Hard Problems in Cryptocurrency: Five Years Later
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Re: Hard Problems in Cryptocurrency: Five Years Later
#2I usually hate the cryptocurrency articles that get posted here, but I do like this one — a decent overview of technical challenges & possible solutions
Re: Hard Problems in Cryptocurrency: Five Years Later
#3It's such a shame that useful proof-of-work is so impractical. The amount of cycles spent mining for the sake of mining is pretty depressing.
Re: Hard Problems in Cryptocurrency: Five Years Later
#4It's such a shame that useful proof-of-work is so impractical. The amount of cycles spent mining for the sake of mining is pretty depressing.
Ethereum proof of stake is coming and should fix that elegantly.
Re: Hard Problems in Cryptocurrency: Five Years Later
#5Re: Hard Problems in Cryptocurrency: Five Years Later
#6It's such a shame that useful proof-of-work is so impractical. The amount of cycles spent mining for the sake of mining is pretty depressing.
Ethereum proof of stake is coming and should fix that elegantly.
I feel like that’s been coming any day now since about 2014.
And seems like a TERRIBLE idea, anyway. The rich get richer, built right into the system!
Re: Hard Problems in Cryptocurrency: Five Years Later
#7In a space absolutely filled with hucksters and scam artists, vitalik is legit. Good read.
Re: Hard Problems in Cryptocurrency: Five Years Later
#8The biggest problem is actual uptake for real transactions, as opposed to speculation and black markets.
The 2 biggest barriers to be solved are:
-lack of trust/ease of use for the layman
-volatility
These problems may or may not sort themselves out with time.
Re: Hard Problems in Cryptocurrency: Five Years Later
#9Earlier quoted context omitted.
Ethereum proof of stake is coming and should fix that elegantly.
I feel like that’s been coming any day now since about 2014. And seems like a TERRIBLE idea, anyway. The rich get richer, built right into the system!
Phase 0 of Ethereum v2 arrives in Q1 2020. Coming since 2014 but finally arriving :)
Proof of stake reduces the issuance of new ETH to pay for the cost of securing the network. It's cheaper than paying miners. And anybody can buy ETH to stake so it's more egalitarian than mining which requires economies of scale in hardware and electricity.
Re: Hard Problems in Cryptocurrency: Five Years Later
#10In a space absolutely filled with hucksters and scam artists, vitalik is legit. Good read.
Vitalik and ETH are the definitions of scam and scammer. He's very good at obfuscating it by appearing very smart: read his articles and tweets, they always sound complex, but can be rewritten in much simpler terms. And ETH is the same: it obfuscates its uselessness and nonsense by being overly complex, every year employing new terms and coming up with tons of code that only increases the attack surface and complicates things even more.