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The Ethereum merge is done

coindesk.com

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Re: The Ethereum merge is done

#401

Post by survirtual »

leroman wrote: post #286
andruby wrote: post #182

Earlier quoted context omitted.

Is there a real proposal to turn BTC into PoS?

If this works for ETH, I don't believe there's a real reason why this couldn't work for BTC ** ** big asterisk here as I have spent no time trying to understand how they made it work for ETH and how/if this actually applies to BTC..

This is laughable.

I support bitcoin because it is a pattern that allows value transfer absent intermediaries, binds value directly to energy and computational capacity (work), and has clear mechanisms for any new party to enter into consensus.

In other words, if PoW is attacked by say a governmental entity, a massive mining op or central mining shuts down, it does not fail. The hash rate just gets distributed.

I don’t support bitcoin to get rich. I support it for freedom from tyranny. I support it for independence from oligarchs, banking authoritarians, and a corrupted monetary system.

PoS is a carry over of aristocracy and oligarchs. The oligarchs are just called “stakers” now. And with a name behind the stakers, governments can enter and control the mechanisms. With a massive stake locked in an asset you become vulnerable to control from external forces.

There are so many problems with this pattern one could write, at the very least, a very long article on it. But it would seem reason and freedom is as a fart in the wind these days.

Tldr: Bitcoin will never move to PoS because it is inferior.

Re: The Ethereum merge is done

#402

Post by joyfylbanana »

bitL wrote: post #331
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…

Monero is the only cryptocurrency that is fulfilling its original promise (basically digital cash, untraceable) and that is being banned left and right by exchanges these days. ETH is more of the old power balance with slightly new players without all the previous regulations (i.e. scams everywhere).

> the only cryptocurrency that is fulfilling its original promise

What was the original promise again? I don't see original Bitcoin whitepaper mentioning traceability or untraceability. There is a chapter about privacy features and no sane person would see a promise of untraceability in that chapter.

It seems that shills and spin doctors pumping their own crypto coins twist the history to their needs.

Re: The Ethereum merge is done

#403

Post by galangalalgol »

irae wrote: post #377
galangalalgol wrote: post #373

Earlier quoted context omitted.

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.

I wouldn't wxpect people to atop mining. But will as many people purchase cards specifically to mine?

Re: The Ethereum merge is done

#404

Post by actionfromafar »

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…

All very good, except whether the contracts are legally binding is completely orthogonal to how they are implemented and executed.

Re: The Ethereum merge is done

#405

Post by saurik »

Tepix wrote: post #368
funklute wrote: post #277

Earlier quoted context omitted.

> 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…

Which is what the Worldcoin project tries to do with their retina scans. The idea isn't bad in principle. On the other hand they want the same amount of their virtual currency for themselves as 2 billion people .

There isn't any cryptographic basis to human retinas, though, to prove a scam is "real"; so, at the end of the day, this is just a centralized actor in the form of a hardware manufacturer that can forge as many retina scans as they want, with the only limit preventing any of us from doing the same being whatever DRM they can try to pile on their device.

Re: The Ethereum merge is done

#406

Post by nannal »

viraptor wrote: post #392
CTDOCodebases wrote: post #231

Earlier quoted context omitted.

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.

You're trying to compare mining farms running 24/7 with people using a single card for a probably an hour a day on average. Without actual data on the number of users, this is meaningless.

Bitcoin mining compares with PC gaming at 85TWh/a vs 75TWh/a

Re: The Ethereum merge is done

#410

Post by survirtual »

Quindecillion wrote: post #287
shmde wrote: post #237

Earlier quoted context omitted.

> Great, now all that energy can be "wasted" rendering pixels with GPUs instead. Just like it was supposed to.

Point is the energy will still be spent and the carbon emitted if the grid is still primarily runs on fossil fuels. Energy use isn't the problem. Carbon emissions are. Green the grid, don't try to police people's energy use.

People have had plenty of time to understand bitcoin. If they are so seeped in ignorance still, just let time do the convincing.

We have dirty shipping barges, endless pounds of meat, useless use of cars, tvs for entertainment, computers for the same, private jets, hell planes in general, skyscrapers for jobs that don’t matter, roads to nowhere, and so, so much more wasted energy — but a sovereign monetary system that is free from corruption in its creation and in transfer, and THIS is the great evil energy user?

How utterly daft people are to not see the plainness of this attack on freedom. They are like sheep to the slaughter.

Time is a brutal teacher. Freedom lost is regained through suffering.

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