Good one.
Ethereum will use around 99.95% less energy post merge
921–930 of 1001 posts
Re: Ethereum will use around 99.95% less energy post merge
#922Earlier 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 can use bitcoin as a saving mechanism, which is the primary purpose of money, as long as you can trust that it is tradeable to something else. There are hundreds of millions of people who use bitcoin in this way.
For using it as everyday currency, there are debit cards that automatically convert your bitcoin to local currency at the time of payment. There are probably millions of people who use these debit cards. Bitcoin itself isn't suitable for everyday payments yet.
Re: Ethereum will use around 99.95% less energy post merge
#923proof of work is a massive waste, it's true, but it does serve a one time valuable purpose: it bootstraps the value of the tokens by having people make real investments with existing currency and hardware in their creation. beyond that, it's literally insane, it only works when there's a very competitive race to burn as much energy as possible. however, once the value of those tokens is established (as is true for mo…
Doesn't POS incentivize oligarchal collusion?
According to https://www.statista.com/statistics/1200477/bitcoin-mining-b..., 65% of BTC mining already happens within one country.
Re: Ethereum will use around 99.95% less energy post merge
#924Paxos 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 PoW Difficulty Adjustment Fixed 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.truthco…
"about to release" nothing We use Eth 2.0 since December. Staking is even available with insurance on coinbase. If you keep your copy pasta up to date, your FUD will be more believable.
Energy usage and price are related. Should be interesting.
Re: Ethereum will use around 99.95% less energy post merge
#925So if you have more ETH, you will get more ETH?
Re: Ethereum will use around 99.95% less energy post merge
#926Ethereum 2.0 isn’t expected to be released until 2022, 2023, or 2024* If you’re looking for something that works now, you can take a look at the 3rd most popular cryptocurrency on Coinbase, Stellar Lumens (XLM). It sure is energy efficient. More details here: https://www.reddit.com/r/Stellar/comments/nbqfey/since_co2_e... Sources: *Coinbase, Stakewise
False. PoS Beaconchain is already running, since December 2020, and the merge is expected to happen Q3 2021 or Q1 2022. Sharding is not immediately necessary for Eth2 to scale - we have rollups in the meantime for that.
“Ethereum 2.0 is an upcoming set of upgrades to Ethereum that's intended to make it significantly faster, less expensive, and more scalable. As part of the upgrade, participants may stake ETH tokens to help secure the network. In exchange for staking, participants then receive rewards on their staked ETH. Staked ETH (and rewards) can't be unstaked until Ethereum 2.0 fully launches, which most experts estimate will happen between 2022 and 2024.”
-Coinbase
Re: Ethereum will use around 99.95% less energy post merge
#927Earlier 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)
It's because once people put their money into a cryptocurrency they have a stake in not seeing it fail. The more they have in the cryptocurrency, the more they need it to retain value.
If your life savings were at risk of becoming worthless, you would also be defending cryptocurrencies as rabidly as these people.
Re: Ethereum will use around 99.95% less energy post merge
#928Proof 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…
I always felt a bit to the contrary.
In a proof of work system, you can buy your way to the grown-ups table by throwing enough money at mining gear.
In contrast, a proof-of-stake system requires someone to sell you enough of a stake to be relevant.
I suppose the question is whether it's easier to get someone to sell out their community, or find a bunch of graphics cards these days.
Re: Ethereum will use around 99.95% less energy post merge
#929Paxos 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 PoW Difficulty Adjustment Fixed 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.truthco…
I went through that as it was happening. Vitalik Buterin & co. have no integrity. Most people should be aware about how they defrauded everybody with the DAO and subsequent fork of Ethereum. But, of course, it has been conveniently sweeped under the rug.
Creating a fork is not a fraud. That was and is always a possibility, people were free to disagree, and Ethereum Classic represents that disagreement. If you went through that, then you would have ETH and ETC, and a choice of what to use, develop, mine, etc.
Re: Ethereum will use around 99.95% less energy post merge
#930Paxos 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 PoW Difficulty Adjustment Fixed 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.truthco…
Paxos solves a different consensus problem than PoW or PoS.
The former is for when you control and trust all nodes in your network. The latter is for the more difficult problem of consensus when you don't trust the nodes - otherwise known as the Byzantine Generals problem in distributed systems research.