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Mainnet Merge Announcement

blog.ethereum.org

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Re: Mainnet Merge Announcement

#551

Earlier quoted context omitted.

Not sure this is correct. PoS issuance rewards are 4.6%/year, which can be offset with burn rate, but it is at 0.5% now. The site projects that in 200 years, burn and issuance will be at equilibrium.

> PoS issuance rewards are 4.6%/year PoS issuance is 4.6%/year per staked ETH . Only 14M of the total 120M ETH are staked right now, making the real issuance only 0.5%/year when taken as a percentage of total ETH supply. Subtract the 0.5% burn rate from that 0.5% real issuance rate (with rounding errors), and that's how you get Ethereum's current situation of being "pretty close" to deflationary.

Thank you for explaining!

Will gas fees burn or go to stakers?

Re: Mainnet Merge Announcement

#552

Earlier quoted context omitted.

It's a bad study and I'd be willing to tell the researchers that to their face. "Something else is going on" is not "conspiratorial thinking" when it comes to analyzing data. Systematic biases in data is the normal and expected state of affairs. > or the source being "right-wing navel-gazing" (when all of the sources are either published papers, politically neutral statistics, or mainstream media outlets). I didn't s…

> It's a bad study and I'd be willing to tell the researchers that to their face. What are your standards for a good study, then? You understand that this basically makes anything I give you a non-starter as its validity is wholly based on your opinion of it, right? > I said the "other stuff you wrote" was. Fair, my mistake. But, to your point, it's not navel gazing it's objective reality (whether you like that reali…

[deleted]

Re: Mainnet Merge Announcement

#553

Earlier quoted context omitted.

> It's a bad study and I'd be willing to tell the researchers that to their face. What are your standards for a good study, then? You understand that this basically makes anything I give you a non-starter as its validity is wholly based on your opinion of it, right? > I said the "other stuff you wrote" was. Fair, my mistake. But, to your point, it's not navel gazing it's objective reality (whether you like that reali…

> What are your standards for a good study, then? Prospective. For example, they decide in advance to test Ts for a randomly-selected group of men. This study reads as basically "We queried our healthcare system database and made up the rules as we went along." For example: * How did they choose the date ranges 1/2006 through 3/2019? * How did they decide to divide the dates into four ranges of 4, 3, 3, and 4 years e…

> Try to describe how you have considered and rejected other possible explanations for the observed phenomena.

Sure. I use abductive logic/reasoning to connect different data points (this could be a study, social trend, major event, etc) and reason out how/why that outcome might be possible (and whether or not there are any gaps/inconsistencies in that reasoning).

For example, our current economic situation: massive, unpayable federal debt, rising inflation, and a serious constriction of the middle class. My first question for all of these things is "how does that happen, academically speaking?"

Well, a massive unpayable debt is only achievable via government spending. Taking that a step further, how does that spending happen? Mismanaged budgets, pork barrel legislation (they just passed the "Inflation Reduction Act" which does nothing to limit inflation and only contributes to it via more spending), and increasing the money supply. If my thesis is "the government is at fault," at this point I stop and say "could anything else possibly affect these things?" If my answer is no, I continue my thinking.

Next, I consider the social implications of something like this. What happens when people don't have money? First, anxiety, then, as they approach poverty: depression, anger, despair, etc. As the money supply increases, there are more dollars competing for the same resources and so prices go up (effectively devaluing the currency). This translates to more effort being required of an individual to keep up with the price increases, leading to some degree of mental pressure (doubly so if that increase is steady). If you factor in rising crime rates, well, what do people do when they're desperate for basic needs? Yep, crime.

So, you're stressed out because you're working harder but not earning more, you have less money for enjoying life and instead dedicate all of your resources to needs/survival (which creates a feeling of being trapped). Eventually, all of this mental pressure starts to affect your day-to-day behavior. If you're in a relationship, that relationship will undoubtedly suffer issues. If you're strapped for cash, you won't be terribly concerned with your health and will "just eat whatever" (either because it's affordable, or, that cheap junk food is the only good feeling/dopamine you get in your day). And guess what immense amounts of stress affect? Cortisol levels. What does that affect? Hormones.

So, in this one example, we've got the government's mismanagement of the economy leading to mental health problems, physical health problems, and relationship problems. To validate it, I ask "what are the inconsistencies?" In the reasoning above, there are none. You can easily trace back each of those problems to a root of poor decision making in the government.

> You mention 'politics' and/or 'government' in every post.

Right, because that's the discussion being had. If we were talking about oatmeal, I'd mention oatmeal in every post. This is just misdirection to try and discredit my observation of yourself.

Re: Mainnet Merge Announcement

#554
post #530

Show HN: Proof of Work System Based on Hashing Comments of People Who Hate Crypto but Won’t Stop Talking About It

I wonder how much energy is wasted by transmitting and storing messages of users complaining about Bitcoin's energy usage.

No doubt an inconsequential amount just like bitcoin's impact of less than 0.5% of world energy usage.

Re: Mainnet Merge Announcement

#555

Earlier quoted context omitted.

If being subject to OFAC oversight would "destroy" Ethereum, then Ethereum should be destroyed.

Why is that? OFAC is a US government agency, Ethereum is not a US-based organization. Why should they be forced to follow US laws? There are plenty of us outside of the US who do not care about what's illegal in the US or not.

He's saying cryptocurrencies should be bigger than the US government. The system should be so resilient that there is no way for the USA or anyone else to intervene no matter how much they want to.

Re: Mainnet Merge Announcement

#556

Earlier quoted context omitted.

> PoS issuance rewards are 4.6%/year PoS issuance is 4.6%/year per staked ETH . Only 14M of the total 120M ETH are staked right now, making the real issuance only 0.5%/year when taken as a percentage of total ETH supply. Subtract the 0.5% burn rate from that 0.5% real issuance rate (with rounding errors), and that's how you get Ethereum's current situation of being "pretty close" to deflationary.

Thank you for explaining! Will gas fees burn or go to stakers?

Part is burned, part goes to stakers.

EIP-1559 is the Ethereum patch that introduced the fee burn in Aug 2021.

It's a bit complex, but basically speaking, the higher demand is for the network, the more expensive transactions become and the more ETH gets burned.

Re: Mainnet Merge Announcement

#557
post #532

Earlier quoted context omitted.

But would you _want_ a GPU that had a former life as a cryptominer? Running all those computations 24/7 probably takes a bit out of the life expectancy.

Actually yes. Gpu miners undervolt their cards these days and mining is a consistent load on the cards. The mining cards experience less stress and wear compared to gaming.

IIRC, Mining can be intensive on VRAM, which can shorten cards' lifespans.

Re: Mainnet Merge Announcement

#558
post #214

Earlier quoted context omitted.

There's a third option you didn't mention in your comment: instead of signing the block with these banned transactions (option 1), or signing an alternate block with other transactions (option 2), the node could pretend to be offline for that block (option 3). Instead of being slashed, the node would then be subject only to the much smaller inactivity leak for these blocks. The only question then is how indirect thes…

One thing to keep in mind is that Ethereum is nothing but a network of computers passing messages to each other. Those messages are considered speech from a Constitutional perspective. Same as you sending a text message to your friend. Therefore normal free speech protections almost certainly apply, and most relevantly the Brandenburg test for imminent lawless action. Suppose Tony texts Paulie and tells him to wack a…

Not only are you right, but it would be hard to convince a majority to vote either way over our mostly invisible future.

Re: Mainnet Merge Announcement

#559
post #514

Earlier quoted context omitted.

To be fair, I think this is mainly aimed at developers (and ETH ecosystem developers specifically). While I don't disagree that there's a "vocabulary" problem (e.g. "dank-sharding"), in a perfect world, a normie would largely just interact with an application without needing to know any of this.

You say that from the standpoint of readers at this HN blog page, but this blog post is the top blog post and first one seen on https://blog.ethereum.org/ . Many people who want to understand what they are looking at prior to purchase would look at this page and quickly close it, never to invest using etherium. Do you download binary utilities for execution, when every page on the website (or app store) is filled wit…

Ethereum.org is owned by the Ethereum Foundation (hence the EF in the url) which exists to support the ecosystem from a technical and business perspective, not convince users to use Ethereum or invest in it.

Members of the Ethereum Foundation have been critical of Ethereum and called out overzealousness in the past, warning that the price might not be rational.

Re: Mainnet Merge Announcement

#560
post #89

Earlier quoted context omitted.

> That has hardly ever been the ONLY problem crypto has had, Where did I say it was the only problem? Why are you strawmaning my comment with such anger? > ands acting as if solving this one problem should silence all dissenters lest they be considered unserious is disingenuous. Another strawman and this rhetoric sounds like defeat and denial and my point was (if you've properly read my comment instead of misconstrui…

If your line: "But I imagine that they will invent new problems and the critics will hastefully rush in with their low effort hot takes" was _only_ intended to refer to "inventing new problems about environmental issues" and "low effort hot takes about environmental issues", you have not achieved the clarity in communication you were looking for. Also, it's kind of a weird stance to take? I haven't seen anyone claimi…

> If your line: "But I imagine that they will invent new problems and the critics will hastefully rush in with their low effort hot takes" was _only_ intended to refer to "inventing new problems about environmental issues" and "low effort hot takes about environmental issues", you have not achieved the clarity in communication you were looking for.

I was totally and exactly clear about what I meant about "Inventing new problems" after Ethereum moving to proof-of-stake.

One can move to proof-of-stake, reduce or eliminate the significant environmental issues in their chains whilst also increase centralization which is another major valid criticism brought up after the upgrade to PoS widely discussed here. Like I said before, I don't see anyone here discussing how Ethereum moving to PoS is worse for the environment than PoW and I consider the environmental issues of Ethereum brought up by many critics answered and it will no longer be an issue.

You can still be anti-crypto and welcome this [0] (or not) and still criticise it on the centralization, scams and ponzi enablement and alledged limited use cases etc. But not for the environmental issues, or 'burning up the planet', etc on Ethereum.

> Also, it's kind of a weird stance to take? I haven't seen anyone claiming that PoS wouldn't do exactly what it set out to do, that is fix the energy waste issue inherent in PoW-based blockchains.

I did not make that claim.

> the main criticism I see of PoS is that it doesn't _matter._ It doesn't make blockchains or defi any more useful or moral, and it just highlights the other externalities more clearly.

Right, unfortunately Ethereum or the wider crypto ecosystem in general isn't going to go away that easily. But I know it certainly will be more regulated with a few surviving blockchains.

[0] https://news.ycombinator.com/item?id=32580828

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