811–820 of 1001 posts
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Yep, it literally codefies "rich gets richer" down to the core of the protocol.
Just saw that you need 32 ethereums to be able to stake. That's more than 60k. Whatever, I'm out.
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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…
But like, what were cryptocurrency's goals again?
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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…
Funny how everyone complains it's wasteful yet I see absolutely nobody complaining that they have some sort of electricity shortage because of Bitcoin miners.
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What do you mean? We totally got what we wanted; we have a deflationary currency we trade for goods and services. I'm 100% serious here; it's been working fine for quite a number of years. The fiat conversion is pretty noisy but BTC on average goes up in value in fiat terms at a fast pace. BTC is easy to turn it into stuff. No one has ever censored my transactions or asked for ID. Even if you buy something really exp…
Transaction fees were north of $50 a couple of weeks ago. Who's buying a pizza with that overhead? Genuinely asking, because I've a bridge to sell Before the edit window closes... 5 workarounds and counting. Are they interoperable, or is all this a thick layer of bullshit that users need to wade through to spend their "currency"? I see the plurality of "solutions" here indicative of a problem. Yes, you can fix anythi…
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What do you mean? We totally got what we wanted; we have a deflationary currency we trade for goods and services. I'm 100% serious here; it's been working fine for quite a number of years. The fiat conversion is pretty noisy but BTC on average goes up in value in fiat terms at a fast pace. BTC is easy to turn it into stuff. No one has ever censored my transactions or asked for ID. Even if you buy something really exp…
> we have a deflationary currency we trade for goods and services. Such a vanishingly small percentage of cryptocurrency activity is actually used for trade (as opposed to speculation) that it is a novelty and newsworthy when it actually happens. E.g. We all know about that guy who bought a pizza with BTC. And when Tesla decided to allow purchases via BTC (which they have since backtracked) it was a media sensation a…
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What do you mean? We totally got what we wanted; we have a deflationary currency we trade for goods and services. I'm 100% serious here; it's been working fine for quite a number of years. The fiat conversion is pretty noisy but BTC on average goes up in value in fiat terms at a fast pace. BTC is easy to turn it into stuff. No one has ever censored my transactions or asked for ID. Even if you buy something really exp…
> we have a deflationary currency we trade for goods and services. Such a vanishingly small percentage of cryptocurrency activity is actually used for trade (as opposed to speculation) that it is a novelty and newsworthy when it actually happens. E.g. We all know about that guy who bought a pizza with BTC. And when Tesla decided to allow purchases via BTC (which they have since backtracked) it was a media sensation a…
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With PoS one can just buy _governance_, that's all. All you need to have more influence on (PoS-based) Etherium is a huge amount of money. More power to money-bags! So “fresh” idea :)
But as soon as someone bought 51% of ETH and abused their influence, their investment would go to zero. I'm not sure I get the scenario where it's worthwhile for someone to invest the amount it would take to get that significant of an ownership percentage and then do something that would just cause everyone else to leave and it to be worthless. Maybe I'm missing something here.
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…
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With PoS one can just buy _governance_, that's all. All you need to have more influence on (PoS-based) Etherium is a huge amount of money. More power to money-bags! So “fresh” idea :)
But as soon as someone bought 51% of ETH and abused their influence, their investment would go to zero. I'm not sure I get the scenario where it's worthwhile for someone to invest the amount it would take to get that significant of an ownership percentage and then do something that would just cause everyone else to leave and it to be worthless. Maybe I'm missing something here.
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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.