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Mainnet Merge Announcement

blog.ethereum.org

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Re: Mainnet Merge Announcement

#311

Post by cypress66 »

jsheard wrote: post #102
spywaregorilla wrote: post #64

Earlier quoted context omitted.

Who gets to decide if something should be slashed

It's determined by the majority of validators. There's two ways this can go - either the majority of validators enforce OFAC sanctions, effectively giving OFAC authority over the entire Ethereum network since validators who go against it will be slashed, or the majority of validators don't enforce sanctions, in which case validators with any presence in the US must put themselves in legal jeopardy to avoid getting sl…

Sorry that's not correct. See https://news.ycombinator.com/item?id=32582316

Re: Mainnet Merge Announcement

#312

Post by idiotsecant »

AlexandrB wrote: post #259
dcolkitt wrote: post #215

Earlier quoted context omitted.

Why would this be any more plutocratic than any other capitalist economy? It's a mechanism where you can lock up ETH and get paid a steady return over time (about 3.9% today). Similarly the US dollar has treasury bonds where you can lock up USD and get paid a steady return over time (about 3.4% today).

That brings up an interesting point. Would PoS rewards get adjusted with central bank interest rates? If not, isn't there a risk of validators fleeing for better returns elsewhere?

Yes, they get adjusted- by the market, the best adjuster there is! If you can make more investing in low-risk bonds you will do that. If you make more investing in ETH staking you will do that. Eventually it will more or less look like the bond market in terms of value.

Re: Mainnet Merge Announcement

#313

Post by Zamicol »

drdeca wrote: post #212
spywaregorilla wrote: post #120

Earlier quoted context omitted.

> 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?

Evaluated in the same way that “does this address have enough to send to this much to this other address” is evaluated? If it isn’t valid, then a block containing it isn’t valid, and this is a thing which any client can automatically check. What happens if you try to send trillions of invalid transactions in any sensible chain?

To whatever node your client is talking to, the invalid transactions should not be relayed. This is more of a DDOS situation than anything novelly technical. Like all computer systems, DDOS is a technical challenge that requires careful consideration.

Re: Mainnet Merge Announcement

#314

Post by idiotsecant »

rcxdude wrote: post #303
aaaaaaaaata wrote: post #5

Earlier quoted context omitted.

What's the benefit of a low-cost global consensus system...? Is this sarcasm? Or are you getting caught up in some version of politics?

Consensus on what, is the question. Cryptos have a billion solutions for moving stuff around in crypto space, not very many for actually linking it with the real world, which is in fact what a very large fraction of the existing financial infrastructure is built to do. For the length of time crypto has been promising to change everything, it's really lacking in killer applications (basically the only value I actually…

Consensus in this case has a very specific technical meaning. You're trying to start some kind of philosophical discussion but you're not using the right words.

Re: Mainnet Merge Announcement

#315

Post by rcxdude »

idiotsecant wrote: post #314
rcxdude wrote: post #303

Earlier quoted context omitted.

Consensus on what, is the question. Cryptos have a billion solutions for moving stuff around in crypto space, not very many for actually linking it with the real world, which is in fact what a very large fraction of the existing financial infrastructure is built to do. For the length of time crypto has been promising to change everything, it's really lacking in killer applications (basically the only value I actually…

Consensus in this case has a very specific technical meaning. You're trying to start some kind of philosophical discussion but you're not using the right words.

I know what the technical meaning is, but if you're going to argue for the usefulness of crypto you need to argue why the consensus that crypto achieves is actually useful, instead of just acting as if this is obvious.

Re: Mainnet Merge Announcement

#316

Post by falcolas »

jbaczuk wrote: post #88

Quoted post unavailable.

> here is no a shortage of available energy we have a nuclear fusion reactor in the sky that provides more energy than we could ever use.

We can only capture a small fraction of that energy; limited by land space and efficiency of the capture devices. In fact, we capture so little that we primarily rely upon the sun's energy that fell on past-earth to power our world today.

To take this idea to the next step, even if we could capture and utilize every photon to fall upon our little sphere - given how much of our planet's ecology is based around using that very same energy - we'd destroy that same ecology.

Sure, we might be able to convert CO2 to Oxygen more efficiently than plants, but it would still take energy. Sure, we can heat buildings and individuals, but that would also take energy. We could grow food in labs, but again, energy.

There's a distinct cap on how much energy we can harvest from the sun. Using it to perform useless calculations because you want to work around government controls is wasteful.

Re: Mainnet Merge Announcement

#317

Post by idiotsecant »

In this thread: A million crypto tribalists whatabouting and clutching pearls and absolutely nobody talking about what this is - a pretty cool organizational and technical achievement.

Fantastically well done to the cat herders and cats that we call the Ethereum dev community, this is a prime example of how things can get done not by relying on the profit motive of a large corporation of the interests or a nation-state, but on the genuine belief in the soundness of an idea and a willingness to work together to change the world.

Re: Mainnet Merge Announcement

#318

Post by petters »

unnouinceput wrote: post #301
exo762 wrote: post #246

Earlier quoted context omitted.

May I ask you to elaborate? This sounds intriguing.

It costs an average of ~5k USD to mine one bitcoin. Meaning even if the value drops at exchanges, no miner will sell below this value due to not breaking even on electricity. That's why also bitcoin miners go to places where electricity cost is low, and why they undervoltage their mining cards.

What cards? Bitcoin has not been mined on GPUs for a long time and I would have thought that the ASICs used were already optimal.

Re: Mainnet Merge Announcement

#319

Post by yieldcrv »

kkielhofner wrote: post #211

What surprises me most about the Ethereum ecosystem is the software and release engineering of the implementations, especially the reference (now execution layer) go-ethereum. As has been noted elsewhere "the merge" has been in progress for years. Here we are approximately three weeks out and just this morning the (allegedly) working merge ready go-ethereum client was released. Given that the Bellatrix upgrade is sch…

node software is pretty bad

but alot of us run custom clients and know there is major room for improvement, with Go-Ethereum being the worst one

this doesn't address what you need to do for the merge

but definitely look into node software thats not written in Go. The rust ones are 10x faster and use 90% less time and space to sync (an archive node) than Go-Ethereum

writing node software doesnt make money so its neglected

Re: Mainnet Merge Announcement

#320

Post by leppr »

bowsamic wrote: post #263
leppr wrote: post #74

Earlier quoted context omitted.

The wealth centralization effect is not an inherent aspect of crypto, it was nothing more than a result of the liquidity injections from central banks. The same argument could be made of all scarce assets that rocketed in price in the past years. Watches, the stock market, and real estate don't inherently "centralize wealth". Their price appreciation was only a symptom of the reduced cost of debt, which naturally fav…

I don’t really care I’m just saying how it looks from the outside

We all know the pedestrian outsider opinions about cryptocurrency, they are repeated ad-nauseam here on HN and everywhere else. Adding informed color to this is a good thing, I would think.
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