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Ethereum 2.0 launches

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Re: Ethereum 2.0 launches

#491

Post by DennisP »

eMGm4D0zgUAVXc7 wrote: post #448
PretzelPirate wrote: post #442

Earlier quoted context omitted.

It’s odd to accuse the Ethereum Foundation of not delivering and it would be hard to back that claim. Developing yet another Ethereum wallet when there are so many on the market would be a waste. It’s better for the foundation to provide a list of high quality wallets that already exist.

> It’s odd to accuse the Ethereum Foundation of not delivering and it would be hard to back that claim. It's actually quite easy: I opened the websites of all the 24 wallets they list and checked the imprint of each. None says it was developed by the foundation. > Developing yet another Ethereum wallet when there are so many on the market would be a waste. > It’s better for the foundation to provide a list of high qu…

They delivered ETH1 on July 30 2015, with several clients including Geth which is still popular today. That covered their promise to presale investors. They also made the Mist wallet/GUI, which was ultimately abandoned because competitors were better.

Now they've delivered the first part of ETH2 today.

Re: Ethereum 2.0 launches

#492

Post by brian_cloutier »

isthatsoup wrote: post #482
lekevicius wrote: post #39

I am incredibly happy about this. It's the first step for a major cryptocurrency towards ledger security that does not damage the environment via mining. I always hated how wasteful and energy-inefficient mining is. Staking reduces energy costs by many, many orders of magnitude. With lightweight clients in development, it is possible to validate chain using Raspberry Pi. I hope (but don't expect) that some time in th…

We can just use renewable energy sources long term. Really don't understand the obsession some people have with the energy requirements of bitcoin mining - please compare these with the energy requirements of the financial systems it replaces. Bitcoin solves the need for third parties in the financial system. That's it, it's not meant to be some eco currency - never was. Where's the validation that the current financ…

Why is POS a joke?

Re: Ethereum 2.0 launches

#493

Post by infominer »

SRTP wrote: post #310
lekevicius wrote: post #39

I am incredibly happy about this. It's the first step for a major cryptocurrency towards ledger security that does not damage the environment via mining. I always hated how wasteful and energy-inefficient mining is. Staking reduces energy costs by many, many orders of magnitude. With lightweight clients in development, it is possible to validate chain using Raspberry Pi. I hope (but don't expect) that some time in th…

There is no way Bitcoin will switch to PoS. The very core of Bitcoin is PoW.

More importantly, there will never be more than 21 Million Bitcoin. That is the primary value it serves (beyond censorship resistance) it is not inflationary...

any scaling solution or consensus change that doesn't retain this important feature wouldn't be bitcoin, just another fork. potentially could go from PoW as long as supply is not inflatable it could still be considered Bitcoin (depending on whether users switched to the new version or not)

Re: Ethereum 2.0 launches

#494

Post by eMGm4D0zgUAVXc7 »

cdiddy2 wrote: post #473
eMGm4D0zgUAVXc7 wrote: post #453

Earlier quoted context omitted.

> It has the highest dapp compatibility Mmh thanks, well security is more relevant to me, but I nevertheless went to their website. Apparently it's a browser plugin. That's a big security no-no from my side, too much attack surface - sorry.

What you really want is a hardware wallet(trezor) that hooks into metamask. That way you have the usability of the plugin without the risk that it can take all your money

Thanks.

Hardware wallets are extremely insecure IMHO:

The people who sell them - and many people in their supply-chain! - are handed the very dangerous combination of:

A) Being able to hard-code software into the silicon whose source code you will be completely unable to inspect unless you own an electron microscope and a very large amount of knowledge on hardware reverse engineering. What if the hardware forces the PRNG to be predictable so they can remotely know my crypto's private keys without any internet connectivity whatsoever?

B) Knowing 100% for sure that the device they sell will be used to store money. They don't need to first find victims, they know ALL of their customers can be. It's like writing "MONEY INSIDE" on your house IMHO. Better use a general purpose PC whose vendor doesn't know what it'll be used for.

Re: Ethereum 2.0 launches

#495

Post by zeroxfe »

nemo1618 wrote: post #438
zeroxfe wrote: post #380

Earlier quoted context omitted.

That doesn't follow. The very core of Ethereum is also PoW, and they're migrating to PoS.

In case there's ambiguity here, I think GP means "core to the ideals" of Bitcoin, not the core of its implementation. GP is correct. The Bitcoin community is fiercely conservative, and a proposal to switch from PoW to PoS would be met with about as much scorn as a proposal to increase the total supply. Ethereum, on the other hand, has never had any strong attachment to PoW -- quite the opposite, really. Switching to…

Okay, yeah, I agree with that. Thanks.

Re: Ethereum 2.0 launches

#496

Post by int_19h »

wpietri wrote: post #464
rebelnz wrote: post #409

Earlier quoted context omitted.

I would also like to address the 'scarcity' claim - when cryptos are being churned out like in the last few years they're hardly scarce anymore ...

Excellent point. The coinmarketcap.com site lists 3882 cryptocurrencies. That makes the "Bitcoin's limited supply means permanent value" talking point ridiculous. They list 91 things with "Bitcoin" in the title, 6 of which are in the top 100 by monetary supply, and all 6 notionally have at least $100m in circulation.

So long as everybody knows what the "real" Bitcoin is, it doesn't present a problem, anymore so than existence of the Liberian dollar renders USD unusable.

Re: Ethereum 2.0 launches

#497

Post by pfundstein »

JohnTHaller wrote: post #460
eMGm4D0zgUAVXc7 wrote: post #412

Earlier quoted context omitted.

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…

Honestly, I'm in the same boat. I have the full Bitcoin, Litecoin, and Dogecoin core clients installed and with a full blockchain on my PC. With Ethereum, I always found the base client much buggier than the others (browser-based apps do that). And now, it's just 'pick one of these 24 random wallets'. Really? I went from mining Ethereum and even releasing a minimal mining GUI for folks who wanted to support PortableA…

Sorry for the tangent but isn't litecoin and dogecoin one and the same now? Why separate clients?

Re: Ethereum 2.0 launches

#498

Post by ZephyrBlu »

shortstuffsushi wrote: post #383
voxl wrote: post #117

Earlier quoted context omitted.

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…

> Ethereum is not for you and is never going to be This is a problem though, because it needs to be "for everyone" for it to really work, right?

It _works_ for everyone, but not everyone needs to understand it.

Re: Ethereum 2.0 launches

#499

Post by kgin »

Flashtoo wrote: post #472
javert wrote: post #463

Earlier quoted context omitted.

> Anyone - rich or poor - can access up to hundreds of millions of dollars instantly to execute any profitable transaction, no human review or approval necessary What does this mean? If I'm poor (or rich), why not borrow hundreds of millions of dollars to make some highly speculative trade? If it goes well, I win big; if it goes tits up, the lender loses big (not me). I'm certain that's an uncharitable reading of you…

Flash loans let anyone borrow a large amount of crypto with no collateral, provided the loan amount plus a fee is returned in the same transaction it is borrowed in. No collateral is required because there is no risk (assuming no exploits). This means you can't take the highly speculative trade, you can only go for a sure thing. But if you do have a sure thing, you can borrow as much currency as the lender can provid…

So the loan and the return is a single "transaction" (in db terms)?

What sort of situation could this be used in? I'm having a hard time truly imagining use without any risk of transaction rollback.

Re: Ethereum 2.0 launches

#500

Post by downandout »

Flashtoo wrote: post #472
javert wrote: post #463

Earlier quoted context omitted.

> Anyone - rich or poor - can access up to hundreds of millions of dollars instantly to execute any profitable transaction, no human review or approval necessary What does this mean? If I'm poor (or rich), why not borrow hundreds of millions of dollars to make some highly speculative trade? If it goes well, I win big; if it goes tits up, the lender loses big (not me). I'm certain that's an uncharitable reading of you…

Flash loans let anyone borrow a large amount of crypto with no collateral, provided the loan amount plus a fee is returned in the same transaction it is borrowed in. No collateral is required because there is no risk (assuming no exploits). This means you can't take the highly speculative trade, you can only go for a sure thing. But if you do have a sure thing, you can borrow as much currency as the lender can provid…

Yes, and gas fees for failed transactions ensure you can’t just take unlimited shots at it either. However, if you are monitoring the markets and your code, connections to the network, etc. are fast enough, you can make a fortune using flash loans. A few days ago I found a trade where someone made $17k on a single trade [1] with the only necessary capital being a ~$170 transaction fee. They took a $250k flash loan that they successfully arbitraged. Smaller amounts are made all day every day.

[1] https://etherscan.io/tx/0xfd35e99cbbefea68874391a14ddb09a289...

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