61–70 of 414 posts
Yeah... this is going to be a shitshow. Who wants to set the over/under on $millions that get stolen? Which exchange or fund will lose a vast chunk of its holdings?
Earlier quoted context omitted.
Does the army and law enforcement not use energy? Do banks not have server farms?
Okay, back up a little. Crypto miners mine crypto in order to become rich. With national currencies, this is impossible. Citizens cannot create their own currency, and that's a good thing. If money could be easily forged, it would either be worthless, or a speculative instrument, like every crypto in existence. National governments are the source and the only legal creators of money. Crypto mining also makes the bloc…
And those closest to the money printer benefit. And hint, the average joe is furthest from the printer. The future of the average joe is stolen via currency debasement and inflation, but those closest to the printer get richer.
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
I don't get proof of stake. What's stopping anyone from presenting a new chain made up of thousands of fake transactions? And why wouldn't such chain be accepted by the network? Is it just "checkpoints" hardcoded in the software that don't allow this?
Given that the merge reduces the electricity cost for new Ethereum by ~1000x, won't the price just tank in a race to the bottom?
The supply of ETH is only related to electricity when it's possible to mine it with electricity. Otherwise, what keeps the price of crypto up is people competing to get currency for uses like remittance. Since sending money to another country using a cryptocurrency ties up an amount of currency for a period of time, users have to compete for the available tokens in order to exchange with them.
> 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/
That's something Bitcoin needs ... or even better get rid of it altogether. 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.
Every "bust" period for BTC comes with the risk of a 51% attack / centralization.
If the difficulty falls by 90% because 90% of miners were shut off, you only need to buy 5.6% of those thrown-away miners to cause a 51% attack on BTC.
> 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.
People are not using Bitcoin because it's the most advanced or secure cryptocurrency, they use bitcoin because it was the first and will probably be the last to go whenever that whole flaming garbage bag of a "technology" hits the bin.
Earlier quoted context omitted.
I am sure staking pools will be available to people with less than 32 ETH
They already are. The Merge refers to the fact that the PoS chain has been running parallel to the main chain for one year now. It has been thoroughly tested live and so now will be merged back into the main chain like a branch of a git repo.