I just watched a 5 minute video explaining how this impacts miner fees etc.
Extremely convoluted and complicated.
To me nano and the other 'fee-less', instant transfer coins represent the future of crytos. I missed the train on ETH and BTC and now I feel like there's too much to catch up to, but also feel there are much simpler and usable coins (in the real world) are coming.
Ethereum London Mainnet Announcement
141–150 of 153 posts
Re: Ethereum London Mainnet Announcement
#142Will 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…
I wonder why do people spend their time (and money) on this?
Real-world crypto is 'solved' by nano, with its feeless and instant transactions. I'm very new to the crypto world but ETH (especially BTC) seem way, way too complex, expensive and slow for any real world application. No wonder why there isn't any.
Re: Ethereum London Mainnet Announcement
#143Earlier quoted context omitted.
Sometime in 2017/18 it has been found that one of the biggest bottlenecks for the network were propagation speeds and that those were largely weighed down by disk writes. Thus pretty much the whole network switched to SSDs and things improved tremendously. Some other networks have implemented stateless clients and Ethereum has been working on going in that direction for a while with a lot of effort being dedicated to…
Doesn't make sense. Most people have faster spinning rust write speeds than they do internet bandwidth. Unless the client is generating a lot of data client side, how can writes ever be a problem? Just buffer appropriately
It's not like clients just download blobs and dump them on disk. They download programs that they execute and then store the updated state on disk
Re: Ethereum London Mainnet Announcement
#144Earlier quoted context omitted.
All of that complexity is still in the priority fee. There is still zero incentive to include base-fee-only transactions.
Not quite: under typical Ethereum chain conditions, you can include a small constant-sized priority fee to encourage miners to include your transaction. (This is really simple, and can be a default which most users are never even aware of.) This priority fee is free money for the miner; the only reason they would not include your tx is because it would make their block slightly larger, which would make it propagate o…
No. The main reason they would reject a transaction is to raise the demand for priority fees. I will repeat: there is zero incentive to include a zero-fee transaction.
In fact, the incentive is negative for two reasons. Firstly because it helps the miners to set a price floor. Secondly, because the empty blocks reduce the burn fee, which opens up more of the demand elasticity to be captured by the priority fee.
I know there are all these armchair geniuses like Vlad and Roughgarden that are convinced it will work out a certain way. Sorry, but they don’t know squat until there’s real money on the line.
You can almost guarantee that zero-fee txs will be ignored, and the bigger the pools get, the more they can collude to set a price floor.
So please tell me again how this is any different at all from the current fee structure in the miner perspective.
Re: Ethereum London Mainnet Announcement
#145Earlier quoted context omitted.
High gas prices are often caused by bidding wars between front-running bots. This upgrade will not stop this dynamic.
This is already a thing of the past past as those bots now use flashbots to pay the miners which doesn't result in high fees. https://github.com/flashbots/pm
Interesting that, of all the many possible simple solutions to this massive problem with the protocol, they chose to ignore it in favor of something that solves… wait, what is the problem exactly that this upgrade solves?
Re: Ethereum London Mainnet Announcement
#146I compiled and run an ethereum beaconnode on a raspberry 4. How much is this helping the ecosystem ? Why is running a beaconnode which helps validators to find the next transaction faster not being supported by fees (however tiny they may be). There seems to be no incentive to run this at all ... or am I missing something ?
You would need to "activate" your validator by depositing 32 ETH, and it takes a bit of time after the deposit is made before it will transition from pending to active.
https://ethereum.org/en/eth2/deposit-contract/
Also, at the present time, it's a good idea to run an ETH1 node locally, with your activated validator set to check it for blocks added to mainnet. You could instead use a free or paid Infura endpoint, but the extra latency may prove problematic.
Once activated, your validator would begin to earn rewards for making attestations and block proposals, etc. The APR is currently around 6% - 10%, depending on your validator's performance. Here are some stats for a validator I chose at random:
https://beaconcha.in/validator/72727
https://beaconscan.com/validator/72727
Running an unstaked/unactivated validator is not a bad thing to do, but there is no financial incentive to do so.
Re: Ethereum London Mainnet Announcement
#147Earlier quoted context omitted.
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…
I wonder why do people spend their time (and money) on this? Real-world crypto is 'solved' by nano, with its feeless and instant transactions. I'm very new to the crypto world but ETH (especially BTC) seem way, way too complex, expensive and slow for any real world application. No wonder why there isn't any.
Nano doesn’t have smart contracts, so you cannot really do much with it.
Re: Ethereum London Mainnet Announcement
#148Earlier quoted context omitted.
But the custodians have to choose just one chain because they only have enough assets to back one copy. They don't want a situation where there's, say, 50B USDCA and 50B USDCB backed by only $50B in assets. So if there's a fork, a custodian will decide that the USDC on one chain is redeemable and the USDC on all other chains is not redeemable (i.e. worth zero), then other DeFi assets on the losing chain will go to ze…
Wouldn't a custodian have a potential conflict of interest here, picking a chain whose rules, say, give the custodian a recurring "management fee" to support their important role?
In theory perhaps. In practice, their primary incentive is to pick the most popular fork, because otherwise people will move away from that stable coin.
Re: Ethereum London Mainnet Announcement
#149Earlier quoted context omitted.
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.
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.
Difficulty bombs were connected with consecutive Ethereum protocol upgrades - not just POS. Most of them ended up with network upgrades.
Re: Ethereum London Mainnet Announcement
#150Earlier quoted context omitted.
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…
I wonder why do people spend their time (and money) on this? Real-world crypto is 'solved' by nano, with its feeless and instant transactions. I'm very new to the crypto world but ETH (especially BTC) seem way, way too complex, expensive and slow for any real world application. No wonder why there isn't any.
That’s why you are new. Nano ain’t anything special. It’s another PoS shitcoin that scammers promote to sell their bags. When you don’t actually do any work, it’s cheap to transit garbage