11–20 of 153 posts
Earlier quoted context omitted.
The difficulty bomb was supposed to first activate 4 years ago. It has been pushed back numerous times, about 6 times IIRC. I wouldn't be surprised if come December they push it back one more time.
Once PoS is activated for mainnet in December (or early next year), the difficulty bomb will be no más .
EIP 1559 is a substantial change to the handling of gas fees on the network. In addition to making gas fees be 2 parts (base and "priority" fees), this includes a provision for "burning" the base fee, reducing the overall ETH supply. From the code itself: # miner only receives the priority fee; note that the base fee is not given to anyone (it is burned) Models i have seen suggest this will not make ETH deflationary,…
The deflationary aspect isn't speculated to kick in until after the merge to PoS when the issuance drops significantly. Regardless, I don't believe it will be deflationary long term. It will likely just last a year before it reaches an equilibrium.
Basically every random walk down the timeline leads to 100% of coins lost in the course of time.
This is of course separate from the decrease in rate of supply creation.
If readers are curious how to get up-and-running with a (non-mining) full node (ETH1) at home, it's quite simple. This is how I did/do it on my Intel NUC running Ubuntu Server 20.04: 1. Download a prebuilt binary from https://geth.ethereum.org/downloads/ . 2. Unpack it. Optionally make it (or a symlink) available in your PATH. 3. Create a service definition, enable it, and start it: [Unit] Description=Go Ethereum [Se…
I’ve found not all ssd can handle a full node. If anyone is considering this just go w the nvme.
enjoy your dogshit.
Earlier quoted context omitted.
Once PoS is activated for mainnet in December (or early next year), the difficulty bomb will be no más .
Well, PoS is 4 years behind schedule. That's the reason the bomb has been pushed back for 4 years.
I'm running multiple mainnet ETH2 validators at home, in good company with nearly 200_000 validators worldwide (see https://beaconcha.in).
The teams behind the ETH1 and ETH2 node software (the latter has multiple independent implementations, while for ETH1 go-ethereum dominates the scene) are working hard to make "the merge" (PoS for mainnet) viable ASAP.
Disclosure: I work for status.im, but I'm not on the team responsible for nimbus-eth2/1.
Whats the timeline looking like for PoS on mainnet?
December 2021 or Q1 2022 at the latest. The difficulty bomb is scheduled to activate in December so a fork of some kind will be needed to reset it so everyone is working diligently towards December as the ship date.
Will the miners accept 1559? It’s an optional space, miners are free to maintain the old chain and split. Of course this would be catastrophic. I know my history, this isn’t anything like the other times.
Simply saying "No I don't want to do that" isn't enough, you need to get together people to form at least one suitable alternative.
That's why the ethereum devs could maintain control of the chain and the Bitcoins couldn't.
Consequently the Bitcoin chain is not able to incorperate any innovations that would ever so slightly hurt mining profit in the short term even if it would be great for the ecosystem as a whole
Earlier quoted context omitted.
The deflationary aspect isn't speculated to kick in until after the merge to PoS when the issuance drops significantly. Regardless, I don't believe it will be deflationary long term. It will likely just last a year before it reaches an equilibrium.
The loss of coins means it will likely be massively deflationary over time. I don't have the numbers for ETH but off hand I believe 20% of all BTC has been lost already, since just 2009. That's an annualized 1.55% effective supply deflation rate during a period where new supply was quickly generated. Basically every random walk down the timeline leads to 100% of coins lost in the course of time. This is of course sep…
Will the miners accept 1559? It’s an optional space, miners are free to maintain the old chain and split. Of course this would be catastrophic. I know my history, this isn’t anything like the other times.
Will the miners accept 1559? It’s an optional space, miners are free to maintain the old chain and split. Of course this would be catastrophic. I know my history, this isn’t anything like the other times.
Not quite. They would need to coordinate a new hard fork before Mid-End August because of the incoming ice age which intentionally slows the chain to a stop unless a hard fork happens. Simply saying "No I don't want to do that" isn't enough, you need to get together people to form at least one suitable alternative. That's why the ethereum devs could maintain control of the chain and the Bitcoins couldn't. Consequentl…
Edit: What prohibits the leadership to do an arbitrary fork? How do cryptographic protocols factor the fact that leadership can just say 'no' and do the opposite and the chain will follow. Especially the word 'secure' in every coin looses it's meaning isn't it?