81–90 of 338 posts
>Let’s walk through a couple theoretical scenarios where a subset of malicious validators wants to censor transactions, say those originating in FATF-blacklisted countries. Hang on a second. Just to be clear about this example, this example is walking through how Ethereum has been designed specifically to allow North Korea to transact Ethereum, and more than that, prevent anyone who dissents. Like, I mean ok, I get t…
Ahh proof of stake, the nail in the coffin of decentralization. What did you say? the more you have of the capital the more you influence the system? what a novel concept! Monterey and legal systems based on structures that are at least partially built to take care of the needs of people of similar culture and geographic area? YUCK! Machine enforced plutocratic system where early adopters and syndicates have absolute…
Earlier quoted context omitted.
Like many decentralized systems, it's not actually decentralized but can have the appearance of such. All these systems have "whales" such that the individual can't do much except align with a whale. Applies to more than just crypto, too.
The internet is this way. The reality is more about peering agreements and CDNs than a neutral decentralized computer network. But it is still decentralized, just primarily among a few big players.
>Let’s walk through a couple theoretical scenarios where a subset of malicious validators wants to censor transactions, say those originating in FATF-blacklisted countries. Hang on a second. Just to be clear about this example, this example is walking through how Ethereum has been designed specifically to allow North Korea to transact Ethereum, and more than that, prevent anyone who dissents. Like, I mean ok, I get t…
Yes, if you actively and knowing break the law, you might get punished for it. Not sure what's new here? If you don't want to connect to North Korea, block connections coming from North Korea, it's like one or two commands of iptables.
Ahh proof of stake, the nail in the coffin of decentralization. What did you say? the more you have of the capital the more you influence the system? what a novel concept! Monterey and legal systems based on structures that are at least partially built to take care of the needs of people of similar culture and geographic area? YUCK! Machine enforced plutocratic system where early adopters and syndicates have absolute…
Proof of Work is the same, just with more steps.
Doesn't this just mean the rich decide? Please correct me if I am wrong, but that is what it sounds to me. (And yes, I understand that POW means the 'compute-rich' decide.)
I think there's two points to unpack: 1. As you said, it was compute-rich before, and native token-rich now. I see it that way: the difference is that your richness is now a part of the protocol which allows it to e.g. punish bad actors (aka slashing) which isn't possible in PoW scenario where attacks can continue indefinitely. 2. Validators don't solely decide rules of execution: full nodes do. If you, as a validato…
Earlier quoted context omitted.
Yes, if you actively and knowing break the law, you might get punished for it. Not sure what's new here? If you don't want to connect to North Korea, block connections coming from North Korea, it's like one or two commands of iptables.
What I'm saying here is that this system is designed to tax your staked ETH if you do that. So you have three choices: 1: Run a validator blocking NK transactions, safe in the knowledge it's probably legal, but your staked ETH is slowly going to taxed by the network costing you money. 2: Run a validator including the NK transactions, your staked ETH is safe, but you are violating your countries money laundering laws…
>Let’s walk through a couple theoretical scenarios where a subset of malicious validators wants to censor transactions, say those originating in FATF-blacklisted countries. Hang on a second. Just to be clear about this example, this example is walking through how Ethereum has been designed specifically to allow North Korea to transact Ethereum, and more than that, prevent anyone who dissents. Like, I mean ok, I get t…
Did you just assume that Etherium is American?
>Let’s walk through a couple theoretical scenarios where a subset of malicious validators wants to censor transactions, say those originating in FATF-blacklisted countries. Hang on a second. Just to be clear about this example, this example is walking through how Ethereum has been designed specifically to allow North Korea to transact Ethereum, and more than that, prevent anyone who dissents. Like, I mean ok, I get t…
You should understand that this is a very USA centred opinion. There’s a whole big world of different cultures and politics, and it is possible to believe there are other approaches where we reject violence and authority. It’s the usual “you’re helping drug dealers/terrorists/North Korea, but what about the children?!” state simping that ignores the violence of the existing systems, and ignores the billions of people…
Throwing an existing system out of the window without offering anything in return is madness. Cryptocurrency won't replace all the financial and government systems that have been developed internationally for years.
How can you help Iranian/Russian people that genuinely would like to reject and escape their current government, without helping that very same government to finance itself?
Earlier quoted context omitted.
Do not feed the troll. Flag and move along...
Well, the problem with this is that the misinformation stays around, influencing future discussions when it comes up again, when people keep repeating the same thing over and over. It would be more interesting to discuss new flaws in the protocol, or things that generally haven't been discussed before.
Large miners do have power, the power to destabilize the system. The same power large POW syndicates have that delays POS will be there in POS only in a more direct literal way.
What do you think will happen if a more decentralized verification system will be proposed once there are people and institutions that will have large sums of invested money and effort? do you think that they will just give away the financial power they have? this is not how any system involving human works and cryptographic technology is not going to change that.