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Ethereum 2.0 launches

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Re: Ethereum 2.0 launches

#201

Post by ForHackernews »

TheAdamAndChe wrote: post #157
ForHackernews wrote: post #143

Earlier quoted context omitted.

Why does any of this require ethereum? We have all kinds of markets already, ones that are much faster, more liquid and more efficient than any blockchain-backed exchanges. There's nothing stopping a recording artist from incorporating and listing shares on any traditional exchanges, or you from making a new exchange. Literally the only things Ethereum adds are decentralization and no way to dispute or reverse transa…

To trust a currency, you must trust the institutions that manage that currency. You have no control over it. To trust a cryptocurrency, you must trust the algorithm that runs it. It's fully auditable and predictable. It still takes me several business days to complete an ACH transaction in the US, and requires I trust the banking system. Transferring cryptocurrencies happen much faster and don't require the same kind…

The US ACH system is extremely slow and still involves nightly batch jobs.

Many other countries have systems that allow for nearly immediate person-to-person money transfer without blockchains: https://en.wikipedia.org/wiki/Faster_Payments_Service This is not a good argument for cryptocurrency.

Regarding "trusting" an algorithm: in the real world you also have to trust the implementation, and the configuration, and eventually humans involved in the transaction. How often do we see some big data breach on HN? Very rarely has any cryptographic algorithm been broken, but often one of the other links in the trust chain has broken.

Re: Ethereum 2.0 launches

#202

Post by joeblau »

repeek wrote: post #176
joeblau wrote: post #118

Earlier quoted context omitted.

I can do all these things already. You're absolutely right, but just like you can send a letter in the mail, email does the same thing but is digitally native to the internet. Up until the invention of Bitcoin, there was ZERO scalable way for me @joeblau to send you @louwrentius money the way I send an email. By that, I mean the only thing I need to rely on is a protocol (like SMTP) and you'll receive it. What proble…

In your example, that middle-person verifies that what you are purporting to sell, TSLA stock, is in fact TSLA stock. They provide value by way of quality assurance and recourse if fraud is involved. How can I be sure what you're selling me is in fact what you say it is? And if it's not, what recourse do I have? If I buy something directly from another person on Facebook Marketplace or Craigslist, I'm not going to pa…

  How can I be sure what you're selling me is in fact what you say it is? And if it's not, what recourse do I have?
A fundamental design in cryptocurrencies is that it's mathematically impossible to create "fake" tokens without some sort of quantum computer. What this means is that the DEcentralized Exchange (DEX) that you're performing the trade on will have liquidity for the pair of assets and as you click the right button to select TSLA for USD, you're getting TSLA. There is no mathematical way to get scammed.

For your example of FB marketplace/Craigslist, you want an Escrow service with a way to have you or a 3rd party validate you're not getting ripped off. That type of service exists via cryptographic primitives in both Bitcoin and Ethereum allowing a transaction to be blocked if there is something fraudulent.

Re: Ethereum 2.0 launches

#203

Post by [deleted] »

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.

[deleted]

Re: Ethereum 2.0 launches

#204

Post by moron4hire »

wilde wrote: post #127
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…

How might we create a digital commodity that is: 1) Consistent with a specific set of ideals (anyone can issue, what happens on the network is a matter of individual responsibility, establish economic incentives to funnel people into good behavior, finders keepers, etc.) 2) Obfuscated enough that it’s not immediately regulated into oblivion by the existing financial system Many people on this site subscribe to the id…

> what happens on the network is a matter of individual responsibility

That sounds like the opposite of solving trust.

Re: Ethereum 2.0 launches

#205

Post by tomhoward »

ForHackernews wrote: post #143
markkat wrote: post #125

Earlier quoted context omitted.

It makes me sad, because I expected a comment like this to be the highest on HN. In the case of Ethereum, digital scarcity secured by a blockchain enables a turing complete state machine that the world can use. In the most basic terms, this will remove clearing houses for transactions of assets. In the long term this will lead to novel types of assets, and make ownership extremely liquid. Imagine using your phone to…

Why does any of this require ethereum? We have all kinds of markets already, ones that are much faster, more liquid and more efficient than any blockchain-backed exchanges. There's nothing stopping a recording artist from incorporating and listing shares on any traditional exchanges, or you from making a new exchange. Literally the only things Ethereum adds are decentralization and no way to dispute or reverse transa…

> There's nothing stopping a recording artist from incorporating and listing shares on any traditional exchanges

There absolutely is: it is almost unimaginably expensive and administratively complicated, hence the only entities to IPO these days are companies valued in the tens of billions, who have exhausted all other options for raising capital privately and need to raise at least hundreds of millions or billions more.

I’m no expert on Ethereum or blockchain generally, but the potential for low-friction micro-investing in small businesses, artists or even individuals seems highly compelling to me.

Re: Ethereum 2.0 launches

#206

Post by joeblau »

pmachinery wrote: post #182
joeblau wrote: post #118

Earlier quoted context omitted.

I can do all these things already. You're absolutely right, but just like you can send a letter in the mail, email does the same thing but is digitally native to the internet. Up until the invention of Bitcoin, there was ZERO scalable way for me @joeblau to send you @louwrentius money the way I send an email. By that, I mean the only thing I need to rely on is a protocol (like SMTP) and you'll receive it. What proble…

Why am I paying fees if there's no middle-person?

The fees are a business decision, not a technical requirement.

Re: Ethereum 2.0 launches

#207

Post by somurzakov »

louwrentius wrote: post #72
PycptN2MH wrote: post #66

Earlier quoted context omitted.

It is deceptive to say 'I don't understand' when what you mean is 'I disagree.' Your central argument is: 'You offer a service to everyone. I already have that service. Therefore you are not creating value'

I don't even understand if they even provide a real service. But - for the sake of argument - if they do, I don't see the unique selling points.

1. with crypto you go on dark net and pay some people to drop illegal chemical substances somewhere and message GPS coordinates of that drop place to you 2. you can break into computer network of large company, encrypt their data with ransomware and get ransom in crypto

Re: Ethereum 2.0 launches

#208

Post by 3np »

louwrentius wrote: post #185
3np wrote: post #95

Earlier quoted context omitted.

The main thing that's being enabled by "blockchain" is a way for mutually distrustful parties to agree on a timeline of events. That's it. But it has huge implications. The trust factor requirement is removed from the physical infrastructure and operators. For bitcoin and most cryptocurrencies, this is used for a ledger of value transactions. Now we have an way to transfer ownership and value. What the internet did f…

> I hope more people get it. I really didn't. Why should I care about any this? How can you explain this to an average person in the street?

No one told you you should care. It's not like I go rant in the Apple Big Sur release how I can't relate to any of it, you know?

Re: Ethereum 2.0 launches

#209

Post by nootropicat »

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)

At the current fee level and price eth is going to be deflationary after mining is gone (fees are going to be burned except for a small fraction).

https://cryptofees.info/

Re: Ethereum 2.0 launches

#210

Post by bjarneh »

vbezhenar wrote: post #126
bjarneh wrote: post #78

Earlier quoted context omitted.

> What problem / which problems are being solved here? I guess all crypto-currency is an attempt at digital cash. I.e. the ability to send "money" between people who do not trust each other digitally; with secrecy/privacy in manner which cannot be taken away by states/governments/banks etc. Why people want to solve this problem through a scheme of chained hash-values and mining (which I guess is just padding the data…

There were many attempts at solving that problem. Bitcoin was the first successful one. If you would develop better scheme, world will thank you.

> If you would develop better scheme, world will thank you.

OK, I will let you know if I come up with one :-)

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