Earlier quoted context omitted.
Eos is a good a example. It's governance is falling apart. How to solve it? Well, I guess it needs more governance and rules :)
EOS is not really something to use as an example
An example can be good or bad.
Hard Problems in Cryptocurrency: Five Years Later
111–120 of 378 posts
Re: Hard Problems in Cryptocurrency: Five Years Later
#112Can some people from the crypto space give a quick tl;dr of what’s going on in the space that’s of note? Seems like I hardly hear about interesting stuff after the bubble burst (kind of at least). Are there any people using crypto to actually do work for clients and solve fiat currency based businesses problems? I am curious if the crypto start up space is mostly filled with crypto-to-crypto services or if there are…
Decentralized finance (DeFi): https://defiprime.com
Re: Hard Problems in Cryptocurrency: Five Years Later
#113Earlier quoted context omitted.
When you put your money in a bank, it doesn’t just sit there. Deposits, while possibly not the most efficient way to do it, support useful economic activity. Proof of work is also terrible, obviously. Proof of stake seems like an awful thing to _aspire_ to, tho.
The minimum stake of 32 eth is probably going to require something like a laptop to run. Those with larger stakes are going to need to devote more computer resources to the network.
32 ETH is ~$4,800 at today's price of $151.07[1]. What's the expected "payout" for this stake?
[1] CoinMarketCap used as source.
Re: Hard Problems in Cryptocurrency: Five Years Later
#114Earlier quoted context omitted.
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.
PoS would be more egalitarian if it was that way from the start, however as it is transitioning from PoW this means that anyone that bought in early, now has an opportunity to solidify their position. For new entrants to reach the same level of investment would be significantly higher. So the ETH rich get richer and it widens the gap.
Re: Hard Problems in Cryptocurrency: Five Years Later
#115Earlier quoted context omitted.
Cash? Otherwise, for digital, who are we talking about, exactly? What country doesn't have banks? If you can't get a bank account it's unlikely your basic needs are going to be met by a stranger you've never met.
There are 1.7 billion adults in the world who are unbanked. 420 million of them have internet access. You can find them in countries all over the world. For example USA have 18 million and France have 3 million who don't have a bank account. It's not just poor people in countries without banks who have these problems. Even rich porn stars have had their bank accounts closed (for being porn stars) and people in the ma…
From that page:
> There is no KYC process.
How does an unbanked put their paper money into their cryptocurrency account without a KYC process? (Please don't say trust a random third party stranger in a pub offering cryptocurrency at an exorbitant markup.)
> There are no fees for opening or having an account
I've never paid a fee to open or have a bank account, but how does an unbanked put their paper money into their cryptocurrency account without paying a fee (or an exorbitant markup)?
> You don’t need to trust a third party with your money.
How does an unbanked get their paper money into their cryptocurrency account without trusting a third party?
> There’s no need to visit a financial institution. As long as you have internet access you always have access to your money and can make payments.
Online and phone banking existed decades before Bitcoin was created.
> Around 60% said they had too little money to use a bank account
Yet they'd somehow have enough to put into cryptocurrency account?
Re: Hard Problems in Cryptocurrency: Five Years Later
#116hard problem in ethereum Only not on BitCoin
SV node scales https://stn.satoshi.io/
Re: Hard Problems in Cryptocurrency: Five Years Later
#117Whether or not you're aligned with Bitcoin political values and goals, please don't be duped by Ethereum. It may appear as something useful, without the stigma of Bitcoin being black market money. However, you ONLY need black market money. Everything else that's ok with being regulated, does not need a blockchain. The hard problem that Bitcoin solved was "How do we create money that wouldn't collapse and lose value o…
dont know why you got downvoted, ethereum is a scam.
only BitCoin matters and satoshi proves it scales on day one https://stn.satoshi.io/ https://bitcoinblocks.live
Re: Hard Problems in Cryptocurrency: Five Years Later
#118Earlier quoted context omitted.
There hasn't been any high profile smart contract hacks for a while now. Early days are always fraught with disasters. The field is evolving with "best practices", formal verification and lessons learned from past mistakes, so you'll find that these days things are more stable. One example is MakerDAO which has around $300 million in value locked, and has been running without incident for a while now.
I bet you that their smart contract, like most other significant ones, has been designed to be upgradable. That means the authors can modify the smart contract whenever they want, which means it implicitly has a centralised trust mechanism (I.e. you had better hope that the authors don’t go rogue and screw over the users) Central point of trust => blockchain part is now pointless, as ever.
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Re: Hard Problems in Cryptocurrency: Five Years Later
#119Earlier quoted context omitted.
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 complicat…
Please don't cross into personal attack. It degrades discussion. Maybe you don't owe every person better, but you owe the community better if you're posting here. https://news.ycombinator.com/newsguidelines.html
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Re: Hard Problems in Cryptocurrency: Five Years Later
#120I literally spent the past week reading a couple dozen papers on cryptocurrency attacks, in service of a term paper which should hopefully turn into a master's thesis (and possibly more during my PhD campaign). I'm pretty damn pessimistic as a result. Smart contracts basically throw all of your consensus guarantees out the window because they can cause arbitrary exchanges of value in the application layer, which can…
Miners in Proof of Work currencies that find a block can choose what transactions in what order get mined. Through which they can change the order of operations, but they can’t invent transactions or manipulate them directly. I have found the issue of miners and transaction manipulating to be overblown.
They could block, and may find themselves required to block transactions from unknown sources if this space becomes more regulated.