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Ethereum Has Issues

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Re: Ethereum Has Issues

#281

Post by eldenwrong »

jqpabc123 wrote: post #213
eldenwrong wrote: post #210

Earlier quoted context omitted.

Yes? The quality of products is millions of times higher than in the streets. Everything gets continually tested by a lot of people. Entire forums dedicated to weed out bad sellers and identity good products .. Yeah, sellers are usually super responsive and will normally fix any issue if you are polite and abide by the rules. Ummm what exactly do you do if you are scammed in real life? Go to the police and file a com…

What amount of money are we talking about? 10k,100k, 1m? Zero. Lot of lawyers searching for clients with a legitimate legal case. They get a portion of what they win.

I meant how much money you got scammed for.

Lets say you bought a phone from Craigslist and its a fake one, what do you do?

You sent a guy a wire for a collectors item and he sends you a box of rocks? What do you do?

There's so many ways that you can get scammed in the real world without recourse.

What's happening here is that you have a preconceived notion of "darknets markets bad"

Re: Ethereum Has Issues

#282

Post by miracle2k »

pavel_lishin wrote: post #75
pshc wrote: post #62

While many contracts within Ethereum have clear flaws, that doesn't mean Eth as a whole is broken. Time bandit attacks go away once proof of stake finality arrives. Also, trading ought to be done in Layer 2s. Does MEV work on L2s? Re: certain token drops wasting lots of gas, it's up to the token authors to use an implementation that avoids gas wars. Once you go into claiming equivalences with P = NP, you've lost me.…

> 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.

> You cannot handwave away problems by promising you'll fix them with X in Y months, when you consistently fail to deliver X.

You are free to reject such appeals to your patience and choose to use other products and services. Yet, people are also free to ignore your opinion that "blockchain is bad because of X" when they believe they are able to solve X.

Re: Ethereum Has Issues

#283

Post by yunohn »

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…

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

Literally whataboutism.

Re: Ethereum Has Issues

#284

Post by uncomputation »

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…

I think you’re over-exaggerating about the “insane advancements in recent years that would blow his mind.” There was a recent overview of different MEV preventive measures [0] which came to the conclusion that there is currently no silver bullet. This is still a large and unsolved issue with competing mitigations with large drawbacks, far from any “insane advancements.” You make a good point that these algorithmic trading techniques are not as big of a deal for everyday users though, and mostly bot wars.

[0]: https://arxiv.org/pdf/2203.11520.pdf

Re: Ethereum Has Issues

#285

Post by yunohn »

px43 wrote: post #249
otterley wrote: post #76

Earlier quoted context omitted.

Can you elaborate on some of these “insane advancements”?

Flashbots gets a minor mention in the article, but it doesn't do justice to how huge the Flashbots ecosystem has gotten: https://docs.flashbots.net To be fair, there isn't a ton of information widely available, because talking about Flashbots in public is considered "alpha leakage". You see glimpses on Twitter, Discord, Twitch, etc though. Every once in a while someone will dump their finder code to burn alpha when t…

> Like I said, the author has dipped their big toe into the MEV rabbit hole, but it goes so, so much deeper.

So, both you and GP are saying that MEV is a bigger problem than this article says?

Re: Ethereum Has Issues

#286

Post by yunohn »

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…

> I guess growing your money is popular, who would figure that.

But… how is /everyone/ getting rich?

Crypto is provably negative sum. Someone has to lose money for you to make money. And miners, exchanges, etc are all middle layers that extract large %s of fees. Where is the extra value generated to be able to make everyone a profit?

Re: Ethereum Has Issues

#287

Post by overtonwhy »

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…

"exponential growth rate" = pyramid scheme? You only need to get 3 friends to sign up...

What a dramatic post. Do you get paid to write dystopian sci fi?

Re: Ethereum Has Issues

#288

Post by yunohn »

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…

> they've been operating fine for several years

Well, it’s quite telling that the majority of big crypto hacks are uninsured. And they like to play tricks just like normal insurance companies (1). And the CEO got hacked like any random person would’ve (2).

(1) https://thedefiant.io/badgerdao-hack-insurance-payout/

(2) https://www.coindesk.com/markets/2020/12/14/ceo-of-defi-insu...

Re: Ethereum Has Issues

#289

Post by _57jb »

The biggest issue that is upstream is the centralization that is caused via GPU and asic.

It's fairly obvious in hindsight but the idea that everyone running a general purpose computer wouldn't recognize enough value to try and take over the network. Running your own node would be more realistic and the "user" and the "miner" would be on a much more equal footing (and likely one in the same).

Arbitrage and all of the boiler room tricks of the stock market were applied instantly. Add this the centralized power of mining farms increasing incentives and the race for lightning chains creating these black box dark pools and we are just getting up to speed with similar problems we face today in public markets.

The biggest difference is that we can dig into the details in a very convenient way which is the constant balancing act of getting people to care enough to look.

Front-running on a consensus based system where transactions are public... almost like they took a look at every system to date and picked the low hanging fruit for exploitation.

Re: Ethereum Has Issues

#290

Post by hnaccount_rng »

talentedcoin wrote: post #248
throwaway82652 wrote: post #242

Earlier quoted context omitted.

>and it neither invalidates the original proposed solution nor lessens its usefulness Yes, you're right that by itself it doesn't invalidate the proposed solution. Aside from that, blockchains are still useless and that's what invalidates it. They don't do anything meaningful. Any blockchain-based solution is useful in spite of the blockchain, not because of it. I've never seen any use of blockchains to disprove this…

I am pretty anti-crypto generally but I feel compelled to reply to your maximalist position that there is "no practical value whatsoever, current or potential" to blockchains. The one use case I have seen for blockchain that is real is that cryptocurrency is great for moving money around the world when governments or banks maybe don't want you to do so. At the very least the experience of sending crypto is about as a…

But isn't this awfully close to saying: Blockchains/Cryptocurrencies are useful exactly for money laundering and sanction busting? And ... saying that publicly _and_ supporting the implementation tends to go very badly. (As it should imo, but that's a different story).

IF that is the summary conclusion to crypto (which I'm currently holding), then this is pretty close to "no practical value whatsoever", isn't it?

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