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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

#641

Post by hanniabu »

X6S1x6Okd1st wrote: post #132
caballeto wrote: post #65

Earlier quoted context omitted.

Once the attack goal is achieved the Ethereum value will go to zero. It does not make sense to do this by buying coins, but potentially hackers could get control of such big amount of coins by hacking exchanges, thus bringing whole system to collapse. Similar scenario as in Mr. Robot.

ETC has been 51% attacked 4 times and it's still the 17th largest cryptocurrency. https://www.coindesk.com/crypto-51-attacks-etc Furthermore it's become pretty clear from the many attacks on value tokens in Etherum & BSC DeFi that the attacker can move faster that the market and drain any liquidity pools/exchanges that have open offers into something that isn't going to collapse. The theory early on was that the coin…

ETC is PoW, it's a different dynamic than PoS which was the topic of discussion

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

#643

Post by reedjosh »

Rapzid wrote: post #604
leishman wrote: post #574

Proof of Stake is already how our current financial system works. The people with the most money make the decisions. Proof-of-Work is provably resistant to this, as evidenced by the 2017 blocksize debate where almost every large miner and bitcoin company wanted to change the protocol and it was fought off through grassroots efforts. A PoS currency will be controlled by a cabal of US financial institutions, and indire…

Smallish groups of consolidated power already control the future of the crypto currencies; see the migration to PoS. Crypto has made very little(perhaps zero) progress toward any solution in decentralizing power.

At least with privacy coins censoring transactions shouldn't be possible.

Also with Monero anyone can cpu mine it, and transaction participants are obfuscated.

With ARRR, miners don't know the identity of transaction participants.

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

#644

Post by trashcan_ »

colordrops wrote: post #595
aqme28 wrote: post #585

Earlier quoted context omitted.

I am not convinced that PoW is immune to those pressures or even resistant to it. The people with capital control the mining. At least the environmental problems are reduced with PoS

Controlling the mining doesn't allow you to control much about how transactions work.

If you control mining you do control how transactions work. You are running the code that handles transactions and you can change that code to handle transactions in any way you want. There is a history of this happening too but thus far with little effect on the entire network but worst case you could create a hardfork.

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

#645

Post by lawn »

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…

> 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 crypto coins go?

No. There are developers who actually prioritize on-chain scaling. For instance Bitcoin Cash and Monero have very cheap fees, and they will stay cheap for the foreseeable future.

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

#646

Post by hanniabu »

lasagnaphil wrote: post #128
eventreduce1 wrote: post #38

Earlier quoted context omitted.

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.

Worse, if the overall Ethereum community reaches a consensus that a malicious entity attempted to take over the network, then the devs will fork the blockchain to rollback the particular transactions with the malicious entity, and the new blockchain will keep chugging along as normal while the attacker has just lost a shitton of dollars to buy 100BB. (This is similar to what happened with the DAO previously, although…

This is not what happened with the DAO. This is well documented and I suggest you read up on. TLDR, the hacker tried to withdraw the funds and there was a 30 day lockup period so the contract was updated to stop this.

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

#647

Post by silicon2401 »

pteraspidomorph wrote: post #125
silicon2401 wrote: post #25

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?

To quote wikipedia: > 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 con…

thanks for the explanation. interesting read; don't really get it, but worth looking into more.

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

#648

Post by 0134340 »

fredfoobar wrote: post #606
0134340 wrote: post #596

Earlier quoted context omitted.

And Stake is derived from Work. Some of you assume PoS exists within its own ecosystem. Even in PoW, the work is derived from previous works, ie, the work required to buy and build the hardware and pay for electricity, etc.

Yeah, now you are proposing a system that is going to be secured purely on that stake everyone acquired, THAT's the issue.

It doesn't exist within its own ecosystem, as I mentioned. Stake is derived from work and work itself is a security, ie, your work is secured by prior works. Everything that built it needed prior work and everything to secure it needs prior security, up the ladder you'd have yourself to secure and work for the currency, your community along with its own governance to state level and on and on up the ladder. PoW and PoS both exist within the same ecosystem.

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

#649

Post by conradev »

themagician wrote: post #624
x4e wrote: post #608

Earlier quoted context omitted.

POW just gives the power to whoever can purchase the most computing power. It also gives control of the network to those directly benefiting from high fees. At least POS gives the power to those that actually have an interest and stake in the currency itself.

Those who got that stake by purchasing massive compute power. PoS just solidifies current stakeholders so that they no longer have to worry about competition from new players.

Is that actually the case? Couldn't a new player with the money to spend become a stakeholder overnight by purchasing large amounts of ETH on the open market and staking it?

Versus taking that money and taking months to invest it into mining. Purchasing compute power is harder than purchasing ETH no matter how you slice it

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

#650

Post by simias »

leishman wrote: post #574

Proof of Stake is already how our current financial system works. The people with the most money make the decisions. Proof-of-Work is provably resistant to this, as evidenced by the 2017 blocksize debate where almost every large miner and bitcoin company wanted to change the protocol and it was fought off through grassroots efforts. A PoS currency will be controlled by a cabal of US financial institutions, and indire…

It's not like cryptocurrencies achieved any of their goals so far anyway. If it's about facilitating pyramid schemes and creating a worldwide casino we might as well do it efficiently and without wasting insane amounts of resources.

I'm personally very happy for PoS and hope that it'll be successful, I would be a lot less annoyed with cryptocurrency bullshit if it wasn't so wasteful. With proof-of-stakes it basically joins the ranks of essential oils and other MLM scams, I'm fine with that.

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