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Ethereum 2.0 launches

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Re: Ethereum 2.0 launches

#531

Post by everfree »

SwimSwimHungry wrote: post #398
rocgf wrote: post #64

Earlier quoted context omitted.

Are we starting with this even here? Is there really no corner of the Internet that's immune to this bullcrap?

I've always wondered if someone could make a browser plugin to filter anything involving cryptocurrency out of web sites like HN, /. or reddit? Having to read about all this every day contributes to unnecessary anxieties and stressors some folks don't need.

I really don't see cryptocurrency pop up that often on HN or Reddit. It's usually only when a big event happens, like this post about the most actively used network launching their 2.0 update that's been in the works for the past 3-4 years.

I feel like both communities generally do a good job of moderating away inconsequential cryptocurrency posts.

Does seeing a fintech post on HN once in a blue moon (and choosing not to read it) really cause you that much anxiety?

Re: Ethereum 2.0 launches

#532

Post by keymone »

wpietri wrote: post #528
int_19h wrote: post #496

Earlier quoted context omitted.

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.

Bitcoin is scarce. Applying the term scarcity across multiple cryptocurrencies means you have no idea what you’re talking about.

Re: Ethereum 2.0 launches

#533

Post by ece »

fsewe20 wrote: post #265
naringas wrote: post #17

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)?

Vitaliks recent blog post is probably the best place for a quick overview of Pos/PoW attack costs and why PoS looks to be a more secure approach https://vitalik.ca/general/2020/11/06/pos2020.html

I think PoS is much more likely to get wider adoption than PoW with the rest of the Ethereum ecosystem, FWIW. Glad Ethereum is making the switch.

Re: Ethereum 2.0 launches

#534

Post by johndoe42377 »

I am sorry to say this, but it will not fly.

Amateur spaghetti code, even in a good language like Go, will not scale, by definition.

Certain design decisions for achieving scalability should have been adopted from the day one. Basically, it is all the principles behind FP and Erlang - share nothing, in the first place.

Scalability comes from being pure functional. This is the main conclusion from last 30 or 40 years of CS research.

Stateless and share-nothing applies to protocols and services too.

This is why so many failed with so called micro-services - only stateless will work.

Things of the scale of Ethereum require deep CS knowledge. Just being overconfident and too cocky is not enough.

Re: Ethereum 2.0 launches

#535

Post by ishishkin »

woah wrote: post #502
eMGm4D0zgUAVXc7 wrote: post #434

Earlier quoted context omitted.

Ethereum has 11 000 nodes currently: https://www.ethernodes.org/ There are probably many botnets of IoT devices with 10x that many nodes, aren't there? So a single botnet could probably ensure that a target victim has the majority of peer connections to the attacker.

If a validator signs two blocks at the same height, they will be slashed, lose their tokens, and not be able to participate in consensus. They get slashed when anyone submits evidence of them doing this. This trivially solves the "nothing at stake" problem from 2014 that you wrote your long original comment about. If I understand it correctly, you are now saying that someone would DDOS the entire gossip network, comp…

> They get slashed when anyone submits evidence of them doing this.

Who will record this "evidence" to the blockchain? Anyway there will be two versions of the blockchain. In one of them attacker's stake was not slashed and there is no any "evidence" of his malicious actions.

Re: Ethereum 2.0 launches

#536

Post by ishishkin »

woah wrote: post #374
eMGm4D0zgUAVXc7 wrote: post #363

Earlier quoted context omitted.

> PoS offers much, much stronger security than PoW Uh, why do you say that? The security of PoS in fact ought to be much LOWER than the security of PoW: The goal of requiring proof of work is that you cannot just send multiple versions of the same transaction into different areas of the network to double-spend your money - because you need to commit work for producing a block, and due to consuming energy you can't fa…

This is completely untrue and has been since 2014. The solution is that validators are "slashed" and lose their tokens if they have been found to sign two blocks at the same height.

What has happened in 2014? Is that a time when brain-washing campaign in crypto-media has been started? "Slashing" is not a solution to this problem.

Re: Ethereum 2.0 launches

#537

Post by raihansaputra »

T0Bi wrote: post #232
sosuke wrote: post #224

Earlier quoted context omitted.

Edit: this complaint is null now! Poo, minimum 32 ETH or at current prices $19k. This reinforces my dislike of staking. Only making the already rich richer. Keeping lesser ETH holders out of the profit. But who am I kidding; if I magically had 32 ETH to stake I'd probably feel differently.

You can use staking pools as well to stake less than 32 Eth. It's the same concept as PoW. If you have a lot of money, you can buy ASICS and stake for yourself (making you richer). If you don't, you'll join a mining pool and earn money relative to your hash power. PoW makes the rich richer as well, that's life. With PoS, you have at least skin in the game (your stake).

What staking pools are available? I found Rocketpool but have no visibility of other options.

Re: Ethereum 2.0 launches

#538

Post by [deleted] »

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…

[deleted]

Re: Ethereum 2.0 launches

#539

Post by woah »

ishishkin wrote: post #535
woah wrote: post #502

Earlier quoted context omitted.

If a validator signs two blocks at the same height, they will be slashed, lose their tokens, and not be able to participate in consensus. They get slashed when anyone submits evidence of them doing this. This trivially solves the "nothing at stake" problem from 2014 that you wrote your long original comment about. If I understand it correctly, you are now saying that someone would DDOS the entire gossip network, comp…

> They get slashed when anyone submits evidence of them doing this. Who will record this "evidence" to the blockchain? Anyway there will be two versions of the blockchain. In one of them attacker's stake was not slashed and there is no any "evidence" of his malicious actions.

The "evidence" is two blocks, with the same block height, both signed by the attacker.

Not sure what these two versions of the blockchain you're talking about are. Signing two blocks at the same height with the same chain id is the slashable offense. It doesn't matter what's in them.

If the attacker wants to have his own blockchain off in the corner where he has all the money, nobody cares.

Re: Ethereum 2.0 launches

#540

Post by capnorange »

kgin wrote: post #499
Flashtoo wrote: post #472

Earlier quoted context omitted.

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.

flash loans makes markets more efficient:

https://blog.instadapp.io/six-percent-instant-return/

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