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Ethereum 2.0 launches

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Re: Ethereum 2.0 launches

#41

Post by Sargos »

tormeh wrote: post #31

Is it still deflationary? Wondering if I should invest in the coin itself (which makes sense for deflationary coins) or a company doing something with it (which makes sense for an inflationary coin)

BTC (2%) and ETH (4.5%) are both inflationary right now and have never been deflationary. BTC will be inflationary until about 100 years from now. ETH is a bit more complex but in about a year when it switches from proof of work to proof of stake the inflation will drop to <1%. When EIP-1559 is implemented next year then most of the transaction fees are burned which will likely drop the inflation rate into the negatives which will turn Ethereum into a deflationary asset.

Re: Ethereum 2.0 launches

#42

Post by CydeWeys »

mathnmusic wrote: post #28
tryptophan wrote: post #23

Earlier quoted context omitted.

Yes. But thats the point of PoS. Why would someone who owns >50% of something want to destroy it? Literally hurting yourself more just to hurt others a lesser amount.

Correct me if I'm wrong, but if you own > 50% and get the ability to reverse transactions, it can still go undetected. So it's possible to hurt others without hurting yourself.

How would it go undetected? The people whose transactions are being reversed would definitely notice, as would anyone else paying close attention to said transactions.

Re: Ethereum 2.0 launches

#43

Post by tsujp »

tormeh wrote: post #31

Is it still deflationary? Wondering if I should invest in the coin itself (which makes sense for deflationary coins) or a company doing something with it (which makes sense for an inflationary coin)

Not in a literal sense. ETH is still awarded (and can be adjusted as it can on the PoW chain) but plateaus around 10MM ETH staked. The more people that use the network the more ETH that's being burnt due to gas (operation, practically 'network') fees.

So Ether's (in/de)flationary behaviour is a consequence of multiple factors: network consensus participation (mine or stake), network utilisation (burn due to gas fees for using the Ethereum VM), and network parameters (block or epoch reward)

Re: Ethereum 2.0 launches

#44

Post by Cthulhu_ »

mathnmusic wrote: post #28
tryptophan wrote: post #23

Earlier quoted context omitted.

Yes. But thats the point of PoS. Why would someone who owns >50% of something want to destroy it? Literally hurting yourself more just to hurt others a lesser amount.

Correct me if I'm wrong, but if you own > 50% and get the ability to reverse transactions, it can still go undetected. So it's possible to hurt others without hurting yourself.

In theory yes, but in practice the people most involved (holding large stakes) would pull out of the system en masse, crashing the value and (probably) the whole network with it. Same with BTC. In theory anyway.

Re: Ethereum 2.0 launches

#45

Post by mckirk »

ichbinwiederda wrote: post #22
howlgarnish wrote: post #20

Earlier quoted context omitted.

Because Bitcoin touched an all time high and proceeded to plummet $1700+ immediately afterwards, dragging all other cryptos along with it.

Ah cool. Makes sense.

I mean, it really shouldn't make sense, because Bitcoin is a completely separate currency from ETH... but it's still way too deeply connected to 'anything crypto' in people's minds, it seems.

Re: Ethereum 2.0 launches

#46

Post by louwrentius »

I don't understand this.

I don't understand any of it.

I don't understand cryptocurrencies.

I don't understand what problems they really solve.

> "Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It's a community-built technology behind the cryptocurrency ether (ETH) and thousands of applications you can use today."

I can do all these things already.

> Ethereum is a technology that lets you send cryptocurrency to anyone for a small fee. It also powers applications that everyone can use and no one can take down.

I don't have this need ever, to be frank. Who really does, looking at the larger population?

> It's the world's programmable blockchain.

I don't understand what this means. What does this do for real-life applications?

What problem / which problems are being solved here?

Re: Ethereum 2.0 launches

#47

Post by seibelj »

hardwaresofton wrote: post #36
seibelj wrote: post #10

Earlier quoted context omitted.

Beginning of switch from Proof of Work to Proof of Stake consensus, which will end the mining process for Ethereum and switch to securing the network by locking up funds, drastically reducing the amount of energy used to secure the network. As a side effect of the consensus change, the amount of transactions per second will scale massively. There is not universal agreement among blockchain enthusiasts that Proof of S…

any idea on the increase in transactions per second/month/some time period? The things that have stopped me from getting into btc/eth are: - scaling issues (it can't be used as a currency if this isn't fixed) - power issues (would be nice if we didn't create a huge pointless energy sink if we could avoid it) - the amount of footguns in ethereum (I think the language is too permissive) It looks like this solves at lea…

At least 1000 transactions per second if not more. In terms of language security, it is possible to use a verified subset of the language in order to avoid bugs, as you can with any Turing-complete language. Few currently do, however.

Re: Ethereum 2.0 launches

#48

Post by jillesvangurp »

ichbinwiederda wrote: post #22
howlgarnish wrote: post #20

Earlier quoted context omitted.

Because Bitcoin touched an all time high and proceeded to plummet $1700+ immediately afterwards, dragging all other cryptos along with it.

Ah cool. Makes sense.

It really doesn't other than that in the simple minds of investors all cryptos are essentially the same (i.e. tied to Bitcoin) regardless of their respective business ecosystem, technical attributes, usage, etc.

Basically, my small stash of XLM nearly trippled in value in the last weeks. The same keybase handhout has floated between 50$ and 230$ in the last year or so. Most of the price changes have very little to do with the amount of progress/change in the Stellar ecosystem; which actually is not that bad given that some non scammy people are trying to use it for real stuff and they've made some nice progress moving the platform and OSS forward. Actual merit has done little to nothing for the value of XLM. But somebody coughs in the Bitcoin ecosystem and it suddenly jumps by a few hundred percent.

Pretty much any time there's a change in value for XLM it is because something is going on with Bitcoin. Eth2 is a bit more widely used but it seems to have similar issues differentiating itself from Bitcoin.

The ecosystem is basically being driven by so-called crypto experts circle jerking bitcoin to new highs and lows via extremely biased web sites passing themselves off as independent blogs/news channels that are pretty much crooks for hire willing to write whatever in exchange for crypto. Most of that BS is so detached from reality at this point that it's hard to see any patterns other than some whales moving bitcoin around to influence the value of bitcoin and orchestrating lots of hype around this so they get to dump after their pump at exactly the right time.

Re: Ethereum 2.0 launches

#49

Post by RikNieu »

louwrentius wrote: post #46

I don't understand this. I don't understand any of it. I don't understand cryptocurrencies. I don't understand what problems they really solve. > "Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It's a community-built technology behind the cryptocurrency ether (ETH) and thousands of applications you can use today." I can do all these things alr…

I feel that no one is using crypto currency for it's original intended purpose, and in the way it would benefit the citizens of the world the most - as liquid currency for regular & cross-border transactions.

Everyone just seems to want to use it like gold, to store wealth or speculate with. This is stupid. But alas.

Re: Ethereum 2.0 launches

#50

Post by yodsanklai »

tryptophan wrote: post #23
naringas wrote: post #17

One thing I haven't been able to figure out about proof of stake is this: if one entity somehow manages to control over half to the total ETH tokens, does this enable an attack analogous to bitcoin's 51% problem (which happens when one miner controls over half of the network's raw cpu power)?

Yes. But thats the point of PoS. Why would someone who owns >50% of something want to destroy it? Literally hurting yourself more just to hurt others a lesser amount.

Ok, but suppose someone owns 50% of the tokens. Doesn't this mean the system is de facto centralized. Even if the majority holder behave well, how is it better than a centralized solution?
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