What are the current best estimates for the timeline of the proof-of-stake transition?
Ethereum just activated its ‘London’ hard fork
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Re: Ethereum just activated its ‘London’ hard fork
#92Can 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…
London does not bring PoS. The switch to PoS will be happening in a later hard fork.
Re: Ethereum just activated its ‘London’ hard fork
#93Earlier quoted context omitted.
This change burns the "base fee" instead of giving it to miners, which means it goes to nobody and is gone forever
Whats the incentive for miners to continue to mine? They now just rely on tips? Won't they all just bail if they're not receiving enough tips to be profitable?
Each block still mints 2 new eth, in addition to tips (which should always remain small, even as base fee rises).
Re: Ethereum just activated its ‘London’ hard fork
#94Earlier quoted context omitted.
This change burns the "base fee" instead of giving it to miners, which means it goes to nobody and is gone forever
If it goes to nobody, is it really "gone forever"? Did it even exist in the first place? The confusions arise from thinking cryptocurrency tokens as material things (like gold). Money is just a numeric representation of the social relationship people have with each other, and the rules of the monetary system is just an technical agreement on how we should have relationships with others. This is a change of rules for…
It goes from the wallet of people issuing transactions to no one. So it was actual value that people could spend, and that value is removed from circulation, reducing inflation
Re: Ethereum just activated its ‘London’ hard fork
#95Same as always, a solution with no real problems to solve. Crypto is a big, useless, bubble.
Re: Ethereum just activated its ‘London’ hard fork
#96If Ethereum can hard fork like this, it stands to reason as well that the 21 Million Bitcoin limit is a lot more changeable than Bitcoin proponents would say.
Or the opposite is true - and Ethereum is under heavily centralized control.
Re: Ethereum just activated its ‘London’ hard fork
#97Re: Ethereum just activated its ‘London’ hard fork
#98Re: Ethereum just activated its ‘London’ hard fork
#99Same as always, a solution with no real problems to solve. Crypto is a big, useless, bubble.
How long can this go on until you stop believing it's a bubble?
Re: Ethereum just activated its ‘London’ hard fork
#100Can 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…
PoS should be less centralized than PoW as I understand it. At least in Ethereum if you stake your 32 ETH then you get transactions to validate assigned to you randomly. You don't need a purpose-built rig with a ton of hash power to compete so smaller players are incentivized to participate, leading to a far greater incentive to run a node.