Ethereum will use around 99.95% less energy post merge
blog.ethereum.org
Ethereum will use around 99.95% less energy post merge
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Re: Ethereum will use around 99.95% less energy post merge
#2So with PoS, we recreate a system where a few rich pool have decision over the network. Can someone enlighten me on how this is different from the current fiat system?
Re: Ethereum will use around 99.95% less energy post merge
#3So with PoS, we recreate a system where a few rich pool have decision over the network. Can someone enlighten me on how this is different from the current fiat system?
Current system is no different, as the hash power is related to how many computers you can afford to buy.
This doesn't fix the problem but it does fix the environmental impact.
Re: Ethereum will use around 99.95% less energy post merge
#4So with PoS, we recreate a system where a few rich pool have decision over the network. Can someone enlighten me on how this is different from the current fiat system?
They have an incentive to not mess around.
Re: Ethereum will use around 99.95% less energy post merge
#5So with PoS, we recreate a system where a few rich pool have decision over the network. Can someone enlighten me on how this is different from the current fiat system?
Is it different from the current PoW system?
Re: Ethereum will use around 99.95% less energy post merge
#6So with PoS, we recreate a system where a few rich pool have decision over the network. Can someone enlighten me on how this is different from the current fiat system?
Current system is no different, as the hash power is related to how many computers you can afford to buy. This doesn't fix the problem but it does fix the environmental impact.
The difference is that with PoW you constantly have to do "stuff" (ie. buying equipment, running datacenters) or get left behind. PoS on the other hand you can just sit on your ass and wait for the $$$ to roll in.
Re: Ethereum will use around 99.95% less energy post merge
#7Wasn’t Casper going to do this like four years ago? They have been talking about moving to PoS forever now. It still hasn’t happened.
Re: Ethereum will use around 99.95% less energy post merge
#8So with PoS, we recreate a system where a few rich pool have decision over the network. Can someone enlighten me on how this is different from the current fiat system?
While I myself stay with Bitcoin, Ethereum still has lots of advantages compared to the fiat system: it's still open source, and people can still validate the rules (although that full validation is extremely hard).
Also the current fiat system is debt based, which means that the vast majority of money is printed by banks and the money printing power is at the highest ranking sales person, and hidden.
Re: Ethereum will use around 99.95% less energy post merge
#9Its price will also tumble 99% .
People motives to get into crypto are clear. They want to subtract themselves from government policy of constantly printing money. BTC takes care of that and it's a 14 years brand which is extremely politically expensive to make illegal
On the other hand people are perfectly satisfied with their experience on Youtube, Amazon, Google, Facebook, Ebay, JPMorgan etc. which are the entities which Ethereum aims to disrupt
Re: Ethereum will use around 99.95% less energy post merge
#10So with PoS, we recreate a system where a few rich pool have decision over the network. Can someone enlighten me on how this is different from the current fiat system?
Unlike with fiat, you're not forced to use any particular crypto. If the rich stakeholders of ethereum decide to muck around with the network, nobody will want to use it anymore and the value will drop.