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Ethereum 2.0 launches

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Re: Ethereum 2.0 launches

#411

One question - why didn't Bitcoin drop to zero? I know, VHS survive and Betamax didn't, but unlike Betamax, Ethereum is pretty popular for everything, not just for low-class commodity speculation.

Bitcoin is the gateway into crypto. Check the marketcap, and all the pairs are tied to BTC on most major exchanges. It's also the most secure and has the largest community. It's use case is different than Ethereum's.

>>It's also the most secure and has the largest community.

Ethereum's mining fees exceed Bitcoin's:

https://cryptofees.info/

That would mean it has better long-term security prospects than Bitcoin, as security is proportional the revenue earned by validators.

Re: Ethereum 2.0 launches

#412

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://t…

Hey, I tried figuring out what the most recent official Ethereum wallet is, but the wallets which the website lists all seem like third-party ones.

The previous official wallet's repository says "Mist and Ethereum Wallet have been deprecated.".

Is it true that the Ethereum foundation isn't providing a wallet software anymore?

Why is that?

I would consider it as quite unsolvable as a user to determine which of the 24 third-party wallets is the most trustworthy, hence I'd prefer to just use one developed by the same people as Ethereum.

Re: Ethereum 2.0 launches

#413

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's a credibly neutral ledger that guarantees access to any one in the world indefinitely.

Re: Ethereum 2.0 launches

#414
post #285

Earlier quoted context omitted.

Generally it's about eliminating counterparty risk. Compare Coinbase (centralized) with Uniswap (decentralized). Coinbase users put their trust in a custodian. That custodian has the ability to steal from them or be stolen from. That's how MtGox went down in flames. Uniswap users don't have to custody their funds with anyone to trade. They can use whichever they want. Coinbase's platform can change on the whims of th…

I'm afraid it doesn't. From my understanding, bitcoin and other currencies are just numbers or strings, correct? There are ways to check them on your computer/device to make sure that they are valid, but that is running code locally. With a distributed app, is the code passed around, or is it executed in a distributed way as well? The "forking the official frontend", is that something you just run on your machines or…

>With a distributed app, is the code passed around, or is it executed in a distributed way as well?

The latter. The contracts are deployed to the blockchain itself. The output of the code is secured by ethereum's consensus rules.

>The "forking the official frontend", is that something you just run on your machines or is it run in a distributed manner somehow?

The front end is something that runs locally.

Re: Ethereum 2.0 launches

#415
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)

This is a term thrown around a lot. "Deflationary" has different meanings in different contexts. Conventional economists use "deflation" to mean "price deflation" -- that is, the price of goods, on average, decreases over time, as denominated in the currency in question. Austrian (heterodox) economists often use the term "deflation" and "inflation" to refer to changes in the money supply, rather than prices. In the c…

>For 1, no -- saying "Ethereum is deflationary" is equivalent to saying "the value of Ethereum will always go up", which is clearly nonsensical, because it's saying that Ethereum is a risk-free investment.

It does make sense if you compare a less inflationary currencly to more inflationary currencies. It's risk free in the sense that the USD exchange rate will keep up with inflation of the USD in the long term.

Re: Ethereum 2.0 launches

#416
post #371

Whenever someone mentions smart contracts I'm instantly reminded of that Jean Luc Picard quote: "I don't know how to communicate this, or even if it is possible to do so... but the question of justice has concerned me greatly of late. And so I say to any creature who may be listening: There can be no justice, so long as laws are absolute. Life itself is an exercise in exceptions."

I think the big reason this happens is because smart contracts are immutable at the lowlevel. Once it's declared, it's done. I think this is very good for auditability and security. But yeah, that quote is dead on. It's not quite as hot at a higher level, because things go wrong (bugs, malfeasance, mistakes, etc).

I think the current lowlevel framework is fine, because it's allowing different projects to explore how to introduce flexibility back into the system at a higher level -- but because it's being done at the level of a project within the Ethereum ecosystem, each approach can live & die on it's own, without risking the entire ecosystem on one approach.

The main set of coding patterns I've seen all center around deploying contracts which act as an "upgradable proxy" -- an immutable frontend contract, which can be redirected to point to another contract that does the actual work.

This "redirect" usually can only be done via txn signed by an "admin" account, which may be a single anon -- or it may be something more complex, like MakerDAO or Aave.com, where any updates are proposed by the dev team, but have to be approved by on-chain governance votes. Said votes in turn literally have $$$ staked on-chain to properly motivate them to make things work. There are also time-locks on many of these updates, giving users a last chance to run for the hills if governance does something malicious / stupid.

The nice thing about that structure is that it also allows governance to let in updates which compensate users for mistakes or exploits at a meta-level, all without violating the underlying immutability of the smart contract bytecode.

---

It's a pretty rapidly evolving space, and I'm sure what I described won't resemble the final form in even a few years.

I think it's really great to see that there is a way to introduce justice and flexibility on top of an immutable system, rather than making the system itself become mutable. This allows the immutability of the lowlevel system to act as a source of trust between anonymous groups, that they have to act within some immutable set of ground rules, while then re-introducing the flexbility on top, so humans can act like humans when mistakes occur.

Re: Ethereum 2.0 launches

#417
post #33

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)?

No. The required amount is greater than 2/3 (67%) not greater than 1/2 (51%) on PoS for Ethereum. Also, see this tweet from Vitalik: https://twitter.com/VitalikButerin/status/130129808602782105... So even if there was a successful first attack from some organised body that's all the time they get.

So the endgame is that someone owns 99% of all ETH and everyone just accepts it because it's not a threat? Why have a blockchain at all?

Re: Ethereum 2.0 launches

#418

Earlier quoted context omitted.

Of all the world ills I can think of, none are caused by money as means of exchange or by trust systems more broadly. Crypto isn’t going to do anything for global warming or for rampant inequality caused by the unstoppable compounding growth of big capital (in fact it may do the opposite). The premise that trust systems have failed humanity is flawed. I am willing to be persuaded otherwise but I doubt this will come…

This book is the best summary that I can give you to being persuaded. Bitcoin's price movement is just a market signal that there's something deeply wrong and unfair with the current financial system. The more you learn about it, the more you can profit from the huge value transfer that's going on in front of your eyes. If you want a link, I suggest hope.com as well (as I could suggest many others, but what's importa…

> Bitcoin's price movement is just a market signal that there's something deeply wrong and unfair with the current financial system

Sorry but this sounds like the conspiracy drivel commonly heard in crypto circles. To a reasonable person, Bitcoin's price movement is a market signal of people speculating and trying to become richer - simple as. Occam's Razor, and all that.

Re: Ethereum 2.0 launches

#419

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://t…

Hey, I tried figuring out what the most recent official Ethereum wallet is, but the wallets which the website lists all seem like third-party ones. The previous official wallet's repository says "Mist and Ethereum Wallet have been deprecated.". Is it true that the Ethereum foundation isn't providing a wallet software anymore? Why is that? I would consider it as quite unsolvable as a user to determine which of the 24…

With the advent of hardware wallets, and so many competing wallets/interfaces out there (tailored to different user bases), I feel it makes little sense for the Ethereum Foundation to pour their own (human) resources into this. They will support the ecosystems as necessary though, e.g. Metamask got funding way back in 2016.

Re: Ethereum 2.0 launches

#420

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://t…

I remember Satoshi's old posts where he claimed that Bitcoin Core was the only viable full implementation of the Bitcoin protocol since it had too many quirks to be efficiently standardized and reimplemented. I wonder if that's still true.

It would be disingenuous to claim that the Bitcoin protocol is only defined by the consensus layer.

Then, if you require P2P protocol compatibility, I would say this issue shows that nobody really cares about alternate implementations: https://github.com/btcsuite/btcd/issues/1661

When Btcd was first released, it was pretty capable, and had lots of development. But it has fallen behind, which makes sense. Why would anybody take the risk of trusting that an alternate implementation when it doesn't decide what bitcoin is, in the end? You may have to patch bitcoind a bit to get your desired interface, but that is much less work than maintaining a full P2P and consensus layer.

It is also dangerous to use you a non-standard crypto library. Check this vulnerability, which was caused by LND relying on the btcd project's library: https://lists.linuxfoundation.org/pipermail/lightning-dev/20...

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