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Ethereum Has Issues

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Re: Ethereum Has Issues

#221

Post by throwaway82652 »

pattrn wrote: post #202
throwaway82652 wrote: post #118

Earlier quoted context omitted.

>The fact that you can take out a loan or buy insurance and your counterparty is a smart contract is pretty interesting. No it isn't. I've been hearing this for years and I still haven't seen any reason anyone would actually want this, beyond the novelty factor. It's strictly worse than any other equivalent insurance or loan for a number of reasons, the worst one being that there's no human you can talk to when somet…

[deleted]

>One could make the same argument for a dictatorship being superior to the rule of law. After all, you can always talk to a human to resolve your problem.

I'm sorry I don't understand what you're talking about, this makes no sense. The judicial system also requires humans who are tasked with resolving the problems who you can talk to, that's literally the whole point of it.

>Removing human decision making from a process makes it a game where everyone plays by the same rules.

First of all, no it doesn't because that presumes the machine is always going to be working correctly. Computers don't do this. Second of all, somebody always has to build and maintain the computers, so there is no situation where you can remove all human decision making from the process. I hear executives making these kind of comments all the time as an excuse for cost cutting but that's all it is. You can't make a tech company that isn't paying IT staff in some way.

>You ignored his point

No, you're wrong. His point was also wrong. I actually agree you can indeed reduce administrative expenses by using computer modeling, and most insurance companies already do that. My point is this has nothing to do with blockchains. You don't need blockchains to do that, and attempting to do that on blockchains only increases cost. We're getting into an area where everything is wrong again, please stop with this because I would rather not.

>If you keep making up your own bad arguments

Except this is not my argument. The parent comment just made it and I've heard it probably hundreds of other times. It's the same kind of comment as "maybe we can put the deed to my house on the blockchain" which is equally nonsensical and I've probably heard that hundreds of times too.

Re: Ethereum Has Issues

#222

Post by DennisP »

rufusroflpunch wrote: post #92

This is not directly related to the content of the post but is about Ethereum. I have been putting this hypothesis out there on twitter for a while now, looking for someone to refute me, but no one has yet. This seems like a place where I might be able to find someone who understand Ethereum enough tell my grasp of the protocol is wrong (or right): Ethereum is going deflationary. Not disinflationary like Bitcoin, but…

The reason they require 32 ETH to stake is that there's a scaling limit on number of stakers. They're working on improving that, thus decreasing the staking requirement.

It's very likely to stay a power of 2, so just a single reduction down to 16 ETH would make up for 34 years of deflation at 2%.

Re: Ethereum Has Issues

#223

Post by wpietri »

jmyeet wrote: post #51

So Crypto Andys like to hand-wave about the risk of a 51% attack but consider this: > This is in addition to the long-standing concentration of Ethereum mining power, with normally three and sometimes only two mining pools controlling over 50% of the mining power. There is further hand-waving about how Proof-of-Stake (over Proof-of-Waste) will magically fix these problems. But it's actually this PoW computing power t…

This is beautiful and perfect:

> the essence of the American Dream: by getting rich by doing nothing while lauding how smart you are over other people

Thanks for sharing it.

Re: Ethereum Has Issues

#224

Post by wpietri »

Ruphin wrote: post #197
throwaway82652 wrote: post #118

Earlier quoted context omitted.

>The fact that you can take out a loan or buy insurance and your counterparty is a smart contract is pretty interesting. No it isn't. I've been hearing this for years and I still haven't seen any reason anyone would actually want this, beyond the novelty factor. It's strictly worse than any other equivalent insurance or loan for a number of reasons, the worst one being that there's no human you can talk to when somet…

A number years ago I was unemployed for an extended period of time while working on open source projects, and I ran out of money, so I took out a loan to cover my expenses. I lived off this money for several months until I found a suitable job, and after some time I repaid this loan. This type of personal credit financing would cost a fortune in regular finance (try going to a bank and taking out a loan because you'r…

Wait, are you comparing a personal loan backed by an asset versus an unsecured personal loan from a bank? That seems pretty apples and oranges to me. I think the right comparison would be a broker letting you borrow money against stock, something they do all the time.

Re: Ethereum Has Issues

#225

Post by throwaway82652 »

Ruphin wrote: post #197
throwaway82652 wrote: post #118

Earlier quoted context omitted.

>The fact that you can take out a loan or buy insurance and your counterparty is a smart contract is pretty interesting. No it isn't. I've been hearing this for years and I still haven't seen any reason anyone would actually want this, beyond the novelty factor. It's strictly worse than any other equivalent insurance or loan for a number of reasons, the worst one being that there's no human you can talk to when somet…

A number years ago I was unemployed for an extended period of time while working on open source projects, and I ran out of money, so I took out a loan to cover my expenses. I lived off this money for several months until I found a suitable job, and after some time I repaid this loan. This type of personal credit financing would cost a fortune in regular finance (try going to a bank and taking out a loan because you'r…

I don't understand what you're trying to say or what any of that has to do with cryptocurrency. "Digital goods" is a very broad category beyond cryptocurrency. Also I agree with the other comment here, that's not an unsecured loan. You used collateral to get it.

Re: Ethereum Has Issues

#226

Post by ddorian43 »

fleddr wrote: post #220
jmyeet wrote: post #51

So Crypto Andys like to hand-wave about the risk of a 51% attack but consider this: > This is in addition to the long-standing concentration of Ethereum mining power, with normally three and sometimes only two mining pools controlling over 50% of the mining power. There is further hand-waving about how Proof-of-Stake (over Proof-of-Waste) will magically fix these problems. But it's actually this PoW computing power t…

No, the only use case is not illegal activity. NFTs, smart contracts in general, gaming, defi/lending/staking, DEX, DAO, Filecoin/IPFS, and a few more in itself are not illegal. You may consider them to be useless, but that's not the same thing as illegal. Even if you scrap all that, there's the remaining core use case of speculation. Which in itself is also not illegal and an incredibly important use case, if not TH…

> They're fully self-aware.

This is extremely insulting statement to make to them (who believe for real) and to us(who do not).

They are not. If you want to gamble go buy TQQQ and SOXL.

Re: Ethereum Has Issues

#227

Post by fleddr »

ddorian43 wrote: post #226
fleddr wrote: post #220

Earlier quoted context omitted.

No, the only use case is not illegal activity. NFTs, smart contracts in general, gaming, defi/lending/staking, DEX, DAO, Filecoin/IPFS, and a few more in itself are not illegal. You may consider them to be useless, but that's not the same thing as illegal. Even if you scrap all that, there's the remaining core use case of speculation. Which in itself is also not illegal and an incredibly important use case, if not TH…

> They're fully self-aware. This is extremely insulting statement to make to them (who believe for real) and to us(who do not). They are not. If you want to gamble go buy TQQQ and SOXL.

I don't know what any of that means. How is self-awareness insulting?

Many young crypto proponents call themselves "degens" or "ape investors". Self-deprecating terms that give insight into their psyche: they know exactly what they're doing.

Re: Ethereum Has Issues

#228

Post by sl3232323 »

pshc wrote: post #87
pavel_lishin wrote: post #75

Earlier quoted context omitted.

> once proof of stake finality arrives Which it hasn't, despite being six months away for years now. You cannot handwave away problems by promising you'll fix them with X in Y months, when you consistently fail to deliver X.

I keep seeing this "eternal six months away" FUD, but no one wants to admit the devs delivered on the Beacon Chain which has been running smoothly for 1.5 years, and the Merge testnets are working quite well. Bitcoin maximalists are out there all day grousing about made-up deadlines promised by strawmen and laundered through hearsay. It has nothing to do with reality.

No post body was provided.

Re: Ethereum Has Issues

#229

Post by FabHK »

px43 wrote: post #70

Ha, Flash Boys 2.0 was from 2019. This blog post is literally "I read a thing from three years ago and have lost faith in something that I never believed in in the first place". As someone who knows and has worked with all the people involved with the write-ups referenced in this blog post, I can pretty confidently say that the author is way way behind here. There have been some insane advancements in recent years th…

> This blog post is literally "I read a thing from three years ago and have lost faith in something that I never believed in in the first place".

No, this blog post is "Look, here, several papers from last month showing there are still massive problems (that were presaged accurately in papers from three years ago)."

(and it's not literally that, of course. Why do people use "literally" to mean not literally?)

> Still, IMO the parasites that feed off MEV are at a significant disadvantage compared with those who feed of legacy financial networks.

Well, fortunately one can regulate these financial networks, right? Well, the legacy ones at least.

Re: Ethereum Has Issues

#230

Post by DonHopkins »

pattrn wrote: post #202
throwaway82652 wrote: post #118

Earlier quoted context omitted.

>The fact that you can take out a loan or buy insurance and your counterparty is a smart contract is pretty interesting. No it isn't. I've been hearing this for years and I still haven't seen any reason anyone would actually want this, beyond the novelty factor. It's strictly worse than any other equivalent insurance or loan for a number of reasons, the worst one being that there's no human you can talk to when somet…

[deleted]

Do you actually have any experience writing and debugging and maintaining code?
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