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The Ethereum merge is done

coindesk.com

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Re: The Ethereum merge is done

#141

Post by AgentME »

Doxin wrote: post #76
adh636 wrote: post #26

Earlier quoted context omitted.

PoW incentivizes renewable energy development. It's certainly not rolling it back. It used to also incentivize GPU production, but as of today that has been diminished as well. Instead it is only current asset holders who reap the rewards. EDIT: Edited to include at least one source on the connections between PoW and renewable energy. This just scratches the surface though. https://squareup.com/us/en/press/bcei-white…

> PoW incentivizes renewable energy development. PoW incentivizes energy development. And then proceeds to use it all up on PoW. It's a paperclip optimizer, except the fitness function is how much power it can waste. > It used to also incentivize GPU production And then proceeds to use it all up on PoW. It's a paperclip optimizer, except the fitness function is how much e-waste it can produce. It's for these reasons…

>The only downside of course being that it essentially hard-codes the "1% of people make 99% of the money" principle.

Anyone can stake, and the more people that stake, the smaller the reward, so the result should end up being that more people join in until the expected reward is lowered to that of other widely-available investment opportunities.

Re: The Ethereum merge is done

#142

Post by whatisweb3 »

Congrats to the devs. This is a historic moment for computing and distributed tech, and will pave the way for Ethereum’s next updates: scalability, privacy, stronger censorship resistance, easier UX and account abstraction.

Re: The Ethereum merge is done

#143

Post by spaceman_2020 »

mightyRodri wrote: post #36
lmarcos wrote: post #28

> The Merge is one of the largest technological events in the industry to date. I feel kinda ashamed. I work in the IT industry and I claim to have knowledge about ("good") software engineering practices, distributed systems, compilers, algorithms, etc. Nevertheless, I didn't understand a word of what the article is saying. Could you recommend serious references (preferably books and not random blogs) I could read to…

I wouldnt worry, the whole system up to this point has used "technobabble" as a means to confuse and impress outsiders. When reading up on it, there is no meaning to find besides "yep, its a linked list allright".

smart contracts offer legitimate efficiency gains over some traditional models

Even something like a Dex can be far superior to traditional order book exchange models in some cases

Re: The Ethereum merge is done

#144

Post by Tenoke »

BiteCode_dev wrote: post #94
miguelmota wrote: post #74

Earlier quoted context omitted.

Stablecoins are mostly what people use for payments. ETH is what's staked on the beacon chain.

I never use stable coins for payment, and I don't know anybody who does despite being in crypto since btc was at $8. I do pay stuff in BTc and get paid in BTC once in a while and see people in my bubble do the same. We use stable coins to limit taxe exposure, mainly. It's true eth has never been a mean of exchange for any of us and more a platform for smart contract (my friends at kryll.io use it for that).

The majority who trade crypto use stablecoins for payment all the time. It's the default on most exchanges, and for a lot of the biggest pairs on DEXs.

Re: The Ethereum merge is done

#145

Post by im3w1l »

lmarcos wrote: post #28

> The Merge is one of the largest technological events in the industry to date. I feel kinda ashamed. I work in the IT industry and I claim to have knowledge about ("good") software engineering practices, distributed systems, compilers, algorithms, etc. Nevertheless, I didn't understand a word of what the article is saying. Could you recommend serious references (preferably books and not random blogs) I could read to…

Here's your executive summary. Proof of stake...

  is much cheaper - less inflation.
  is more environmentally friendly.
  with PoS, only people who already own ethereum can mine. Rich get richer.
  has less desirable consensus properties.
    Many people keep coins on a handful of exchanges - now those will control the network.
    Nothing-at-stake attack.

Re: The Ethereum merge is done

#146

Post by bambax »

0xfoobar wrote: post #68

For 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

Isn't it a little unfortunate that the acronym for Proof of Stake would be PoS? Couldn't they think of something else?

Re: The Ethereum merge is done

#147

Post by yieldcrv »

colesantiago wrote: post #62

This 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.

Emphasis on you can’t find any uses

and other people’s use cases aren't legitimate to you

We’re past the point of playing with people’s goal posts

Re: The Ethereum merge is done

#148

Post by treelovinhippie »

TimJRobinson wrote: post #99
BiteCode_dev wrote: post #47

I assume it has been debated again and again, but since I don't know the answer I'm going to ask: We often complain people hold cryptocurrencies instead of using them as money. Isn't this change going to make this worse ?

Ethereum isn't supposed to be money (though it can be), it's fuel you use for doing other things. Do people use less oil because it's deflationary and gets consumed when used? No, because it's useful now. The most likely end game for Ethereum is being a replacement for all backend financial systems. Instead of having to hire teams of people to verify things or integrate various legacy systems together, everyone can b…

No post body was provided.

Re: The Ethereum merge is done

#150

Post by andruby »

SilverBirch wrote: post #115

There 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…

I'm also expecting a lot of GPU's to flood the used markets. Coupled with the next generation of GPU's being released soon.
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