311–320 of 414 posts
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If you own a large amount of a currency, you want to ensure that the currency in question is trusted, or otherwise that currency would end up losing its value. It is your greed that is guiding you, not your benevolence.
Google short selling.
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Care to objectively articulate the arguments against switching to proof-of-stake? Why is it controversial?
PoS is less proven than PoW and has some edges cases that give many concerns. To say this up front, I own ETH, have worked on dapps on it, and completely supprt the move to PoS. That said, the fact that PoW has been running the longest and Bitcoin uses it to secure the most value of any chain and it has had 100% uptime for the last 9.5 years, means people naturally trust it more. PoS also in theory incentivizes centr…
You could fairly easily argue that building on a chain that includes sanctioned transactions is also "processing" them. Therefore miners would need to fork the chain to remain in the clear legally or just stop mining altogether.
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…
> required to use powerful and energy-hungry GPUs to solve a complex mathematical problem. No mathematical problem is getting "solved". It is much more akin to playing the lottery: Entirely random numbers are being tried out, by sending them through an energy-intensive algorithm (being energy-intensive is the algorithm's only purpose in proof-of-work), until what comes out is less than another number. That other numb…
[1] https://cryptorials.io/beyond-hashcash-proof-work-theres-min...
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> 100% uptime for the last 9.5 years While correct, that conveniently omits the downtime in 2010 and 2013. Why be shady? Edit: three nines is considerably different than infinite nines. Around 2018 there was an inflation bug which was kept quiet until it was patched. It's human to have an occasional bug. Setting the bar too high may be a dis-service if/when there is an exploit.
What? How is that shady? It had 99.98% uptime since launched and 100% since 2013. That’s one of the most reliable software projects ever created in history.
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…
Another possible weakness could occur if staking is mostly outsourced (i.e. staking as a service) and one provider overwhelmingly dominates the market. That provider would be in a position to hijack the network without having much of a stake in it. Proof of stake doesn't really live up to its name if the validation nodes aren't run by validation slot owners.
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…
No amount of fancy, serious, technical, professional talk will convince me that crypto is anything but a giant ponzi scheme.
Awesome If crypto wasn't contributing causing a crash in the GPU market and contributing even more to climate change, I don't think it would have nearly as much hate as it does. Sure it's largely used for scams and money laundering, but at least it's used for scams and money laundering in a way I can ignore. Right now Bitcoin and Etherium, the leading cryptocoins, are absurdly slow and expensive, on top of causing al…
> at least it's used for scams and money laundering in a way I can ignore. I thought this, and then my mom got scammed. She realized one day later, and the bank was able to recover the portion sent via bank transfer. But they also tricked her into sending money via bitcoin ATMs, and that portion was not recovered.
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…
But can't the malicious actor estimate very well whether their attack will succeed beforehand?