41–50 of 414 posts
> The Merge will reduce Ethereum's energy consumption by ~99.95%. That's something Bitcoin needs ... or even better get rid of it altogether. https://ccaf.io/cbeci/index https://digiconomist.net/bitcoin-energy-consumption/
End the FUD https://endthefud.org/
Earlier quoted context omitted.
The U.S. dollar is backed by a military many times more energy intensive.
Fiat currency is not backed by military power. Note that there exist several countries without militaries, and none of those countries have worthless currencies. And there have existed countries that put significant investment into their military and still wound up with a worthless currency at the end.
Yes, the militatary spending is nessisary but not sufficient to sustain a currency.
Ethereum in its current state is using proof-of-work (PoW) to ensure consensus amongst the thousands of nodes in the network. While PoW is reliable and secure, it is also extremely energy intensive. To produce each block on the network participants are required to use powerful and energy-hungry GPUs to solve a complex mathematical problem. Alternatively, proof-of-stake (PoS) guarantees the security of the network in…
I am sure staking pools will be available to people with less than 32 ETH
Earlier quoted context omitted.
Proof of work is the only way to get acceptable security properties for a monetary system. Proof of stake suffers from the "nothing at stake" problem, leading to grinding attacks etc.
> Proof of work is the only way to get acceptable security properties for a monetary system. Every country's financial system: ahem. The U.S. dollar doesn't require giant energy-hungry server farms to be secure.
> The Merge will reduce Ethereum's energy consumption by ~99.95%. That's something Bitcoin needs ... or even better get rid of it altogether. https://ccaf.io/cbeci/index https://digiconomist.net/bitcoin-energy-consumption/
Bitcoin is never going to change from PoW... That's the point of the system, Bitcoin is unchangable, unlike Ethereum. But you are free to create your own PoS cryptocurrency. If some PoS system offers the same security features as Bitcoin, people will just switch from Bitcoin to that.
Maybe that won't matter, but I hope it will.
https://www.konstantinschubert.com/2018/11/28/proof-of-stake...
Earlier quoted context omitted.
Quote The Merge will reduce Ethereum's energy consumption by ~99.95%.
Does the merge come with any real world benefits? Besides now not needing the yearly power consumption of Belgium. Like... Can i buy bread and milk with this thing any time soon?
Earlier quoted context omitted.
GPU based mining of ETH will turn off, literally, in 15s (one block). But the thing is, it will just move to other coins, for now. Once those are not as profitable, things will rebalance as people shut off their GPUs. Future, ETH will grow with power requirements too... just a lot more slowly... ASICs for zero knowledge are coming, which will create a bit of an energy race. Staking will always be increasing... which…
Can you give more info about Zero Knowledge Proofs would require ASICS?
"Type 1 aims to replicate Ethereum exactly, and so it has no way of mitigating these inefficiencies. At present, proofs for Ethereum blocks take many hours to produce. This can be mitigated either by clever engineering to massively parallelize the prover or in the longer term by ZK-SNARK ASICs."
...
"Personally, my hope is that everything becomes Type 1 over time, through a combination of improvements in ZK-EVMs and improvements to Ethereum itself to make it more ZK-SNARK-friendly."
> The Merge will reduce Ethereum's energy consumption by ~99.95%. That's something Bitcoin needs ... or even better get rid of it altogether. https://ccaf.io/cbeci/index https://digiconomist.net/bitcoin-energy-consumption/
As the price keeps falling, presumably so will energy consumption. The energy consumption problem fixes itself as the bubble bursts and people lose interest and mining becomes unprofitable, without the need for regulation.
Earlier quoted context omitted.
> Proof of work is the only way to get acceptable security properties for a monetary system. Every country's financial system: ahem. The U.S. dollar doesn't require giant energy-hungry server farms to be secure.
Does the army and law enforcement not use energy? Do banks not have server farms?