let's just rebrand it JPMcoin and get this charade over with already...
Mainnet Merge Announcement
111–120 of 609 posts
Re: Mainnet Merge Announcement
#112Earlier quoted context omitted.
https://ethereum.org/en/developers/docs/consensus-mechanisms... https://en.wikipedia.org/wiki/Proof_of_stake Start here. “The threat of a 51% attack still exists on proof-of-stake as it does on proof-of-work, but it's even riskier for the attackers. A attacker would need 51% of the staked ETH (about $15,000,000,000 USD).”
I'm pretty much just asking the same question on every thread now. How does something get slashed? These articles say nothing about it. There are many docs saying all you need is 1 honest slasher node. Well, what happens if you have a dishonest slasher node?
The slashing can only occur if the validator can be proven to break certain rules e.g. double voting. The reports are evaluated by the network.
Re: Mainnet Merge Announcement
#113My suspicion is that Ethereum got so popular because there were so many ways to make money from it. Basically a cash cow for developers and miners.
Does anyone know where the money making opportunities will shift to with POS? Block builders? Validators? I suspect the amount of money to be made through MEV will dramatically decrease.
Re: Mainnet Merge Announcement
#114If Ethereum is inflationary, and there is a minimum cost to staking, why would I ever begin to stake if I know that the cost can only go down in the future?
Re: Mainnet Merge Announcement
#115Earlier quoted context omitted.
Wrong; if miners deviate from the rules, then their blocks are simply ignored by everyone else.
If a group of miners with minority compute power deviate from the rules they are ignored. If a group of miners with majority of compute power deviate from the rules, they become the rules. This process is how all changes to Bitcoin get rolled out.
The rules of the Bitcoin network are not validated by miners, they are validated by nodes. The miners have no control over nodes and unless their mining work is accepted by the consensus rules of the nodes they receive no mining reward.
Re: Mainnet Merge Announcement
#116Re: Mainnet Merge Announcement
#117Is it incorrect to say that ethereum is now entirely centralized with some extra steps? Like, you have this proof of stake thing, but the only reason it works is because there's just a small number of validators, which is just going to be the ethereum foundation and friends. edit: putting this at the top because nobody is responding on topic. I am NOT talking about the class of people who stake 32 eth to validate nod…
Yes, it is correct. It was already much more centralized than for instance bitcoin, due to the difficulty in having a validator node, but now it is just managed by the big holders and that's that. Furthermore, they will censor transactions according to US laws at least, and if you try to validate and not censor, you will get your staked coins taken from you by the protocol (as opposed to PoW, where you just fail to g…
Already happening - the biggest miner refused to include Tornado Cash transactions in the mining pool.
Stick a fork in it. Ethereum is done.
With that degree of centralization, might as well just run a database and call it a day.
Re: Mainnet Merge Announcement
#118Earlier quoted context omitted.
As long as Bitcoin is still around crypto will have a heavy environmental asterisk attached to it. But, at least to me, this will make ethereum-based NFTs of interesting art a more morally-justifiable purchase.
No, I think once ethereum goes PoS, average people will stop caring about the energy use of crypto because the public at large won’t be able to digest the nuance.
The average person with a computer in the US (just taking the country I live in) has never heard the words “proof of stake” or Ethereum.
All the average person knows is that there were a bunch of Super Bowl commercials about “crypto”, and their cousin who spends a lot of time on the computer lost a lot of his parents money investing in a thing called “Bitcoin” last year.
Re: Mainnet Merge Announcement
#119Is it incorrect to say that ethereum is now entirely centralized with some extra steps? Like, you have this proof of stake thing, but the only reason it works is because there's just a small number of validators, which is just going to be the ethereum foundation and friends. edit: putting this at the top because nobody is responding on topic. I am NOT talking about the class of people who stake 32 eth to validate nod…
there's just a small number of validators, which is just going to be the ethereum foundation and friends.
Re: Mainnet Merge Announcement
#120Earlier quoted context omitted.
I'm pretty much just asking the same question on every thread now. How does something get slashed? These articles say nothing about it. There are many docs saying all you need is 1 honest slasher node. Well, what happens if you have a dishonest slasher node?
The slashing can only occur if the validator can be proven to break certain rules e.g. double voting. The reports are evaluated by the network.
> The reports are evaluated by the network.
The network which was just shown to be 51% malicious actors? And how is it evaluated? What if the slasher is dishonest? What if it sends trillions of fake requests?