Zeng Jiajun 曾嘉俊|Aug 12, 2026 23:10
vitalik was right: legitimacy, not code, governs ethereum's capital flows.
what he didn't foresee: legitimacy can be bought by whoever the protocol pays.
in 2021 his essay explained why miners couldn't stop 1559. in 2026 it explains why stakers killed (?) 8363.
a prophecy hides in vitalik's 2021 essay: redirecting miner pay risks "political chaos and capture."
but core devs did it twice (1559+merge) against the outsiders (miners).
unfortunately it only worked because miners had no vote. the merge handed the money to stakers, who do.
https://vitalik.eth.limo/general/2021/03/23/legitimacy.html(Zeng Jiajun 曾嘉俊)
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