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https://github.com/libbitcoin/libbitcoin-system/wiki/Proof-o... https://standardcrypto.wordpress.com/2021/03/31/the-censorsh... ETH is competing against USD, not against BTC. Bitcoin is competing against gold. Different races. different goals. Different risks.
> ETH is competing against USD, not against BTC. Bitcoin is competing against gold. If true, this means that every argument comparing BTC to fiat is bullshit. Given that most arguments I see in favor of BTC compare it to fiat, this doesn’t speak well to the understanding of those who hold it. Given that BTC’s value is predicated purely on the beliefs of those who hold it, a systematic misunderstanding like this sugge…
Bitcoin will be fine.
I was fairly into the space in 2014-2016 but stopped paying attention the last few years. It seems like lots of theorized applications actually exist and have a proof-of-concept now. If I’m building a marketplace business in 2021, where I want to be “crypto-first” instead of relying on PayPal and Stripe Connect, where do I start? The marketplace sells access to resources with an off-chain ACL system. It facilitates t…
But I've absolutely never seen it in the wild.
Earlier quoted context omitted.
I've be lurking heavily in the crypto-mining communities for a few weeks now. Most are saying they'll just "move to a new coin" which is basically all they CAN do, unless they cash out early and sell their hardware. Nvidia is releasing* "LHR" (low hash rate) cards to give gamers some relief (assuming they can't be jailbroken). * https://blogs.nvidia.com/blog/2021/05/18/lhr/
Unfortunately mining is only a small part of why GPUs have been so expensive, but hopefully this will contribute to making them cheaper in the long term. If they don't mess up again.
Can someone give a brief summary of what Ethereum is? Is it a crypto that will be merging with some other crypto? How does it relate to Ethereum 2? Are they going to continue being separate cryptos?
> Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether (ETH) is the native cryptocurrency of the platform. It is the second-largest cryptocurrency by market capitalization, after Bitcoin. Ethereum is the most actively used blockchain.
It's a blockchain whose token wasn't intended as a cryptocurrency but as a medium for paying for having a program ("smart contract") stored on it run on every node of the network. In practice this can be used for all sorts of things, including bootstrapping the vast majority of other cryptocurrencies currently in existence, but under the current system it can't process transactions effectively enough to be useful in that manner.
As I understand it Ethereum 2, which is a really long term thing they've been doing for years, is meant to gobble up the original Ethereum completely once all stages of deployment are completed (any prior forks that may happen would remain independent, I guess).
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> ETH is competing against USD, not against BTC. Bitcoin is competing against gold. If true, this means that every argument comparing BTC to fiat is bullshit. Given that most arguments I see in favor of BTC compare it to fiat, this doesn’t speak well to the understanding of those who hold it. Given that BTC’s value is predicated purely on the beliefs of those who hold it, a systematic misunderstanding like this sugge…
https://web.archive.org/web/20210116135412/https://taaalk.co... Bitcoin will be fine.
Or to rephrase the question: where can I find the "POS for dummies" page?
What are the attack vectors on PoS. With PoW you need 51% of the mining power to take over the system, which is very labor intensive to set up. With PoS could you take over all coins by buying 51% of the existing coins? So if the market cap of ETH is 200BB spend 100BB to double your money?
Yes and no. If you spend 100BB to buy 51% and then take over the network, eth will have zero value and you loosed 100BB.
Earlier quoted context omitted.
It is a system where you have skin in the game, the more skin in the game you have, the more power you have. Think it like a democracy where you are voting with your wallet. The main difference with the fiat world is that with Ethereum you have transparency, and there is no corruption. You can't just bribe a politician to enact a rule you want. Everything that happens in the network is recorded permanently, and rules…
What exactly do Ether holders vote on in this scenario? Changes to the protocol? Is that process highly transparent and easily accessible?
Maybe this is a good time and place to ask - let's say I want to buy something using Ethereum. Is it correct that when I look at, say, https://ycharts.com/indicators/ethereum_average_transaction_... , you have to pay USD 20 just as payment fees? I wrote off Bitcoin as a payment mechanism a long time ago because of this (although it seems BTC tx costs are now lower than ETH?), is this the direction tx costs for all cr…
Yes ETH gas price (transaction fee) have been very high, much higher than BTC lately... Not all cryptocurrency have such insane transaction fees though. NANO is a good example of a fee-less cryptocurrency (cf. https://nano.org/ )
It costs very little to transfer something of little value.