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Ethereum 2.0 launches

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Re: Ethereum 2.0 launches

#341

Post by deeeeplearning »

PycptN2MH wrote: post #66
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…

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'

It's pointless to engage this person. They are not operating in good faith.

Re: Ethereum 2.0 launches

#342

Post by [deleted] »

purerandomness wrote: post #300
michaelsbradley wrote: post #288

Earlier quoted context omitted.

Assuming you mean transaction fees on the Bitcoin and Ethereum (or similar) networks: Transaction fees are an important economic inventive for persons or organizations who run the “nodes” that make up the network. The hardware, electricity, and maintenance by humans needed to run those nodes cost money, and running them is not an altruistic endeavor. One of the goals is to make a profit; staking/mining rewards and tr…

Wait, but then we went full-circle again. What problem is cryptocurrency solving then?

[deleted]

Re: Ethereum 2.0 launches

#343

Post by pavlov »

deeeeplearning wrote: post #336
pavlov wrote: post #319

Earlier quoted context omitted.

"I'd like my investment bank to be an immutable, unfixable piece of code that's a sitting duck target for hackers" -- nobody ever (except Ethereum ideologists)

Because no code in the financial sector has ever screwed up. Oh wait... https://en.wikipedia.org/wiki/2010_flash_crash Oh Oops... https://en.wikipedia.org/wiki/Knight_Capital_Group

Exactly. Now imagine how bad it would be if the code handling this kind of money was on Ethereum where bugs are forever and failures irrevocable.

Re: Ethereum 2.0 launches

#344

Post by hiq »

nootropicat wrote: post #299
hiq wrote: post #282

Earlier quoted context omitted.

To be clear, you mean that I can borrow $75 by giving $100 first, then pay back the $75 with interest and get back my $100? Why don't I use my $100 directly instead? There are a few cases outside the blockchain where you get loans although you already have the cash (e.g. for tax reasons), but I don't understand how it makes financial sense in this case, if everything happens on the blockchain with no other incentive.…

>Why don't I use my $100 directly instead? Because it's not $100 in dollars, but $100 worth of eth or something else. Borrowed dollars can be used to buy something else, hoping the price of that something rises. >as a lender, for which risk are you getting paid some interest? It's theoretically possible for prices to fall fast enough so that the liquidated value of the collateral isn't enough to pay the debt. I don't…

Ok I guess I was missing the basics on overcollateralization, https://www.investopedia.com/terms/o/overcollateralization.a... answers my question, it was actually not blockchain-specific.

Re: Ethereum 2.0 launches

#345

Post by ARandumGuy »

hanniabu wrote: post #309
nabla9 wrote: post #133

Earlier quoted context omitted.

Deflation = value of money increases. Inflation = value of money decreases. Sargos seems to be confusing ' inflation ' and ' monetary inflation ' (increase in money supply).

In the crypto world inflation/ deflation refers to change in supply.

So it's another area where cryptocurrency enthusiasts just decided to change the meaning of some words? Like they did with fiat?

Re: Ethereum 2.0 launches

#346

Post by markkat »

deathcakes wrote: post #183
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…

"In the long term this will lead to novel types of assets, and make ownership extremely liquid. Imagine using your phone to buy shares in a recording artist you just discovered, and selling those shares when they win a grammy." I'm sorry but I really totally fail to see what is appealing about this future hellscape where literally every aspect of our lives is transacted, monetised and profitable. What is good about t…

I see the opposite happening, as rent-seeking models like that of the recording industry are replaced.

Also, this regards the music an artist makes and sells, not every aspect of their life.

Re: Ethereum 2.0 launches

#347

Post by lifeformed »

deeeeplearning wrote: post #334
wruza wrote: post #287

Earlier quoted context omitted.

They make a pretty common point. Nobody around e.g. me has an ability to have even a glimpse of understanding what eth/crypto is except for speculation and low-tech fraud, and then for me "sharing value like art and album via crypto as a futuristic mean to share digital values" is bird-gibberish nonsense. General population will never be too smart on average to benefit from this "whatever".

The same is true about the majority of the workings of the internet, or the electrical engineering that built their phones or dozens of other things people use everyday without understanding. How is that relevant in this case?

Because laypeople know what benefit the internet or their phones provide. No layperson knows what the benefit of cryptocurrency is.

Re: Ethereum 2.0 launches

#348

Post by andrethegiant »

hanniabu wrote: post #309
nabla9 wrote: post #133

Earlier quoted context omitted.

Deflation = value of money increases. Inflation = value of money decreases. Sargos seems to be confusing ' inflation ' and ' monetary inflation ' (increase in money supply).

In the crypto world inflation/ deflation refers to change in supply.

I thought BTC had a hardcoded cap of 21M coins? How could its supply change?

Re: Ethereum 2.0 launches

#349

Post by aeternum »

nootropicat wrote: post #318
aeternum wrote: post #304

Earlier quoted context omitted.

These researchers really need to re-evaluate their assumptions: >Figure 2: Illustration of Mining Gaps. Miners will only mine when the instantaneous expected reward exceeds the instantaneous cost This makes no sense, rational actors generally consider discounted future cash flows, not just instantaneous reward. Perhaps the quality of the paper is explained by the researchers following this strategy and only working o…

Discounted cash flow applies to capital like asics, but energy used for mining is instantaneous cost. When the expected revenue from mining is lower than expected power expenses mining makes zero sense.

Not necessarily, the paper itself shows motivations other than direct revenue for discovering a block (IE ability to withhold a block and selfish mining strategies).

> We also assume that miners always have space to include all available transactions.

This is also a pretty bad assumption. In reality the bitcoin mempool is almost always non-zero as bitcoin has smaller and/or less frequent blocks than many other cryptocurrencies.

Re: Ethereum 2.0 launches

#350

Post by markkat »

andrethegiant wrote: post #348
hanniabu wrote: post #309

Earlier quoted context omitted.

In the crypto world inflation/ deflation refers to change in supply.

I thought BTC had a hardcoded cap of 21M coins? How could its supply change?

If more than half of the nodes adopted an update with that cap changed, it would change. It'd probably result in a fork.
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