Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Ethereum just activated its ‘London’ hard fork

cnbc.com

Post reply on HN
Print view View original

11–20 of 205 posts

Re: Ethereum just activated its ‘London’ hard fork

#11

Post by MuirsGhost »

jl2718 wrote: post #7
DaftDank wrote: post #6

Can someone explain to me how PoS is not centralized? The whole point of crypto and the blockchain is decentralization, no? I feel like crypto/blockchain will end up looking nothing like how it was intended, and be regulated to the point that it's just the next iteration of the traditional banking system, where the current power holders continue holding the power. Maybe I was naive to ever think it would be any diffe…

The first stocks ever sold to the public were claims on land in a new world, an escape from servitude to kings. Turns out they were just being swindled by a bankrupt crown to keep their own oppressors in power. But there was a new world, and people did escape.

People don't escape, they toil for a new master, on new ground.

From sea to shining sea, the new world's plundered resources eventually turned into Bitcoin.

Re: Ethereum just activated its ‘London’ hard fork

#12

Post by DennisP »

DaftDank wrote: post #6

Can someone explain to me how PoS is not centralized? The whole point of crypto and the blockchain is decentralization, no? I feel like crypto/blockchain will end up looking nothing like how it was intended, and be regulated to the point that it's just the next iteration of the traditional banking system, where the current power holders continue holding the power. Maybe I was naive to ever think it would be any diffe…

Ethereum's PoS supports up to a million or so independent full-fledged stakers. That seems fairly decentralized to me.

Re: Ethereum just activated its ‘London’ hard fork

#13

Post by exo762 »

DaftDank wrote: post #6

Can someone explain to me how PoS is not centralized? The whole point of crypto and the blockchain is decentralization, no? I feel like crypto/blockchain will end up looking nothing like how it was intended, and be regulated to the point that it's just the next iteration of the traditional banking system, where the current power holders continue holding the power. Maybe I was naive to ever think it would be any diffe…

Capital is capital, be it in the form of money or hardware. Putting the onus on capital in a form of hardware is just making it harder for smaller guys. I can throw 32 ETH into staking. It's way beyond my capability to mine - wrong geography, electricity prices, accommodation situation etc.

Re: Ethereum just activated its ‘London’ hard fork

#15

Post by sigmar »

DennisP wrote: post #12
DaftDank wrote: post #6

Can someone explain to me how PoS is not centralized? The whole point of crypto and the blockchain is decentralization, no? I feel like crypto/blockchain will end up looking nothing like how it was intended, and be regulated to the point that it's just the next iteration of the traditional banking system, where the current power holders continue holding the power. Maybe I was naive to ever think it would be any diffe…

Ethereum's PoS supports up to a million or so independent full-fledged stakers. That seems fairly decentralized to me.

What does it matter what the technology supports if it incentivizes the community to consolidate? Penalties for being offline and slashing (for misconfigured nodes) are a massive incentive for nodes to centralize

Re: Ethereum just activated its ‘London’ hard fork

#16

Post by dyndos »

DaftDank wrote: post #6

Can someone explain to me how PoS is not centralized? The whole point of crypto and the blockchain is decentralization, no? I feel like crypto/blockchain will end up looking nothing like how it was intended, and be regulated to the point that it's just the next iteration of the traditional banking system, where the current power holders continue holding the power. Maybe I was naive to ever think it would be any diffe…

The key distinction is that PoW is permissionless, whereas PoS is permissioned.

Bitcoin is secured by hashpower, which is produced by physical capital outside the network. Nobody needs to ask for permission to start hashing and trade kilowatts for sats.

PoS networks are secured by on-chain assets. This means you can't "mine" it without first buying tokens from someone who already owns them. You need permission from an existing player in order to start participating.

Another aspect of this is 51% attacks are recoverable for PoW, but are a permanent takeover condition for PoS networks. If a single entity ever accumulates more than half the tokens on a PoS network, they are unassailable.

Re: Ethereum just activated its ‘London’ hard fork

#18

Post by bugzz »

mmmeff wrote: post #14
bugzz wrote: post #3

Here you can track how much Eth has been burned so far: https://ethburned.info/

What does it mean for Eth to be burned?

This change burns the "base fee" instead of giving it to miners, which means it goes to nobody and is gone forever

Re: Ethereum just activated its ‘London’ hard fork

#19

Post by dogman144 »

dyndos wrote: post #16
DaftDank wrote: post #6

Can someone explain to me how PoS is not centralized? The whole point of crypto and the blockchain is decentralization, no? I feel like crypto/blockchain will end up looking nothing like how it was intended, and be regulated to the point that it's just the next iteration of the traditional banking system, where the current power holders continue holding the power. Maybe I was naive to ever think it would be any diffe…

The key distinction is that PoW is permissionless, whereas PoS is permissioned. Bitcoin is secured by hashpower, which is produced by physical capital outside the network. Nobody needs to ask for permission to start hashing and trade kilowatts for sats. PoS networks are secured by on-chain assets. This means you can't "mine" it without first buying tokens from someone who already owns them. You need permission from a…

Ya I wonder if we’ll start seeing attempts to corner the market in PoS.
Post reply on HN