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The Ethereum merge is done

coindesk.com

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Re: The Ethereum merge is done

#671

Post by quantified »

latchkey wrote: post #258
quantified wrote: post #85

> Edgington, who began his career researching climate science before eventually landing in crypto, understood where his daughter was coming from. “Rightly or wrongly, she'd absorbed a very toxic environmental narrative,” he said. “I mean, it's kind of hard to defend ‘stickers for grownups’ that emit, by some estimates, a megaton of [carbon dioxide] a week.”

On a personal note, Ben is a really really nice and smart guy. I have a huge amount of respect for him.

We're all complex, multidimensional people. He's probably a really good parent.

But "toxic environmental narrative"?

Re: The Ethereum merge is done

#672

Post by Rebelgecko »

iSnow wrote: post #419
salmonlogs wrote: post #279

Earlier quoted context omitted.

Yep, a single digit amount of entities/wallets have majority control over the network. "64% of staked ETH controlled by five entities" https://cointelegraph.com/news/64-of-staked-eth-controlled-b...

It should also be said that the biggest entities are staking pools/providers. If one of those act up, people can unstake and leave. It's really not that different from mining pools in PoW.

>If one of those act up, people can unstake and leave. It's really not that different from mining pools in PoW.

Can they? I know that Coinbase already blocks users from unstaking. What's stopping the other brokers from taking the same approach?

Re: The Ethereum merge is done

#673

Post by tootie »

"pointing out that it might make ETH, the network's native token, deflationary."

Isn't deflation basically the whole point now? Anyone who buys crypto with the expectation of its price going up is essentially betting on deflation. That's what economists predicted when bitcoin launched and it seems to have held up. Most crypto (certainly BTC and ETH) have no intrinsic value. They pay no dividends, offer no equity. They are described as currency, not assets. So price fluctuations must be explained in terms of inflation and deflation. Rising price is deflation.

Re: The Ethereum merge is done

#674

Post by once_inc »

whimsicalism wrote: post #657
once_inc wrote: post #476

Earlier quoted context omitted.

If all the large entities band together and frame the issue as something negative that needs to be prevented/reverted, then nobody will care enough to attempt punishment. We've seen this when ETH and ETC split after Vitalik used ETH in the premine to vote for a split, then framed it as "the majority wants to split".

If the majority didn't want a split, they were free to keep trading ETC.

Agreed, but the big mining pools and stakeholders went with ETH, and with its minority hash rate, ETC died a slow death.

Re: The Ethereum merge is done

#675

Post by mgraczyk »

shabbatt wrote: post #662
mgraczyk wrote: post #655

Earlier quoted context omitted.

You're confused, in a ponzi earlier investors are paid from the investments of future investors. That's not how PoS works. In Ethereum, everyone is diluted to pay stakers and the time of their investment does not matter.

> You're confused, in a ponzi earlier investors are paid from the investments of future investors. so you mean like pre-mine token sales? wait aren't those securities because there is an expectation of returns from the work of others? what you write here could be used against you, consult your lawyer before you admit anything!

A pre-mine might make it a security, but it's basically the opposite of a ponzi. Not everything is a ponzi. I think you're just confusing different financial constructs with one another

Re: The Ethereum merge is done

#676

Post by stiltzkin »

silisili wrote: post #57
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'm in the same boat. However, I'm holding strong in being ignorant, as I believe crypto is a fad with no inherent value. I'm an avid reader and learner, but only if the topic is interesting or makes sense. Cryptocoins meet neither of those criteria -to me-. That can be difficult if you read tech news like us, but it will give me a small twinge of joy if I live longer than crypto. Guess we'll see.

No post body was provided.

Re: The Ethereum merge is done

#677

Post by qznc »

Stagnant wrote: post #522
qznc wrote: post #463

Earlier quoted context omitted.

I wonder what the ETH miners are doing now. Did they switch to other coins? I doubt that they actually switch off their stuff. That makes no sense economically.

To give you an idea how big of an impact this is to miners, my 5700 XT went from making $1.2 / hour (mining Ethereum) to $0.15 / hour (mining Ethereum Classic) Eth classic seems to be currently the most profitable coin to mine and it is barely worth the electricity cost. The people with actual mining rigs with multiple GPU's will either sell their stuff or start renting them for services like vast.ai. I assume most w…

That means a lot of second hand GPU hardware could show up in the next weeks. Good for all the people who want to play with AI images.

Re: The Ethereum merge is done

#678

Post by seydor »

svnt wrote: post #559
seydor wrote: post #535

Earlier quoted context omitted.

But this is the opposite of hacking. Feels like turning ETH to a political system. Soon you ll have the "republican party of ETH" forming. Those are natural self-organized outcomes when groups of humans are trusted with power.

It’s moved the participation mainstream for sure. No longer do people need to hoard electronics and build asics. The power dynamics were always there, though, just obscured by additional requirements of some level of technical competence.

and some actual physical friction which prevents some kinds of very quick reaction to current events

Re: The Ethereum merge is done

#680

Post by nateunch »

Proof-of-stake does not solve the Byzantine General's Problem. Therefore, it does not provide decentralized consensus.

PoW is the only known solution: https://gist.github.com/oleganza/8cc921e48f396515c6d6

This paper attempts to provide proof but fails (https://eprint.iacr.org/2016/889.pdf), they effectively assume away the Bizantine Generals Problem.

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