Wasn’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.
it did happen (https://beaconcha.in/) and the merge will happen either Q4 or Q1 next year.
Ethereum will use around 99.95% less energy post merge
391–400 of 1001 posts
Re: Ethereum will use around 99.95% less energy post merge
#392Earlier quoted context omitted.
Again with this same tired nonsense on Hacker News. Famous for censoring worthwhile comments to death while leaving up misinformed "curious" posts that mislead everyone. Bitcoin is using half of the power as banking systems. Bitcoin is using half of the power, of the gold industry. Might I suggest, if you think you can suggest banning things for using too much carbon, that you first quit working, quit driving your ve…
The amount of energy used is only one aspect of the matter. The other is value derived from that energy. I think it is safe to say that regular banking provides not just twice the value of Bitcoin, but in fact probably two orders of magnitude more. Pretty much everyone uses regular banking, while pretty much nobody uses Bitcoin, and not only they use banking more, they use it many times a week or even a day. The comp…
Something tells me that a user named "BTCOG" is not here to provide rigorous objective analysis but okay lets attack the strawman.
The number of bitcoin addresses with a balance is 30 million. The number of bank accounts is in the billions.
As you said, BTC is two orders of magnitude less efficient than banks assuming mining provides the same value to people as ALL of the services banks provide including loans, savings, and money transfer which IT DOES NOT.
Re: Ethereum will use around 99.95% less energy post merge
#393What 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 can DDoS normal, non-validating nodes, and if they go offline, they can be unsure which chain is the true chain, because they were not around.. This means your laptop can never sleep, unlike in Bitcoin, where full nodes may go offline and catch up later. People who control stake can refuse to include (censor) transactions, as there is no market competition for transaction inclusion like in PoW. In PoW, if 51% of…
This is false. At least false for Ethereum's hybrid PoS.
It uses Verifiable Delay Function as an element of random number generation process. One can look into number of rounds of VDF and treat them just the way they treat proof of work today. It can be compared to determine which chain is the longer one.
Re: Ethereum will use around 99.95% less energy post merge
#394Good. 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…
they should ban cryptos full stop. They have no use case except for criminals
Re: Ethereum will use around 99.95% less energy post merge
#395Good. 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…
This is one of those "Freakonomics" type ideas. On the surface this sounds like bitcoin's PoW use will simply stop. It's actually the entire opposite. When governments ban it, they go after sizeable, identifiable organizations running these operations, that is their only choice. These operations are optimized in their energy usage, because it's only in their interest to reduce their consumption relative to the value…
https://www.americanscientist.org/article/freakonomics-what-...
We will see, the trouble with Freakanomics, is that it had quite a few avoidable errors in it, so maybe it's not the best example.
Re: Ethereum will use around 99.95% less energy post merge
#396Earlier quoted context omitted.
So burning electricity on running a cryptocurrency is not right, but burning electricity on running servers for Facebook or user tracking is all right? If that's the case, who's the arbiter of what's "too much" power for a use case? If that's not the case, how do you propose to enforce that all use cases use less electricity, and how do you punish those who use too much?
Why do HN comment threads always end up as Pedantry Pageants where all ye who dare comment must address all the fucking edge cases or be called out by the immediate first child comment about failing to do so. It's SO trite, predictable, wearisome and boring . It always follows the same pattern too. "Where do you draw the line?" "Who decides what's the truth?" Always the same fucking slippery slope fallacy. Every fuck…
Why? Because that's what I bet most people come to HN for. I'd rather find out that my idea is impractical or plain stupid on a HN thread than in some other and expensive way.
Re: Ethereum will use around 99.95% less energy post merge
#397The HN narrative engine is so biased towards ETH that some are even asking for advice on where to buy ETH. This is ridiculous, just think through the consequences of a PoS system, you all are smart folks, I presume.
It seems like you’re insinuating that there are negative consequences to the PoS system, but leave it up to the reader to think really deep and understand what those consequences are. I’m not well versed into PoS systems, but just took a look at ethereum’s explanation and it sounded reasonable, but I’m not familiar with the details and trade-offs that are being made. Care to enlighten me what you’re referring to?
The negative consequences were mentioned in another comment:
You should first get "well versed into PoS systems", The stakers (and their adjoints) can collude and decide to reorg the chain for a different outcome. This can be done indefinitely at no additional cost.
In a PoW system, you not only have to expend capex for mining equipment, you hare further discouraged by the huge CONTINUED opex (energy) cost. The energy required to change the state of the chain is similar (or greater) than the energy it took to make the first version.
Re: Ethereum will use around 99.95% less energy post merge
#398> Under Proof-of-Stake, when the price of ETH increases, the security of the network does too This does not follow. Security level is independent of miner reward value under PoS.
As price of Ether rises, it becomes even more difficult to acquire the 32 ETH required to become a validator.
Re: Ethereum will use around 99.95% less energy post merge
#399Good. 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 the government wants to put a higher price on energy or carbon, it should do so. But it should not be the arbiter of what's a worthy use of energy expenditure. I could see a lot of people make the argument the production of a lot of energy intensive goods is not worth-while.
Government should arbitrate inappropriate use of any utility resource, including energy and water. In many cases such restrictions already exist for water.
Re: Ethereum will use around 99.95% less energy post merge
#400who cares, cryptos have no use case except for cranks and criminals and noone has ever improved a solution by adding a blockchain to it.