201–205 of 205 posts
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Do bubbles become less of a bubble a certain point? What problems does it solve? It has no real use.
Here is a list of problems the blockchain space has improved, according to Ethereum founder Vitalik Buterin: https://www.reddit.com/r/Buttcoin/comments/oac9lc/the_charle...
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How many stakers actually have enough to win blocks though. What is the impact of shorting on PoS - what happens when I borrow enough ETH to win blocks, deliberately mis-verify TXs, and screw up consensus. I know Ethereum has planned recovery for situations like this, but PoS introduces risks that will never be as present in PoW bc the latter has built-in latency to how easy it is to aggregate resources which increas…
> How many stakers actually have enough to win blocks though. Just as in PoW miners make blocks in proportion to their hashpower, PoS stakers win blocks in proportion to their stake > What is the impact of shorting on PoS - what happens when I borrow enough ETH to win blocks, deliberately mis-verify TXs, and screw up consensus. Well, you can't "mis-verify TXs", everyone can check your work to see that all of the tran…
And if you did that then all your stake would be automatically destroyed. It's as if a 51% attack on PoW caused your mining rig to burn down.
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It's not about distributed governance; it's about abusing a dominant role in consensus. PoS is easier to capture, allowing the dominant party to censor and manipulate the settlement chain. As for governance, with Bitcoin everyone is equally powerless to dictate how things should go. If you appreciate the fixed ruleset, you can choose to participate. Ethereum is far more nebulous, being piloted by a foundation which h…
Okay, but in practice you’re going to trade on an exchange, which can… do whatever it wants?
If I had to, I could plug an ASIC into the wall and 'trade' energy value for bitcoin directly with the network.
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> You need permission from an existing player in order to start participating. This is an incorrect explanation of what a permissioned blockchain is. A permissioned blockchain is one in which the ability to add blocks is limited to a certain collection of entities whose public keys are hard coded into the blockchain's consensus mechanism. We don't say that needing to buy tokens constitutes needing "permission" any mo…
What are the advantages of a permissioned blockchain over the same collection of entities without the blockchain? If you have a set of trusted entitites that sign and publish the data, why do they need the blockchain part?
Followed through to its ultimate conclusion, a set of trusted entities should simply run some kind of performant database.
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> You need permission from an existing player in order to start participating. This is an incorrect explanation of what a permissioned blockchain is. A permissioned blockchain is one in which the ability to add blocks is limited to a certain collection of entities whose public keys are hard coded into the blockchain's consensus mechanism. We don't say that needing to buy tokens constitutes needing "permission" any mo…
What are the advantages of a permissioned blockchain over the same collection of entities without the blockchain? If you have a set of trusted entitites that sign and publish the data, why do they need the blockchain part?