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Ethereum 2.0 launches

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Re: Ethereum 2.0 launches

#521

Post by everfree »

mathnmusic wrote: post #28
tryptophan wrote: post #23

Earlier quoted context omitted.

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.

Correct me if I'm wrong, but if you own > 50% and get the ability to reverse transactions, it can still go undetected. So it's possible to hurt others without hurting yourself.

It definitely doesn't go undetected, as the conflicting transactions would have to be in blocks both forking from a common block, both signed by the attacker, which is a slashing condition that would burn their staked ether.

Re: Ethereum 2.0 launches

#522

Post by everfree »

shortstuffsushi wrote: post #378
kemonocode wrote: post #275

Earlier quoted context omitted.

My issue with these kind of questions is that they're hardly ever done in good faith, and they show over and over again whenever crypto is brought up on HN. Crypto has its good uses, and I've relied on it for my livelihood before (and even wished it wasn't just used as a speculation vehicle) when traditional banking couldn't meet my needs, so it's a very Americentric/Eurocentric thing to assume it's only ever good to…

Could you expand on a scenario where "traditional banking couldn't meet your needs," but crypto was able to?

I know someone who needed to do a small task for someone overseas, for $50 or so. An international wire transfer would have taken $35 out, and both parties would have had to go to their banks and fill out paperwork. With PayPal, the other party could have just claimed fraud after the task was done and reversed the transaction. With cryptocurrency, the transaction was sent instantly with a fee of less than a dollar, and settled within 20 minutes.

Re: Ethereum 2.0 launches

#523

Post by Sargos »

kgilpin wrote: post #509
damon_c wrote: post #474

Earlier quoted context omitted.

> laypeople know what benefit the internet Yes that's true now, but what about in 1997? That's what year it is in Ethereum now.

Well to be fair, transferring information instantly was pretty great even in 1997.

You'd think so but that wasn't a popular idea in 1997. Most people really didn't see much of a use for the internet.

Re: Ethereum 2.0 launches

#524

Post by shp0ngle »

pfundstein wrote: post #497
JohnTHaller wrote: post #460

Earlier quoted context omitted.

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?

It is not and never was

Re: Ethereum 2.0 launches

#525

Post by Sargos »

blackrock wrote: post #424

Who uses it?

Uses what? Ethereum? Proof of Stake?

Ethereum is the most heavily used blockchain by far and powers all of DeFi which comprises of digital versions of most of the traditional finance tools. It also powers the entire NFT/collectible space which is used by many games, the NBA, and MLB. The interesting experiments such as quadratic funding and decentralized autonomous organizations are also homed on Ethereum. There's some good overviews out there if you're genuinely interested.

Re: Ethereum 2.0 launches

#526

Post by blackrock »

Sargos wrote: post #525
blackrock wrote: post #424

Who uses it?

Uses what? Ethereum? Proof of Stake? Ethereum is the most heavily used blockchain by far and powers all of DeFi which comprises of digital versions of most of the traditional finance tools. It also powers the entire NFT/collectible space which is used by many games, the NBA, and MLB. The interesting experiments such as quadratic funding and decentralized autonomous organizations are also homed on Ethereum. There's so…

So.. it’s used for sports gambling?

Actually, this might be a very good use case for crypto currencies. Guaranteed payout, based on a triggered scenario.

Re: Ethereum 2.0 launches

#527

Post by everfree »

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?

Linux is not "for everyone", yet it works in the background serving up major internet apps and running databases and computer systems for the benefit of everyone.

Ethereum (and its competitors) aspire to be the "linux" of value transfer, in some respects.

Re: Ethereum 2.0 launches

#528

Post by wpietri »

int_19h wrote: post #496
wpietri wrote: post #464

Earlier quoted context omitted.

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.

It presents a problem for anybody who thinks scarcity will contribute to the value of a digital currency.

Re: Ethereum 2.0 launches

#529

Post by everfree »

blackrock wrote: post #526
Sargos wrote: post #525

Earlier quoted context omitted.

Uses what? Ethereum? Proof of Stake? Ethereum is the most heavily used blockchain by far and powers all of DeFi which comprises of digital versions of most of the traditional finance tools. It also powers the entire NFT/collectible space which is used by many games, the NBA, and MLB. The interesting experiments such as quadratic funding and decentralized autonomous organizations are also homed on Ethereum. There's so…

So.. it’s used for sports gambling? Actually, this might be a very good use case for crypto currencies. Guaranteed payout, based on a triggered scenario.

Guaranteed payout on triggered scenario is one of the big promises of smart contracts.

* Sports betting where the contract itself pays you the winnings.

* Insurance where everyone pools together as peers, and the contract arbitrates payouts (think simple-to-arbitrate things at first, like flight insurance or credit default swaps).

* Financial contracts like futures and options, but with arbitrary asset classes.

* Open hedge funds where someone trusted manages a large portfolio, and the contract awards them with a pre-defined bonus based on performance.

As long as an asset can be represented digitally, it can be awarded based on arbitrary, turing-complete conditions, and any programmer in the world can write those conditions with no permission from any bank and with no legal team.

Money legos.

Re: Ethereum 2.0 launches

#530

Post by firekvz »

anonymousab wrote: post #106
louwrentius wrote: post #72

Earlier quoted context omitted.

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.

Crypto is easy to transfer and keep and has more lasting value in countries that are facing hyperinflation, often moreso than USD. This particularly applies to Venezuela, which is exerting extra pressures and taxes in foreign currencies.

Venezuelan here, to scape from inflation I buy USD. I dont need anything else other than that green bill or a zelle transfer. Bitcoin is pretty much useless in venezuela and the few people who uses it, also uses it to buy "cheaper" currency exchange of VES/USD since its literally just a bunch of corrupts and drugdealers trying to wash their USD so you usually get more VES per 1USD/BTC than per 1 USD

PS: bitcoin holder since 2014, so im not here with anti crypto propaganda

PS2: i find it weird that noone here talks about USDT

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