Hive / Hive-Engine couple as a bank. Members pay their membership fees in the "Treasury", the @ocl-trez account. The accounting currency is the HBD

Thanks to Transak, they can pay in € with SEPA, VISA card, Apple Pay or G Pay. Of course they can also pay in crypto. The idea is that no matter the means of payment, the membership fee ends up as HBD in the @ocl-trez account.

So today we got a new member, @lord.nicolas , who paid in xDAI on the Gnosis chain. How do you get from there to HBD ? Well, it's doable but there's a trick: whatever I do, I have to go through the bloody Ethereum Mainnet. Therefore, I need to have a wallet with some ETH in it to pay the Tx fees. 

Step 1. Move xDai from OCL-TREZ wallet to one of my Gnosis wallets which has ETH on the Mainnet.

Step 2. On the Gnosis chain (low fees) swap xDAI to WETH

Step 3. Use Gnosis bridge to move the WETH to the Ethereum Mainnet.

Step 4. Unwrap the WETH to ETH ... and get shafted by the Mainnet's Tx fees

![](https://images.ecency.com/DQmePA6cHRfr8jouyvqX2QW8ik1Fvgyzc2eE8uhGR1aNWu3/ethgasfees.jpg)
<sup>Almost 10€ in fees to unwrap WETH to ETH ...</sup>

This made me see a parallel between Ethereum Mainnet and Goldman Sachs. I remembered the famous 2009 description of the Nb. 1 investment bank as 

**_a “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”_**

In the cryptoverse, Ethereum Mainnet is that "giant, blood-sucking vampire squid" ...

  

👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 63 others
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vote details (127)
@douglas.life ·
# Keep up the good work. 👏🎵

Dear beloved Hive creator,

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# Join our community 🐬


Find fellow music lovers in cXc's [Discord](https://discord.gg/u3kpj7xEWZ)


# Bad news: Saying see you later to Hive! 👋 

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For now, we're on WAX, with [tools you can use to mint your own Music/Media NFT collection](https://tools.cxc.world).

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@drlobes ·
$0.16
What are the plans for this non-profit? Just curious...
👍  
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vote details (1)
@sorin.cristescu ·
$0.03
Thanks for asking. I'll publish a longer article soon but in a nutshell is "bridging" the world of crypto with the world of laws by offering the first MiCA-compliant token in Luxembourg. The articles of association are here:
https://peakd.com/ocl/@offchain-lux/offchain-luxembourg-asbl-status
👍  
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vote details (1)
@hivebuzz ·
Congratulations @sorin.cristescu! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)

<table><tr><td><img src="https://images.hive.blog/60x70/https://hivebuzz.me/@sorin.cristescu/upvotes.png?202406280913"></td><td>You distributed more than 180000 upvotes.<br>Your next target is to reach 185000 upvotes.</td></tr>
</table>

<sub>_You can view your badges on [your board](https://hivebuzz.me/@sorin.cristescu) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>



**Check out our last posts:**
<table><tr><td><a href="/hive-122221/@hivebuzz/pud-202407"><img src="https://images.hive.blog/64x128/https://i.imgur.com/805FIIt.jpg"></a></td><td><a href="/hive-122221/@hivebuzz/pud-202407">Hive Power Up Day - July 1st 2024</a></td></tr></table>
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@milaan · (edited)
$0.14
If the fee goes exorbitant, then it's no different than the traditional systems, ultimately things come down to utility whether centralized or decentralized, things have to be reasonable in the first place.
👍  
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vote details (1)
@sorin.cristescu ·
There is a philosophical split that cleaves the blockchain world in very unequal parts. 

On the 99% side, it's a fiercely individualistic view of the world where you find all the blockchains that charge tx fees- pay per use, like toll roads. 

On the 1% side you have Steem, Hive, Nano, IOTA where the infrastructure costs are mutualized and paid for from a community budget, and there are no tx fees for use, like most roads.

Imagine what moving around would be like if 99% of roads were toll roads.
👍  
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@milaan ·
$0.03
Laissez faire individualism is not complementing to public goods!
👍  
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vote details (1)
@novacadian ·
$0.13
>In the cryptoverse, Ethereum Mainnet is that "giant, blood-sucking vampire squid" ...

It helps to think of it as <i>HODLing incentivizing</i>, but that's not foolin' anyone. :)
👍  
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vote details (1)
@sorin.cristescu ·
I smiled, thank you! 
👍  
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vote details (1)
@rafzat ·
This trick seem like a long process but I’d give it a try when I’m ready
Thanks for sharing 
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@revisesociology ·
$0.11
Seems like a fair analogy. I do wonder why people still go for it when there are so many viable alternatives, maybe that's why chains like Sol have done so well, people (mistakenly or not, I don't know enough about it) see it as a viable alternative....?

Certainly for me, I've got bits and pieces on ETH, a few coins worth a few hundred dollars but I haven't cashed them out as I can't stand paying the fees! 

The best ETH I've got is on Kraken, which I moved from Coinbase following my refund from Celcius. I say it's the best because I can sell bits and bobs of it for a small tx fee, on the exchange! 
👍  
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vote details (1)
@temileke ·
The crypto will retain its value much more if people can hold much more 
👎  , , , , ,
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vote details (6)