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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

#871

Post by drexlspivey »

ptr2voidStar wrote: post #845
DickingAround wrote: post #726

Earlier quoted context omitted.

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…

The level of delusion when it comes to cryptocurrencies - is unreal. As a market practitioner of many decades, I must say I have never witness this level of froth and delusion before. I'm studying it with great interest (and a touch of disdain about my fellow humans unbounded rationality/irrational exuberance about cryptos)

Ah yes the typical HN commenter who sees hundreds of millions of people doing something and assumes that he knows better.

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

#872

Post by troyvit »

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…

Eh, I gotta say that no matter the system, speculators are gonna speculate and power hungry idiots will do everything they can to control a currency. That's fine, and human, and expected. Just please try not to melt all the ice caps while ya'll have at it.

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

#873

Post by [deleted] »

ptr2voidStar wrote: post #845
DickingAround wrote: post #726

Earlier quoted context omitted.

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…

The level of delusion when it comes to cryptocurrencies - is unreal. As a market practitioner of many decades, I must say I have never witness this level of froth and delusion before. I'm studying it with great interest (and a touch of disdain about my fellow humans unbounded rationality/irrational exuberance about cryptos)

[deleted]

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

#874

Post by DINKDINK »

Paxos https://en.wikipedia.org/wiki/Paxos has existed for more than 30 years. If it were easy or simple to issue a money with distributed signing, it'd have been done before Bitcoin's PoWDifficulty AdjustmentFixed Money Issuance novel art was published.

Ethereum has been "about to release PoS" for almost 6 years now and all of the initial critiques (By issuing X units of value, you incentivize ~https://www.truthcoin.info/blog/pow-cheapest/

If the curious reader is interested in reading more about the scope of fraud that the ethereum protocol has fueled read the post here: https://web.archive.org/web/20201214170136if_/https://www.re...

Why link to the archive.org copy and not the original? Ethereum people got mod access to the subreddit and deleted everything pointing out the fraud.

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

#875

Post by vbuterin »

grubles wrote: post #739
vbuterin wrote: post #719

Earlier quoted context omitted.

I think you're conflating _consensus_ and _governance_; the two are quite different. It's not PoW vs PoS that allows a chain to resist a coordinated attempt by elites to force a protocol change, it's users personally verifying the chain (and so automatically rejecting chains that violate the rules even if >51% of PoW/PoS nodes support those chains). So no, PoS is not "how our current financial system works". Our curr…

Important to note that Vitalik massively gains from Ethereum transitioning to Proof-of-Stake since he controls a large percentage of total ETH due to premining it before the project launched.

Isn't this just saying "the Ethereum proof of stake transition benefits ETH holders"?

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

#876

Post by [deleted] »

nikanj wrote: post #798
intotheabyss wrote: post #774

Earlier quoted context omitted.

I can't believe this blatant denialism still exists on HN despite the fact that Ethereum has a thriving defi ecosystem. I can get a loan peer to peer today with my ETH in a stablecoin and yet you say there's no there there? Right....

Cryptos also have a thriving theft ecosystem, and illegal uses dwarf the few defi experiments.

[deleted]

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

#877

Post by glennvtx »

kaba0 wrote: post #859
DickingAround wrote: post #726

Earlier quoted context omitted.

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…

Why is illegal transactions a goal? You can hate on governments all you want, but that is the only way currently known where we can have a reasonable say into the laws made and uphold — and order is not a bad thing in my opinion. Why circumvent that, instead of voting someone in who will create reasonable laws to protect us all?

Government has always been the principal enabler of every war, genocide, and mass abuse of human rights through history. Divorcing them from control of money is a massive human rights advancement, and most people recognize this.

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

#878

Post by reedjosh »

kaba0 wrote: post #859
DickingAround wrote: post #726

Earlier quoted context omitted.

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…

Why is illegal transactions a goal? You can hate on governments all you want, but that is the only way currently known where we can have a reasonable say into the laws made and uphold — and order is not a bad thing in my opinion. Why circumvent that, instead of voting someone in who will create reasonable laws to protect us all?

This assumes your vote matters. Governments around the world are consumed by regulatory capture and corruption.

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

#879

Post by z3c0 »

danhak wrote: post #734
DickingAround wrote: post #726

Earlier quoted context omitted.

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…

...you do realize that most of the world's money supply exists in the form of derivatives, right? A single-digit percentage is actual cash. You're committing a strawman. They didn't say anything about how the proportionality of crypto's use breaks down - they simply stated that it has achieved the basic use it set out to. And they're 100% correct - I use crypto to buy things quite regularly (email, VPN, etc), and will continue to. Really, the only thing preventing me from doing so more often is hard-headed people refusing to support it, because it's "mostly speculative."

Here's an infographic: https://www.visualcapitalist.com/all-of-the-worlds-money-and...

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