The Most Important Cryptocurrency Debate

Ethereum has had many discussions over its lifetime on how to proceed with its development, but one of the biggest ones has always been the recovery of lost or stuck funds. This discussion has heated up recently as the result of EIP 867 (introduction of ERPs) and EIP 999 (restore contract code of Parity WalletLibrary contract which was destroyed), but the discussion has been mostly limited to the Ethereum community.

Steemit: https://steemit.com/ethereum/@cryptovestor/the-most-important-cryptocurrency-debate

However, I think the discussion of these two EIPs has ramifications far beyond just Ethereum. The debate over these EIPs includes topics such as:

1) Decentralization
2) Immutability
3) Changes at the protocol level vs the application level
4) Blockchain governance

These factors are critical for ALL public blockchains. The community appears to be against any EIPs relating to recovery. The reasons often quoted include:

1) Sacrificing Immutability
2) Providing too much power / responsibility to EIP editors
3) Sets precedent which can lead to slippery slope (what do we allow to be recovered?)
4) Sets precedent of too big to fail
5) Bad code should have bad consequences
6) Changes shouldn’t be made at protocol level
7) Many more – Check discussion links

The video includes details about what an EIP is, what these two particular EIPs are, and my overall opinion. Personally I am in favor of EIP 999 as I think it is undeniably an exception (due to both the amount and people involved), but am uncertain about EIP 867. EIP 867 will mostly benefit businesses who develop on top of Ethereum (in my opinion), which is excellent, but like many others, I am concerned of how it would turn out in practice.

What are your thoughts?

Links:

EIP Description: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1.md

EIP 867: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-867.md

EIP 999: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-999.md

EIP 867 (Discussion): https://ethereum-magicians.org/t/eip-867-standardized-ethereum-recovery-proposals-erps/139

EIP 999 (Discussion): https://ethereum-magicians.org/t/eip-999-restore-contract-code-at-0x863df6bfa4/130

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My Recommended Hardware Wallets:

If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously – look it up and you’ll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline):

Ledger Nano S: http://amzn.to/2hZPj0q
Trezor: http://amzn.to/2AxD9TN
Ledger Blue (expensive): http://amzn.to/2hk7xst

I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn’t matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
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My Favorite Book for Investing in Crypto:

Cryptoassets: http://amzn.to/2zKDdCF

This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn’t bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.

It’s a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
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My Recommended Exchanges: Coinbase / GDAX / Bittrex

https://www.coinbase.com/join/5a08b12e305a1401d79d10e0

If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
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None of what I provide in my videos is investment advice. Please do your own due diligence.
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The Most Important Cryptocurrency Debate

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Kane Dane