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Ethereum will use around 99.95% less energy post merge

blog.ethereum.org

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

#161

Post by rfd4sgmk8u »

DCKing wrote: post #133

Good. Very good. This may be a radical take, but I think nations should introduce some unprecedented legislation: ban trade of proof-of-work cryptocurrencies. Don't ban their trade because they make poor financial products, either because of rampant fraud or criminal activity. That's a different argument and requires different approaches. Ban their trade because global society shouldn't accept rampant incentives to l…

Very bad. Ive got another radical take -- cypherpunks should ban proof of stake cryptocurrencies. They are bad for freedom, bad for decentralization, bad for store of value. Wall street tricks attempting to put the genie back in the bottle.

Proof of work is the only thing of value, the only distributed consensus model that is secure and the only way forward for store of value cryptocurrencies.

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

#162

Post by kaliali »

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…

I'm not satisfied with YouTube, amazon, Google, shitbook, eBay, etc. I want to use a service that protects my data better and drives those dirtbags out of business.

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

#163

Post by DennisP »

Geee wrote: post #142
michael_vo wrote: post #32

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?

You don't have to buy them, you can borrow them. This opens up a certain type of attack where you promise to pay interest to get control of the stake. If you're running a stake pool, you can pay interest on top of the stake reward. It's possible to run a staking yield farm, where you pay interest in a different cryptocurrency that you can mint yourself. These kinds of off-network incentives can disrupt the reward sys…

True, but a double-spend attack would destroy the stake of all the participants.

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

#164

Post by notsureaboutpg »

de_keyboard wrote: post #108
TechBro8615 wrote: post #84

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…

> 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? Unless you are building a dark web market, why would you want to? It will be more convenient for the vast majority of users to pay with card or PayPal.

I believe there are some use cases. Think of a government which does not allow currency conversion to more stable currencies in a place where volatility or inflation is very high. In that situation, it might be worth adopting a crypto-first approach, no?

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

#165

Post by 55555 »

TheCapn wrote: post #113
roel_v wrote: post #75

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…

Just to put an anecdote to the question, I made a withdrawal from my mining pool to my wallet 2 days ago and for an nearly instant transaction it cost me ~$2USD. Higher than I'd want in any currency, but it definitely wasn't $20USD

Strange. I made ~5 ETH transactions a few days ago (interacting with a smart contract) and paid ~$90 each. Around the same time I made a few transfers, and spent about $25 each.

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

#166

Post by hoka-one-one »

rfd4sgmk8u wrote: post #91

ETH wont, and shouldn't migrate to PoS. PoS is a scam -- a trick, a reinvention of existing corrupt economic models. It throws out the greatest part of decentralized cryptocurrencies -- trustless, independently verifiable, auto-adjusting to external conditions, hard to fake proof of work. It replaces it with shell games and chicanery. I am very pro proof of work. The energy usage is a good thing. We can deal with the…

rothschilds

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

#167

Post by globular-toast »

roel_v wrote: post #75

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…

Yep. Not much, if anything, has improved since you wrote off Bitcoin. One of the problems is nobody really cares about having a new payment mechanism. You can explain fractional reserve banking to people, explain how the 2008 financial crisis happened, even give small scale advantages like sending money overseas, and the vast majority of people just don't care. Until people start caring, nothing will change, and crypto will remain a zero-sum pyramid scheme.

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

#168

Post by satyrnein »

DCKing wrote: post #133

Good. Very good. This may be a radical take, but I think nations should introduce some unprecedented legislation: ban trade of proof-of-work cryptocurrencies. Don't ban their trade because they make poor financial products, either because of rampant fraud or criminal activity. That's a different argument and requires different approaches. Ban their trade because global society shouldn't accept rampant incentives to l…

If you want less carbon burned, tax carbon. I'm skeptical of cryptocurrency, but the idea that regulators, already captured by banks, should aggressively ban new financial products that may one day threaten the incumbents makes me wary.

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

#169

Post by X6S1x6Okd1st »

DCKing wrote: post #133

Good. Very good. This may be a radical take, but I think nations should introduce some unprecedented legislation: ban trade of proof-of-work cryptocurrencies. Don't ban their trade because they make poor financial products, either because of rampant fraud or criminal activity. That's a different argument and requires different approaches. Ban their trade because global society shouldn't accept rampant incentives to l…

If we are passing radical legislation that cuts across borders I'd much rather see a carbon/greenhouse gas tax.

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

#170

Post by tromp »

turbinerneiter wrote: post #127

I hope I'm not being lazy, but does POS not just mean the more you have, the more you get? Wouldn't it converge to 1 wallet controlling everything? Or to rephrase the question: where can I find the "POS for dummies" page?

Every staker preserves their fraction of the (increasing) pie by staking. Those who don't stake slightly lose in their fraction of the pie, benefitting all stakers by the same percentage.
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