Great!
Unlike BTC the miners can sell their gear so they are not down on their investment.. I imagine BTC miners putting up a good fight if this was on the table and they stand to lose all their asics
The Ethereum merge is done
111–120 of 1001 posts
Re: The Ethereum merge is done
#112This doesn't really change anything, I still cannot find any legitimate use cases for blockchain, Proof of Stake or not. I would happy to be proven wrong, but this is extremely rare as I can't find any legitimate actual useful use case since Bitcoin and Ethereum's existence.
Have a look into DeFi and what A16Z is investing in is a good start. When many of the biggest SV firms are investing billions and you still don't understand it, don't you get curious and dig deeper?
Re: The Ethereum merge is done
#113Re: The Ethereum merge is done
#114For those interested in understanding the tech rather than the typical bashing things as beneath them, I wrote up a detailed technical explainer of how Ethereum PoS works: https://0xfoobar.substack.com/p/ethereum-proof-of-stake
What's Substack? Is that new Medium?
That’s how I always thought about it yeah.
Re: The Ethereum merge is done
#115There are two interesting things I want to watch from this. The first is I'm interested to see what kind of bull run ETH goes on. The merge has been incredibly long coming, it has huge risks and I think that puts downward pressure on price, you really don't want to be doing stuff in ETH at the moment because there's a fairly good chance something goes wrong, someone stealds $XBn and runs off and the Ethereum guys go "Well I guess we're going to have a centralized intervention and reset the chain back to date Y" (this famously happened with the first DAO). So as that risk dissipates I would expect a decent price run. I'll be very interested if that doesn't happen since it says a lot about broader market conditions.
The second thing I'm interested in is that ETH was the vast majority of revenue for GPU miners. I read an article on HN a few months ago about how once ETH is gone the rest of the PoS chains put together won't yield enough revenue to be profitable for the vast vast majority of current ETH miners. This alone could have a massive ripple effect on the used GPU market. Interesting to see where that goes.
Re: The Ethereum merge is done
#116I’m really curious what the GPU miners are going to be doing with their cards. Today may be as big a moment for gamers as it is for ETH devs.
Time for AI!
Re: The Ethereum merge is done
#117Does this make ETH useful in the real world or is it still a tehcno-ponzi scheme?
Just Fiat 2.0
Re: The Ethereum merge is done
#118For those interested in understanding the tech rather than the typical bashing things as beneath them, I wrote up a detailed technical explainer of how Ethereum PoS works: https://0xfoobar.substack.com/p/ethereum-proof-of-stake
What's Substack? Is that new Medium?
Yeah it's like Medium except it has less fluff/self-promotion.
Re: The Ethereum merge is done
#119Does this make ETH useful in the real world or is it still a tehcno-ponzi scheme?
It immediately improves the environmental story if you had previously wanted to use smart contracts but didn't think it was ethical for environmental reasons.
ETH was already potentially useful in the real world if you were on an L2 like zksync - low fees, fast enough to work, decent UX with wallets like Argent. Only thing missing was wide adoption.
Having said that, the merge is actually just the first of a multipart set of upgrades that should make the L2s massively better than they are today. We're still at the 'potentially' useful rather than the actually useful, but things improve the whole time.
Re: The Ethereum merge is done
#120Earlier quoted context omitted.
Switch to a different currency that is still proof of work? I mean if you've got all the gear and just need to change was software is running and you get back to making money, wouldn't you?
Nothing else was as profitable (and ETH profitability had already dropped), and depending on your costs switching won't be worth it for many. Even for those who is the other mineable currencies are much smaller and will likely be oversaturated with just a fraction of the hashpower which was going into ETH.
The issue comes how can they make it profitable and realistically that is probably going to be a problem they solve rather quickly.