691–700 of 1001 posts
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.
This thread is HN jumping the shark for me. The merge is freaking incredible. Switching the engine of a $60 billion financial network in-flight. Permanent power savings the scale of a country. An incredible coordination between a huge number of diverse parties all over the world. Everything open source. And all we get is a rehash of tired old arguments against cryptocurrencies. This was originally a forum for hackers…
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If you were a crypto miner and had a pile of GPUs would they be powered-off right now? Of course not.
It will if you can't mine enough to cover the cost of the electricity required to run it, which is true if you want to mine BTC with it, for example.
https://amycastor.com/2022/09/11/crypto-collapse-celsius-voy...
https://davidgerard.co.uk/blockchain/2022/08/11/crypto-colla...
As they thrash around in bankruptcy, they have proposed that they will mine their way out of the hole. Will this work? I doubt it. But will it let the CEO stay in charge for a while longer, taking in more investor money and continuing to get paid? Possibly! So actual economic efficiency may not matter.
A good moment of humility I hope for all those HN experts who implied Ethereum's transition to Proof of Stake would never happen.
I feel like you have an overly emotional attachment to this, given your need to make this comment. People say things that turn out to be wrong all the time, but you seem to have become resentful that they disbelieved this would happen. Odd way to approach a technology.
The bottom just fell out of the used GPU market. NVidia Tesla 80 24GB on sale for US$79 in quantity. [1] [1] https://www.ebay.com/sch/i.html?_from=R40&_trksid=p2380057.m...
A nice human made a spreadsheet with a chart at the bottom to help answer this question: https://docs.google.com/spreadsheets/d/1Zlv4UFiciSgmJZncCuju... In terms of ROI, the 3060 with 12GB of RAM seems to be the best one for cheap. The M40 has 24GB of RAM too but the core is super slow. I'm personally holding out for prices on 3090s to crash. Also, NVIDIA is rumored to be launching their new GPU series in 2 weeks (th…
However here in Germany they still cost around 410-450€ used, not $350.
> It's like Finland has suddenly shut off its power grid So, have we observed global energy usage go down by about one Finland? Shouldn't that be observable somehow? Shouldn't there be some power stations reducing their output as a reaction to reduced demand? Anyone know how this would be visible, and on what kind of time frame we expect it to become visible? I'm not claiming it hasn't happened. I just feel surprised…
If you were a crypto miner and had a pile of GPUs would they be powered-off right now? Of course not.
It looks like it's already happening. After the merge there were a number of coins that saw huge spikes in hash rate which drove them to absolutely unprofitable levels. A lot of that hash rate has since gone elsewhere (most likely offline) and it looks like many coins are settling at a level in the short term that is breakeven at $0.06-0.08 kWh which many (most?) miners can't be profitable at as that is below their electric rate.
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Not using up a goat load of electricity is like 99% of why this change is great. Let people speculate on their funny money without harming everyone. A lateral move on the other details is rather unsurprising.
Not sure if “goat load” was a typo, but I love it. Although you can put significantly less on a goat than you could on a boat.
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I wonder what will happen now that the ponzi structure is now gained new velocity as energy constraints have shut down proof of work mining. PoW creates centralized collusion between those who can afford the best miners and this helped the velocity of the chain itself since it is only as good as the last mined block. Now that layer is gone, its this proof-of-stake which is a bit funny since, Ponzi schemes are also pr…
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.
But here's the funny thing that no-one gets: all assets are a ponzi scheme (stocks are only worth something now because future rubes will buy them for more later), what makes bad ponzi schemes is when the underlying asset that everyone is speculating on doesn't do anything useful.
Prior to the merge ethereum’s trust was controlled by the organizations with the most money who bought/built massive data centers to mine it. With the merge & staking that abstraction layer has disappeared and it’s still the organizations with the most money who control it. Sure it’s great that non-productive math problems no longer need to be solved & consume so much energy and hardware to make it all work. And it m…
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