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Ethereum Has Issues

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Re: Ethereum Has Issues

#261

Post by polygamous_bat »

tornato7 wrote: post #166
throwaway82652 wrote: post #144

Earlier quoted context omitted.

>it comes down to consensus in a world where information can only move as fast as the speed of light. Yes and now you're circling back around to the usual problems with algorithmic high-frequency trading talked about in Flash Boys, which has nothing to do with blockchains or cryptocurrency. Unless you can cite some "insane advancement" in consensus algorithms that solves these problems everywhere then I doubt there i…

There are actually some insane advancements coming out in the form of zero-knowledge order books, Dusk Network being the most well known. It essentially removes frontrunning as a possibility because buyers and sellers are matched using ZK proofs, but are not able to see any orders before they are matched.

So, the blockchain bros have reinvented... dark pools, which has been around since 1979? Because that's what you just described.

Re: Ethereum Has Issues

#262

Post by [deleted] »

polygamous_bat wrote: post #261
tornato7 wrote: post #166

Earlier quoted context omitted.

There are actually some insane advancements coming out in the form of zero-knowledge order books, Dusk Network being the most well known. It essentially removes frontrunning as a possibility because buyers and sellers are matched using ZK proofs, but are not able to see any orders before they are matched.

So, the blockchain bros have reinvented... dark pools, which has been around since 1979? Because that's what you just described.

[deleted]

Re: Ethereum Has Issues

#263

Post by hoofhearted »

aardvarkr wrote: post #100
yucky wrote: post #74

Earlier quoted context omitted.

>Show me a marketplace without regulation and I will show you a marketplace best avoided if possible. I buy all of my vegetables from the roadside stands that are completely unregulated, and often set up in proximity to other stands with other offerings. I get a higher quality at a lower price - works out great.

And what about the unregulated supply chain for those goods? Do you know they’re actually higher quality? How do you know they’re not just buying the cheapest thing from Mexico or the passed over produce from a local farmer and hawking it to you at premium prices?

I’ve been researching the work that Devin Finzer has done around ERC-721 and I believe the scenario you described above is the perfect use case for all this blockchain tech that is currently being developed. I recently saw that Warner Brothers is going to release 6 million NFT backed physical items this year. Does anybody have ideas on how they might go about minting 6 million records? And how would they go about keeping track of said 6 million records?

Re: Ethereum Has Issues

#264

Post by polygamous_bat »

delaaxe wrote: post #77
bulbosaur123 wrote: post #28

What useful has Ethereum created apart from providing an ever-bloating platform for generation of infinite digital-only tokens? As of 2022 the oracle problem still hasn't been solved, so actual decentralized, objective real life object-to-blockchain interaction is impossible. Monero added fully anonymous crypto that is used by most of the dark web. USDT, USDC provided stablecoins that can circumvent what fiat can't.…

> As of 2022 the oracle problem still hasn't been solved What do you mean by that? I thought ChainLink solved that pretty well

Chainlink does not solve the oracle problem. In the best case, they put a "price" on fabricating truth in the blockchain world.

If the "source of truth" is distributed, what stops somebody from running a worldwide botnet which pretends to be "anonymous chainlink nodes/contributors" and feed false information to the blockchain? Even if there is a price for each node to participate in the consensus mechanism, then you just set up a price which is required before you are allowed to defraud the oracle. How much are you willing to bet on this possibly defraudable oracle?

Re: Ethereum Has Issues

#265

Post by yellowapple »

thebean11 wrote: post #54
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…

I think there's at least some value that can potentially be created. The fact that you can take out a loan or buy insurance and your counterparty is a smart contract is pretty interesting. It could seriously bring down insurance margins if you no longer have drones of people administering policies. Obviously remains to be seen how practical it is.

Not only that, but it also removes a lot of opportunity for prejudicial discrimination that exists in the traditional loan application process. It ain't perfect (algorithmic bias/discrimination ain't exactly a rare thing), but it's at least more predictable and transparent.

Re: Ethereum Has Issues

#266

Post by AMerePotato »

Ha, it's fun seeing this topic on hacker news. I've been in the extracting MEV for a while now. It's really fun and complex. MEV isn't going anywhere and not all MEV is bad. Some protocol owners solicit us to make bots for their protocol.

In regards to the negative aspects of it, there's a lot that individuals can do to avoid their trades from being exploited. Flashbots has also done a lot to mitigate the MEV related problems on Eth (some other chains are in way worse shape). Finally, there's some amount of common decency to not fuck up the network. If you break Eth to the point where everyone decides to leave, you've broken your toy so to speak.

Re: Ethereum Has Issues

#267

Post by c0mptonFP »

polygamous_bat wrote: post #264
delaaxe wrote: post #77

Earlier quoted context omitted.

> As of 2022 the oracle problem still hasn't been solved What do you mean by that? I thought ChainLink solved that pretty well

Chainlink does not solve the oracle problem. In the best case, they put a "price" on fabricating truth in the blockchain world. If the "source of truth" is distributed, what stops somebody from running a worldwide botnet which pretends to be "anonymous chainlink nodes/contributors" and feed false information to the blockchain? Even if there is a price for each node to participate in the consensus mechanism, then you…

Dude, defrauding Chainlink even once would probably cost you trillions of dollars - if not more. Have you read the super-linear staking section in the white paper?

Re: Ethereum Has Issues

#268

Post by postalrat »

fleddr wrote: post #227
ddorian43 wrote: post #226

Earlier quoted context omitted.

> 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.

Knowing you don't know isn't the same as knowing exactly what you are doing.

Re: Ethereum Has Issues

#269

Post by giaour »

xur17 wrote: post #211
quickthrower2 wrote: post #205

Earlier quoted context omitted.

I wonder if anyone talking here has every made any kind of insurance claim? Doing it with a smart contract is as feasible as dating a smart contract. You can only really “insure” against globally agreed on data, for example the price of wheat. That is an options/futures market not insurance though.

Nexus Mutual offers insurance against smart contract hacks, coin depegs, custodial provider withdrawal issues, etc, and they've been operating fine for several years. The one advantage I really appreciate is the transparency it enables over the decision making process. There's no reason this couldn't be expanded for other use cases, including home, car, etc. It really isn't limited to just smart contract data as you…

Don't you still need the claims adjudicator to assign a dollar value to the damage to your insured asset? It's not like a smart contract can figure out how much to reimburse you after your house gets flooded w/o input from a trusted, human authority. I'm not really sure what value the smart contract is adding here.

Re: Ethereum Has Issues

#270

Post by 9935c101ab17a66 »

michaelsbradley wrote: post #219
dmitriid wrote: post #192

Earlier quoted context omitted.

> Is Ethereum PoS yet? Simple Yes or No. It seems you've given a long answer which can be simplified to "No"

Along with pointers to current and historical information as to why arriving at PoS has been such a long and interesting road to hoe, while also being an open/source process involving teams and individuals all over the world.

If the constant delays and made-up ETAs weren’t enough to make you question PoS ever arriving — they should be, really — there are plenty of other reasons. There are a tonne of actors / influencers in the Eth space who do not want PoS to land for their own financial and political reasons.

Technical pitfalls and project stewardship can reasonably explain some delay — but years and years of it? And more than one statement that it’s just “months away?” The whole process has a fetid cloud hanging over it.

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