Great to see this happen. More env friendly. And no longer fighting with russia and china for ant miner and cheap electricity.
Ethereum 2.0 – Minimum deposit reached
151–160 of 266 posts
Re: Ethereum 2.0 – Minimum deposit reached
#152Earlier quoted context omitted.
Just to riff on this idea, despite inevitable pushback: Bitcoin's proof-of-work is basically a conversion of energy directly into money. This pushes competition towards cheaper and cheaper sources of energy. First it's finding jurisdictions that subsidize it, then it's creating your own cheaper energy sources. Proof-of-work incentivizes cheap & renewable energy investment. The penultimate phase is custom off-grid min…
The whole "this costs too much power!" movement is disingenuous, it generally relies upon comparisons to Visa or similar networks. These networks are built upon the suffering of millions (which you can I suppose equate to rampant CO2 production, if you really wanted to) and should not be used at all. Any alternative is better than that. Then of course there is the whole notion that using a lot of power is in and of i…
Serious question: Who suffers at the hands of Mastercard?
Re: Ethereum 2.0 – Minimum deposit reached
#153https://ethereum.org/en/eth2/vision/ for those who like me need an explainer what Eth2 is.
> The Beacon Chain lets us randomly assign validators to different shards This is interesting. Cross-shard attacks were a major flaw in shard designs. How is this solved exactly and who is "us" in this sentence? How can the network force a miner/validator to use a specific random shard?
There's a random number generator in the root chain (i.e. the beacon chain) and validators are assigned shortly before validation and may require validation of any random shard. The validator can validate blocks in a "stateless" manner, meaning that they don't have to validate the entire shard but can still validate a single block (which is necessary, because if validators needed data for all shards it would destroy the scaling benefits)
Re: Ethereum 2.0 – Minimum deposit reached
#154Earlier quoted context omitted.
Just to riff on this idea, despite inevitable pushback: Bitcoin's proof-of-work is basically a conversion of energy directly into money. This pushes competition towards cheaper and cheaper sources of energy. First it's finding jurisdictions that subsidize it, then it's creating your own cheaper energy sources. Proof-of-work incentivizes cheap & renewable energy investment. The penultimate phase is custom off-grid min…
> Proof-of-work incentivizes cheap & renewable energy investment. Cheap yes, renewable no. Complete non sequitur there. > The endgame is that all energy companies will primarily be Bitcoin mining companies, feeding their excess renewable energy into the grid to power homes, etc. Absolute insanity straight out of postapocalyptic SF. "The ancients destroyed their civilization by funelling an ever increasing share of re…
"The ancients destroyed their civilization by funelling an ever increasing share of resources towards some kind of elaborate game of numbers".
People in 100 years will be saying this about social media, not Bitcoin
Re: Ethereum 2.0 – Minimum deposit reached
#155Earlier quoted context omitted.
There is genuine value in that, a similar operation has been performed using silver & gold for thousands of years. Gold is an almost exactly the same in that respect - energy gets burned on the owners behalf, and they can prove it happened. The difference that I'm keeping an interested eye on is even if gold mining ceases, the energy required to produce a new gram of gold doesn't really change so a gram of gold still…
> the energy required to produce a new gram of gold Gold is valuable because people buy it. People don't buy it because of some hypothetical amount of energy that went into producing it, they buy it mostly because it's shiny and rare (and sometimes because it doesn't corrode much or conducts well). The energy cost to produce is relevant to its price only in so far as it feeds into the supply / demand equation.
If it took little to no effort to get gold, then it wouldn't be valuable. The only reason something like gold is valuable is because it's scarce, and it's scarce because it requires a lot of work to extract. Am I missing something here?
Re: Ethereum 2.0 – Minimum deposit reached
#156I stopped trusting ethereum after EIP669. Ethereum used to have a soft cap of 100M coins. They removed the cap. Ethereum is no Bitcoin. It's more akin to dogecoin/fiat with its infinite money. Hope POS works so Bitcoin can adopt it.
I've been involved with ethereum long before the presale and never once has there been any expectation of a soft cap. Nobody removed a cap. If you don't like an uncapped coin, use Bitcoin and help them figure out how their coin is going to maintain security after the mining rewards start to dwindle.
Re: Ethereum 2.0 – Minimum deposit reached
#157Earlier quoted context omitted.
Hard to know which piece of misinformation to respond to. If you skip all the subjective stuff and whether "works for shopping" is the goal.. both of your big-O comments have counter examples (check out Coda for 1) as does your energy comment (Eth2 is an effort to switch to Proof of Stake, amongst other upgrades).
> both of your big-O comments have counter examples (check out Coda for 1) That's the typical blockchain reply, suggest yet another ICO out of the ocean of ICOs out there. > as does your energy comment (Eth2 is an effort to switch to Proof of Stake, amongst other upgrades) I don't know muuch about Eth2 so I will give you that one.
> suggest yet another ICO out of the ocean of ICOs out there.
I've been working in the space for 6 years. I give no craps about the asset, but yes, I think cutting edge cryptography is fascinating.
I tend to agree that the vast majority of "work" in the space is garbage, as are the majority of assets.
Re: Ethereum 2.0 – Minimum deposit reached
#158Earlier quoted context omitted.
> Proof-of-work incentivizes cheap & renewable energy investment. Cheap yes, renewable no. Complete non sequitur there. > The endgame is that all energy companies will primarily be Bitcoin mining companies, feeding their excess renewable energy into the grid to power homes, etc. Absolute insanity straight out of postapocalyptic SF. "The ancients destroyed their civilization by funelling an ever increasing share of re…
"The ancients destroyed their civilization by funelling an ever increasing share of resources towards some kind of elaborate game of numbers". People in 100 years will be saying this about social media, not Bitcoin
How about both
Re: Ethereum 2.0 – Minimum deposit reached
#159I haven't been keeping up with the Eth / PoS development, do we have any preliminary numbers on how much energy this switch is hoped to save? Same goes with sharing, how much is it argued this will speed up the transaction process?
Once the transition is complete, I would expect the energy counsumed to be only 0.1% of a POW chain, so a thousandth the amount of power. (but I haven't attempted to work out an exact number and am not an expert on these matters)
Re: Ethereum 2.0 – Minimum deposit reached
#160I honestly think eth2 will have an incredible effect. Think of all the developing countries or countries without proper financial infrastructure, even places where you do not trust your local currency. All these places will benefit hugely from a bootstrapped currency ready to be deployed for very little effort. Launching an ecommerce will suddenly be much easier for a many more people. I'm also very interested in see…
I can well imagine for politically-unstable countries this is very good. Not really sure about the rest of the world! Besides, one distant analogy: I remember reading how internet will revolutionise totalitarian governments, because it is an unstoppable river of information. Well, China, North Korea and Saudi Arabia are going strong regardless. Bitcoin/eth are great, until some crony government introduces the death p…
The technical infra vs the conceptual architecture enabled the one sided internet per china.