Ethereum will use around 99.95% less energy post merge • Hacker News Board

Re: Ethereum will use around 99.95% less energy post merge

#11

Post by secondcoming » Tue, May 18, 2021, 2:34 PM UTC

xiphias2 wrote: post #8

focom wrote: post #2

So 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.

Have you ever actually used an Ethereum in real life outside of price speculation?

Re: Ethereum will use around 99.95% less energy post merge

#12

Post by nerdponx » Tue, May 18, 2021, 2:35 PM UTC

gruez wrote: post #6

sergioisidoro wrote: post #3

Earlier quoted context omitted.

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.

Or you can pay someone a flat amount to do the "stuff" and experience your own unlimited percentage-based gains, like in pretty much any other market where "capital" is a thing.

Re: Ethereum will use around 99.95% less energy post merge

#13

Post by h4kor » Tue, May 18, 2021, 2:35 PM UTC

> Several teams of engineers are working overtime to ensure that The Merge arrives as soon as possible, and without compromising on safety.

Overworking your engineers will most definitely lead to compromises.

But good to see that Ethereum came to their senses and are serious about reducing the environmental impact they have.

Re: Ethereum will use around 99.95% less energy post merge

#14

Post by wyldfire » Tue, May 18, 2021, 2:36 PM UTC

> Ethereum’s power-hungry days are numbered, and I hope that’s true for the rest of the industry too.

Ethereum has been talking about PoS for a long time, so until they actually deliver we should be looking at existing decentralized PoS coins.

Re: Ethereum will use around 99.95% less energy post merge

#15

Post by Polygator » Tue, May 18, 2021, 2:36 PM UTC

focom wrote: post #2

So 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?

The justification is that contrarily to PoW, where there are economies of scale on computing power, PoS power scales linearly with your stake.

Mining has been concentrated in the hands of a few gigantic mining pools for a while, and PoS will actually make Ethereum more democratic. Again, this is based on documentation, there might be unforeseen consequences

Re: Ethereum will use around 99.95% less energy post merge

#16

Post by sergioisidoro » Tue, May 18, 2021, 2:37 PM UTC

gruez wrote: post #6

sergioisidoro wrote: post #3

Earlier quoted context omitted.

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.

Good point. But I still don't understand how it changes the premise presented by the comment, of "The one who has the money controls the network".

Re: Ethereum will use around 99.95% less energy post merge

#17

Post by h4kor » Tue, May 18, 2021, 2:38 PM UTC

AAA_Rating wrote: post #9

Its 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 entitie…

Let's hope this will happen. It's time this blockchain hype ends.

Re: Ethereum will use around 99.95% less energy post merge

#18

Post by pinkybanana » Tue, May 18, 2021, 2:38 PM UTC

sergioisidoro wrote: post #3

focom wrote: post #2

So 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.

No, it is very different because in practice the pools and exchanges are totally separate entities. With PoS the biggest holders will be exchanges and therefore exchanges will control the cryptocurrency. With PoS there will be clearly less decentralization compared to PoW.

Re: Ethereum will use around 99.95% less energy post merge

#19

Post by xiphias2 » Tue, May 18, 2021, 2:38 PM UTC

secondcoming wrote: post #11

xiphias2 wrote: post #8

Earlier quoted context omitted.

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.

Have you ever actually used an Ethereum in real life outside of price speculation?

Ethereum no, but Bitcoin sure, I'm travelling a lot, and I have a lot of payment problems (for example my bank disabled my credit card just because they said that it's not working with some types of contactless recievers, but they can't send a new one to my hotel, just to my home address). Bitcoin always works, although it's not real-time (still faster than sending money to my Revolut account, which takes days).

If a person thinks that fiat payments work well, he hasn't really travelled yet to different cultures.

Re: Ethereum will use around 99.95% less energy post merge

#20

Post by meowkit » Tue, May 18, 2021, 2:38 PM UTC

gruez wrote: post #6

sergioisidoro wrote: post #3

Earlier quoted context omitted.

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.

Can you explain what “sitting on your ass” means? I thought you had to maintain a validator?