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Vitalik Unveils Ethereum 2.0 Roadmap

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Re: Vitalik Unveils Ethereum 2.0 Roadmap

#91

Post by walterstucco »

Nokinside wrote: post #50
Erlich_Bachman wrote: post #39

Earlier quoted context omitted.

Ethereum produces tangible value for it's users: transferring money and ability to create ICOs (just to name two). People value transferring money. It's a challenging technological task, which the humanity has been trying to solve for many years. It's a task that many people find useful. You don't mind paying 3% to your credit card company, do you? Even if you do, evidently many people around the world don't. Why is…

>Ethereum produces tangible value for it's users Yes. I agree. The potential capital efficiency for for these services is vastly greater than credit cards. You are trying to undersell the potential in distributed computing platform and smart contract technology if you defend the current cost structure. The promise of these technologies is to reduce cost of financial transactions almost without limit. Lets look into t…

Not defending the actual system but

Banks have higher operational costs because they pay real people to get the job done

And even if we account for speculation, speculators are on cryptocurrencies as well and it's even easier to create scams with them, very few in the world understand more than 5% of how they work

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#92

Post by cryptodogemoon »

celticninja wrote: post #81
cryptodogemoon wrote: post #79

Earlier quoted context omitted.

Completely wrong. The output is actually completely inverse. More work, more users, less output. The consistency you're thinking of is likely the algorithm that adjusts blocktime to 10 minute intervals.

Apologies, consistent was not the correct word to convey my meaning. The reward schedule is consistent but the reward itself is pre-determined, known by all participants, it was set out from the beginning. There was no attempt to hide the idea until a certain proportion of the BTC was mined by the creator. Penalising late adopters is just the reverse of rewarding early adopters and bitcoin needed early adopters to ke…

If you design a system for mass adoption that exploits the masses and only benefits a tiny group of people and you publish your blueprints and claim the details were available, that doesn't change the fact that you've already literally taken the money supply and run.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#93

Post by Erlich_Bachman »

celticninja wrote: post #84
Erlich_Bachman wrote: post #25

Earlier quoted context omitted.

"Without any expense"? What do you call the technical expertise and man-years of work put into the network?

That's effort not expense, regardless don't you think that Satoshi Nakamoto put in the same, if not more, effort and didn't pre-mine BTC.

I'm not sure why I would compare the two.

If OpenOffice team gives out their software for free, does it mean that Microsoft is somehow morally evil for selling their own Office package?

Difference between effort/expense does not seem to be important here, the point is that Ethereum developers put something real into it (work, resources, etc - quantifiable and provable), for which they claim that they should be reimbursed in form of a pre-mine. This information is publicly available, and known by most network participants, who still voluntarily participate in it. I don't see any problem here.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#94

Post by baby »

stupidcar wrote: post #29

It strikes me as an (non-invested) outsider that Ethereum seems to benefit from having a figure like Vitalik who can act as a Torvalds-esque figurehead, setting the project's technical direction. And that, in contrast, the non-participation of Satoshi Nakamoto has left a power vacuum at the heart of Bitcoin, which results in the kind of bloody and attritional battles required to move it forward. Because everybody and…

You say that, but then Ethereum Classic is the 10th biggest altcoin currently.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#95

Post by JauntyHatAngle »

cryptodogemoon wrote: post #55
JauntyHatAngle wrote: post #47

Earlier quoted context omitted.

>Satoshi easily could have chosen a linear algorithm anticipating additional work input with more users, instead he designed a system to exploit late adopters. Are you suggesting he provides a bigger reward for work as time goes on, thereby providing more currency later in the piece? That would be counter-intuitive to the idea of bitcoin as a fixed store of wealth (strong libertarian influence, anti-bank ethos being…

>Are you suggesting he provides a bigger reward for work as time goes on, thereby providing more currency later in the piece? Yes. The minting design Satoshi choose merely granted a few users the majority of the supply for the least amount of work. They can then horde and hope to sell at a profit to late adopters. >That would be counter-intuitive to the idea of bitcoin as a fixed store of wealth No, the total supply…

>No, the total supply remains the same. Distribution and production is the issue. The linear curve should align to match the energy and work input, assuming that is representative of additional users joining the network. Fixed store of wealth is even more difficult to achieve, as users must trust the design to be desirable.

I understand what you are saying (even if I disagree with the concept), but I think you are missing that this was created as a run away from the GFC, heavy inflation would run a counter to what libertarians and anti-global economics people would believe in.

I didn't say anything about your particular opinion on wealth distribution on crypto, I'm just saying your opinion that satoshi was attempting to exploit people is baseless.

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