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The Ethereum merge is done

coindesk.com

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Re: The Ethereum merge is done

#371

Post by lofaszvanitt »

squarefoot wrote: post #363
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 wasting energy for a practice that turns it into money without the in between steps of creating businesses and jobs (read: progress), and that alone is a huge minus point. That energy is then wasted for more POW currencies, which implies that those who make the most money out of it can dictate energy prices. The only way to bring back down energy prices isn't to create more, as it would quickly be al…

People had an option against the "you must believe me it has value" money and now it goes down the drain because a bunch of idiots are crying about "excessive" energy usage. It was the perfect energy backed money (like there was a gold backed money back then...).

Re: The Ethereum merge is done

#373

Post by galangalalgol »

Uehreka wrote: post #5

I gotta say, I’ve been really cynical about this and honestly thought Ethereum would keep putting off the move to PoS forever. I’m very very happy to be wrong. I still don’t see the value in cryptocurrency as a project, but now that it’s not rolling back years of renewable energy development, I’m down to have some much more interesting conversations about Ethereum, and I may even be willing to buy some and try it out…

Will this reduce video card prices?

Re: The Ethereum merge is done

#374

Post by sbt »

funklute wrote: post #277
phartenfeller wrote: post #273

I appreciate it wasting less precious energy. But this change also means that "Decentralisation" and "Power to the people" are fading away right? The wealthy actors are the ones dictating the transaction now and they also on top get paid for being rich. This does not sound like a "better financial system" for me. Also, don't forget the DAO Fork[0] where with the "ungovernable Blockhain" it was decided a transaction w…

> But this change also means that "Decentralisation" and "Power to the people" are fading away right? But it was always like this, also with proof of work. PoS and PoW are both just variations of "proof of resources", which in turn is a convenient substitution for likelihood that one's voting power is independent. If you want to give "power to the people", you need some way of estimating independent voting power, tha…

> If you want to give "power to the people", you need some way of estimating independent voting power, that is not tied to resources.

You mean like a democracy?

Re: The Ethereum merge is done

#375

Post by MrPatan »

avnigo wrote: post #259
dereg wrote: post #8

I’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.

Check out the hashrate for Ethereum Classic [0], it doubled overnight. Would be interesting to see if it's sustained. [0]: https://www.coinwarz.com/mining/ethereum-classic/hashrate-ch...

How much do they get for transactions on ETC? Is it more than 0?

Re: The Ethereum merge is done

#376

Post by tremarley »

andruby wrote: post #182
leroman wrote: post #111

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

Is there a real proposal to turn BTC into PoS?

Infinitely unlikely.

Bitcoin is the representation of Decentralised Proof of Work.

I couldn't imagine any Bitcoin loving person to ever consider a POS BTC reality.

Re: The Ethereum merge is done

#377

Post by irae »

galangalalgol wrote: post #373
Uehreka wrote: post #5

I gotta say, I’ve been really cynical about this and honestly thought Ethereum would keep putting off the move to PoS forever. I’m very very happy to be wrong. I still don’t see the value in cryptocurrency as a project, but now that it’s not rolling back years of renewable energy development, I’m down to have some much more interesting conversations about Ethereum, and I may even be willing to buy some and try it out…

Will this reduce video card prices?

Unlikelly. Miners are still mining other crypto. Some believe ETH is worth nothing now that it is not PoW anymore, so they are choosing other crypto to mine.

Re: The Ethereum merge is done

#378

Post by jollybean »

CTDOCodebases wrote: post #231
JonathanBeuys wrote: post #6

It worked. And it reduces the world's energy bill by 0.5%: https://twitter.com/JonathanBeuys/status/1570305323629527046 I feel a great disturbance in the force. As if a million miners cried out all at once and then were suddenly silenced.

Now all we need to do is shutdown the gaming industry. It’s so wasteful to be using electricity when we could all be playing chess or Yazee instead.

Gaming does something i.e. entertain.

Crypto does nothing. Or you could argue, it 'entertains'. But in a way that is unnecessary (it's a distraction, not entertainment), and in a manner that creates unnecessary energy costs (PoW vs PoS).

Re: The Ethereum merge is done

#379

Post by MrPatan »

latchkey wrote: post #260
friendzis wrote: post #199

Earlier quoted context omitted.

One, they are going to sasturate the market which will drive the prices down significantly. They cannot not saturate the market, because GPUs age due to new developments by manufacturers. This already makes the prospect of recouping initial investments rahter dim. Consider that non-miner market has a huge distain for miners and are willing to pay premium on new cards just to stick to the miners. I don't think resale…

No, the most ROI efficient cards are 4-5 year old cards (like the RX480). ETH's algo, ethash, is memory hard, which means that it is a false narrative that buying the latest card is necessary. The bottle neck isn't the speed of the card, but the speed of the memory controller.

Nobody cares about Eth's old mining algo anymore, it better be good at something else

Re: The Ethereum merge is done

#380

Post by jollybean »

jll29 wrote: post #125
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…

Read 'Mastering Ethereum' https://www.amazon.com/Mastering-Ethereum-Building-Smart-Con... The short of it is: - The block chain is a distributed ledger database, where all peers hold a full copy to avoid manipulation (faking an entry is only possible by controlling >50% of machines in this peer-to-peer network). - Spending money is implemented by adding a transactional record to the blockchain ledger at the end sayin…

"So you can implement legally binding (and unstoppable) contracts "

No - they are not necessarily legally binding.

They are just called 'contracts'.

We have no idea what they mean, and each individual 'contract' will have to be scrutinized by the Judge, or else it's not 'legal' anything.

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