Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
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Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#2As someone who uses both BTC and ETH and who likes both, this is one of the reason why people prefer Bitcoin over Ethereum.
The reality is that the energy used to secure the Bitcoin blockchain (or the energy "wasted" according to many here) is important and makes a 51% attack prohibitively costly.
While Vitalik coming with this potential solution is great, the reverse of that coin is that the developers have very significant control on the blockchain which is far from ideal.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#3This could get really ugly.
(Not only per se, but, also, as it really shows how "centralized" these suposedly decentralized systems are ...
... and -this- could have consequences.)
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#4As someone who uses both BTC and ETH and who likes both, this is one of the reason why people prefer Bitcoin over Ethereum. The reality is that the energy used to secure the Bitcoin blockchain (or the energy "wasted" according to many here) is important and makes a 51% attack prohibitively costly. While Vitalik coming with this potential solution is great, the reverse of that coin is that the developers have very sig…
is this also an issue with Ethereum competitors like Cardano?
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#5As someone who uses both BTC and ETH and who likes both, this is one of the reason why people prefer Bitcoin over Ethereum. The reality is that the energy used to secure the Bitcoin blockchain (or the energy "wasted" according to many here) is important and makes a 51% attack prohibitively costly. While Vitalik coming with this potential solution is great, the reverse of that coin is that the developers have very sig…
Developers can't do anything the users don't want. They can't make people adopt the new software. The miners are losing here because everybody else in the ecosystem wants proof-of-stake and 1559, including users, ETH holders, and app developers.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#6Not trying to be snarky but Vitalik itself is ETH's 51% attack ...
What's the point of decentralized cryptocurrency when it falls down on the hands of one person.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#7Decentralized 51% attack...
Not the first very profound eth conflict.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#8Not trying to be snarky but Vitalik itself is ETH's 51% attack ... What's the point of decentralized cryptocurrency when it falls down on the hands of one person.
At this point Vitalik is one researcher among many. He's taken care to remove himself from the "benevolent dictator" role he had at first.
He is very productive though, and the other researchers and devs tend to find his ideas convincing.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#9Decentralized 51% attack... Not the first very profound eth conflict.
Anybody remember Eth Classic, etc.?
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#10As someone who uses both BTC and ETH and who likes both, this is one of the reason why people prefer Bitcoin over Ethereum. The reality is that the energy used to secure the Bitcoin blockchain (or the energy "wasted" according to many here) is important and makes a 51% attack prohibitively costly. While Vitalik coming with this potential solution is great, the reverse of that coin is that the developers have very sig…
The 51% attack here is only because PoW hasn't been completely eliminated yet... once ETH is on PoS, this attack won't be possible.