Decentralized 51% attack... Not the first very profound eth conflict.
Anybody remember Eth Classic, etc.?
That "little thing" when they rolled out contracts and pretty much showed how easy it was to manipulate the currency at their whim ...
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
#12I'm not an expert, but if 51% of the existing hashpower doesn't want a change, it sounds less a 51% attack and more like miners voting against something that isn't in their interest. The whole point of blockchains is that the incentives are supposed to be aligned between miners and users. If that isn't the case here, it sounds like a problem.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#13Not 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.
From my point of view, burning of transaction fees seems like a good solution and idea. Miners are just being babies. There are risks in all businesses, and miners should be aware and account for such risks. When things don't work out your way, your solution should not be to take down the entire infrastructure that fed you.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#14Not 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.
"A group of researchers" still doesn't feel like decentralized to me.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#15Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#16I actually like all things crypto, but why does this tech have to suck so much
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#17As 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.
Absolutely, all the stuff built on ETH (defi, automated exchanges, nfts) can't truly take off when gas fees can cost 20-80 USD per action. There's already a blockchain that acts as a store of value, the world doesn't need a second bitcoin.
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#18Earlier quoted context omitted.
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.
"A group of researchers" still doesn't feel like decentralized to me.
miners vs coders is very decentralized to me :) let the miners have their own chain!
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#19Why is it a good thing to make ETH deflationary? Don't you want people to spend it?
Re: Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
#20Reminds me of the bitcoin cash fork and segwit drama in 2017.