You know this industry is f*cked up when coinbase launching a centralized “L2” with no fraud proofs and fully controlled by a 4/6 multisig cabal of insiders and VCs is met with euphoria and hype by the crypto community

“Controversial me” all day long, it is not controversial at all in my opinion. The new Base L2 launched by Coinbase is a centralized mess (just like all the other rollups like Optimism or Arbitrum on mainnet) and there’s no more excuses. They are all controlled by a 4/6 multisig, 4 people control your funds, it is worse than a bank.

Is it too much to ask out of this industry to not have centralized VC garbage that can be rugged entirely by a few insiders?

It just feels like every single year I spend in crypto, more and more of my faith that we’ll return to the OG vision of security and decentralization just disappears.