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Ethereum 2.0 launches

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Re: Ethereum 2.0 launches

#241

Post by eric_cc »

louwrentius wrote: post #54
xiphias2 wrote: post #52

Earlier quoted context omitted.

Ethereum is very different from Bitcoin, so this comment is offtopic, and it's tackling a different problem space, but if you are really interested, I'm reading the Bitcoin Standard book, and I can recommend it if you really want to understand what problem Bitcoin solves. There's no simple answer, only learning about the history of money and monetary theory from a non-Keynsian view. https://www.amazon.com/Bitcoin-Sta…

I'm not looking for links to books. I'm looking for an explanation in plain English that shows why any of this matters.

You need to put in a little effort to learn new things. Your comments are not going to age well. Your comments will read like somebody complaining/rejecting email in the early 90's.

Re: Ethereum 2.0 launches

#242

Post by ur-whale »

DennisP wrote: post #168
ur-whale wrote: post #40

Earlier quoted context omitted.

ETH was never deflationary. As a matter of fact, knowing how many ETH will be produced over a given period of time is a question I never managed to get a satisfactory answer to. There's probably an algorithm buried somewhere in the code, but it's likely not a simple one.

On PoW, it's currently 2 ETH per block, with a little bit extra for occasional "uncle blocks." This is fixed but has been reduced a couple times by hard forks. For PoS, issuance is a formula depending on the amount staked. How that works out: https://docs.ethhub.io/ethereum-roadmap/ethereum-2.0/eth-2.0... If you want to dig into the actual formula, it's explained here: https://benjaminion.xyz/eth2-annotated-spec/phas…

The point I was trying to make - apologies for not making it clearer - is that from the point of view of the ETH{insert favorite fiat currency here} market figuring out what the how the supply will behave is hard, and therefore hard to price.

Re: Ethereum 2.0 launches

#243

Post by RikNieu »

dmihal wrote: post #186
RikNieu wrote: post #49

Earlier quoted context omitted.

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.

I get paid in stablecoins on Ethereum. Then, I deposit them in lending protocols like Aave to earn ~6% interest. Would you say that I'm using them for their original intended purpose?

A lot more so than most! Is this your regular and main form of income?

Re: Ethereum 2.0 launches

#244

Post by eric_cc »

kzrdude wrote: post #37
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.

I wonder why all other cryptos follow bitcoin up and down, though.

They don't always. Bitcoin is the Sun in the crypto solar system - it provides the primary source of value. Many (maybe most) traders trade crypto like Eth against BTC (how many sats is Eth worth?) as opposed to USD or fiat. Check out a chart of Eth sats over time.

Re: Ethereum 2.0 launches

#245

Post by zadler »

voxl wrote: post #117
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…

People have said a lot to you already, and your only response has been "big words, what about average citizen, don't understand." I think it's time to just say it, Ethereum is not for you and is never going to be, you seem to have an agenda in thinking it's a useless waste of time. Ethereum is a decentralized commerce and application network. And no, you simply cannot do that with anything else but cryptocurrency. It…

Perhaps not, but blockchains, as well central bank digital currencies, will definitely have a big impact on society. People will have an alternative to the monetary system provided by their government. Eventually this could well lead to alternative governmental systems becoming available. There is also a chance that old tax codes will never adaquetely adapt to the way that crypto currencies are used. It looks set to reduce the role of central governments and banks in finance.

Re: Ethereum 2.0 launches

#246

Post by rauljordan2020 »

Eth2 dev here, maintainer of https://github.com/prysmaticlabs/prysm, one of the implementations currently running the blockchain written in Go. This has been a monumental effort. There are 3 other implementations in mainnet, and consensus is running perfectly. Few other protocols in blockchain have more than one dominant implementation. The beauty of eth2 comes from its efficiency in signature aggregation: https://twitter.com/technocrypto/status/1330150362427387910. This tweet thread summarizes the importance of the technology used.

Re: Ethereum 2.0 launches

#247

Post by DecoPerson »

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…

In person, I can exchange information with someone without anyone interfering.

In person, I can exchange value (e.g.: chocolate for firewood) without anyone interfering.

Online, I can exchange information without anyone interfering (using encryption).

Online, I cannot exchange value without anyone interfering.

Exchanging value at a distance is complicated, because there’s so many different laws, bank APIs, apps, regulations, etc etc. We use middle-man services to simplify these problems for us — but they charge hefty fees. There’s delays, and arbitrary restrictions. All these complications also introduce additional risk (compared to exchanging the value in person).

A single, perfect global bank, or a perfect standard for all banks to follow, would allow me to exchange value online without anyone interfering. However, such a thing isn’t likely to happen.

Cryptocurrencies, if executed well, offer a real pathway to “I can exchange value online without anyone interfering.”

Re: Ethereum 2.0 launches

#248

Post by whazor »

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…

Ethereum and other blockchain systems are very foundational, they do not need to care about real-life applications. You probably also don't understand what your central bank is doing, while it supports all your financial transactions. The good news is that the new version of Ethereum is at least more climate friendly.

Re: Ethereum 2.0 launches

#249

Post by gnasr »

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…

>We have all kinds of markets already, ones that are much faster, more liquid and more efficient than any blockchain-backed exchanges.

You are talking probably from a developed country point of view. For those like me who lives in a developing country none of those are accessible for everyone, only for a few percentage of the society. Cryptocurrencies solves a lot of problems for people in oppressed countries or with a lot of terrible regulations and high inflation rates.

Re: Ethereum 2.0 launches

#250

Post by std_badalloc »

jpxw wrote: post #159
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…

What’s the difference between realt.co and REITs? https://en.m.wikipedia.org/wiki/Real_estate_investment_trust

The difference is presumably the digital contract, that is written in a programming language that only a handful of people on earth can understand, where a programming error can make your money disappear, such that you have no recourse in the court system.

Another difference is the pyramid scheme incentives in the cryptocurrency tech, causing everyone who's bought into it to be incentivised to talk about how great it is.

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