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Ethereum 2.0 – Minimum deposit reached

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Re: Ethereum 2.0 – Minimum deposit reached

#221

Post by latchkey »

dmos62 wrote: post #186
no_wizard wrote: post #167

Earlier quoted context omitted.

I have to call this out as google didn’t back this claim up readily. Do you have a source? I Cabot believe an aluminum plant could make Enough money off of Bitcoin mining to subsidize its operations like that at first blush. I’m very interested in reading about it though

This is what I've been referencing: https://blog.bitmex.com/mining-incentives-part-2-why-is-chin... I've read it some time ago. I recalled it as less speculative than it seems now. The premise is that energy is a large part of aluminium production cost and the plants work on small margins. An over-investment into energy production provides cheap energy and allows the aluminium plants to improve their margins via cryp…

Coinmint took over a very large, shut down, aluminum plant in upstate NY. This plant is powered by a dam that was built to provide power to that plant.

These dams are built in such a way that they need to continue to provide power or the equipment starts to fail.

It is also literally too expensive to build and maintain the lines to ship the power elsewhere.

Alcoa was more than happy to lease their space to someone who was going to use the power going to their facilities. There isn't much industry at this point that would fit.

All of the successful facilities that I know of (including my own) seek out cheap power... which happens to also be clean power. Hydropower. Most use existing facilities that were otherwise going to waste.

Re: Ethereum 2.0 – Minimum deposit reached

#222

Post by nootropicat »

xiphias2 wrote: post #216
woahAcademia wrote: post #108

I stopped trusting ethereum after EIP669. Ethereum used to have a soft cap of 100M coins. They removed the cap. Ethereum is no Bitcoin. It's more akin to dogecoin/fiat with its infinite money. Hope POS works so Bitcoin can adopt it.

I stopped trusting Ethereum in 2017 at the Parity multisig bug: https://blog.comae.io/the-280m-ethereums-bug-f28e5de43513 Even in the bug fix there wasn't any unit testing involved. I'm using multisig to store all my Bitcoins, so it scared me extremely. With Bitcoin I read through the multisig code (stack machine) before putting money onto the blockchain. With Ethereum the code changes so fast, that with all the hard…

That was a bug in the smart contract, not ethereum. Ethereum never had base layer bugs that allowed for infinite inflation, bitcoin had - last time in 2018.

Re: Ethereum 2.0 – Minimum deposit reached

#223

Post by nootropicat »

zilebune wrote: post #140
smarx007 wrote: post #122

https://ethereum.org/en/eth2/vision/ for those who like me need an explainer what Eth2 is.

I think with Eth2 we're possibly seeing a the first attempt to address the Innovator's Dilemma[0] in the blockchain environment. I've been following the Eth2 progress for a few months now and from the outside it really feels like trying to swap out the engine of a running racecar. Definitely worth to follow how the Eth1->Eth2 evolution will play out, but I wonder if is not too late for Ethereum while newer kids on th…

If ethereum was going to be replaced, that would have happened in 2018 with eos. Network effects proved unbeatable even then, and they are much stronger now. Prices can go in many directions, but ethereum has the highest adoption of all crypto right now and the lead is only growing. In 2020 it flipped bitcoin in total value transferred and total fees.

https://cointelegraph.com/news/ethereum-set-to-become-first-...

Re: Ethereum 2.0 – Minimum deposit reached

#224

Post by rglullis »

diang wrote: post #217
rglullis wrote: post #182

Earlier quoted context omitted.

First you said it was a "if they come we will build it" problem, I just showed you one example that demonstrates that your claim is false. Also, I said that there are many things yet in the way to facilitate adoption, no need to move the goal-posts.

You don't seem to understand what my claim is, and your example was just speculation that doesn't reflect reality. I never said there were goal-posts... if anything I said they couldn't exist, and even if you could score, you'd get points in the wrong game.

If I understand you, you are saying that Ethereum is not important because people are not valuing as highly as BTC, so the transaction throughput is irrelevant and L2 is not going to be needed.

This is akin to saying that it doesn't matter that e.g Brazil has a more advanced banking retail industry compared to the arcane networks from the US because the Brazilian economy is not as big as the US.

This is silly, because not only the two economies can co-exist, there is no technical aspects that stops other chains to adopt PoS as well it also ignores that the value can be migrated from one chain to another.

Increasing throughput in Ethereum would make everything more valuable. Just as an example, people can get their BTC and transform wrap them to use in the ethereum chain. With ETH2, it will be cheaper to wrap BTC and cheaper to use it in transactions.Its utility will be increased.

Re: Ethereum 2.0 – Minimum deposit reached

#225

Post by nootropicat »

newyankee wrote: post #3
drcode wrote: post #2

TLDR; The transition from Eth1->Eth2 requires the following steps: 1. Network operators (stakers) deposit at least 524,288 ETH in a special contract 2. The early Eth2 blockchain (the "beacon chain") launches Dec 1st 3. The Eth1 blockchain will be merged into Eth2 (details TBD) 4. Other features will be added to make Eth2 fully functional (sharding being the biggest feature) Just a few minutes ago, step 1 has been acc…

Does this mean no more mining and waste of electricity ?

Yes. For comparison, multiplying the value of total block rewards for btc (inflation + fees) by 365, bitcoin extracts about $6.2B per year from buyers just to exist.

Eth2 is going to be extremely light, and is going to run fine on a ~$600 NUC that consumes about 10W. At 20% annual amortization, $0.15/kWh and 10k different validators (people), the total cost of running eth2 is... $1.3M. That's a mind-boggling difference of 4700x.

Real costs may be a bit larger as some individual stakers can be less efficient (like running on a 150W average power pc) but compared to what bitcoin consumes - still a rounding error.

Re: Ethereum 2.0 – Minimum deposit reached

#226

Post by xiphias2 »

nootropicat wrote: post #222
xiphias2 wrote: post #216

Earlier quoted context omitted.

I stopped trusting Ethereum in 2017 at the Parity multisig bug: https://blog.comae.io/the-280m-ethereums-bug-f28e5de43513 Even in the bug fix there wasn't any unit testing involved. I'm using multisig to store all my Bitcoins, so it scared me extremely. With Bitcoin I read through the multisig code (stack machine) before putting money onto the blockchain. With Ethereum the code changes so fast, that with all the hard…

That was a bug in the smart contract, not ethereum. Ethereum never had base layer bugs that allowed for infinite inflation, bitcoin had - last time in 2018.

,,That was a bug in the smart contract, not ethereum''

Great, then I'm just not planning to use smart contracts in Ethereum, I'll be fine without them.

You're right about the Bitcoin bug, but Ethereum had a lot of its own bugs (with downtimes as well). I'm not trying to argue with you, because I'm sure you know about them, just fail to accept.

Re: Ethereum 2.0 – Minimum deposit reached

#227

Post by koheripbal »

zilebune wrote: post #175
koheripbal wrote: post #145

Earlier quoted context omitted.

I find it difficult to find a source of highly technical news on new cryptos. Any suggestions?

Sorry, I haven't found a serious technical source of blockchain/crypto news either and I suspect this is because there are (still) few people that understand cryptos in depth, as well as have time to write news about it. The vast majority of projects out there are pure speculations and a decent scan through their blog posts, whitepapers and activity on their public repos should be enough to decide if they're building…

The problem is that their posts are so inundated with shilling it's not scalable to sift through all the crapcoins out there.

Re: Ethereum 2.0 – Minimum deposit reached

#228

Post by llcoolv »

newyankee wrote: post #3
drcode wrote: post #2

TLDR; The transition from Eth1->Eth2 requires the following steps: 1. Network operators (stakers) deposit at least 524,288 ETH in a special contract 2. The early Eth2 blockchain (the "beacon chain") launches Dec 1st 3. The Eth1 blockchain will be merged into Eth2 (details TBD) 4. Other features will be added to make Eth2 fully functional (sharding being the biggest feature) Just a few minutes ago, step 1 has been acc…

Does this mean no more mining and waste of electricity ?

The electricity is used to verify transactions, which has a massive added value many times exceeding the cost of the electricity invested.

Calling this a waste of electricity is the same as calling the hundreds of thousands (if not more than a million) of employess of central banks, regulation authorities, payment processors, etc waste of air. Really really naive and childish.

P.S. Did anyone ever calculate the carbon footprint of all these people whose jobs are going to be taken over and compared it? I haven't done the approximation/calculation, but I am pretty sure that cryptocurrencies are going to be a massive improvement over the current system in that aspect as well.

Re: Ethereum 2.0 – Minimum deposit reached

#229

Post by brabel »

beaner wrote: post #14
brabel wrote: post #12

Earlier quoted context omitted.

> The endgame is that all energy companies will primarily be Bitcoin mining companies, feeding their excess renewable energy into the grid to power homes, etc. What a fucking dystopia that would be.

Why?

If you can't see why it would be a bad idea to attach the price of electricity to a speculation-based crypto coin, or how the prospect of mining bitcoin would be a joke in nearly every location on Earth except a few small regions that happen to have just the right conditions, I'm sorry but you're beyond salvation brainwashed in your cult.

Re: Ethereum 2.0 – Minimum deposit reached

#230

Post by nootropicat »

ajkdhcb2 wrote: post #57
mikkelam wrote: post #39

I honestly think eth2 will have an incredible effect. Think of all the developing countries or countries without proper financial infrastructure, even places where you do not trust your local currency. All these places will benefit hugely from a bootstrapped currency ready to be deployed for very little effort. Launching an ecommerce will suddenly be much easier for a many more people. I'm also very interested in see…

If you don't trust your government or your personal safety, I can't imagine that it will be smart to use currencies like this that have ZERO privacy. I will stick with Monero. They have gone through all this complex redesign apparently without a single thought given to privacy; looks like a disaster.

Ethereum is getting anonymity very soon.

https://medium.com/aztec-protocol/aztec-zkrollup-layer-2-pri...

Monero doesn't have many users (the daily transaction count is also maximum daily user count), so achieving a larger anonymity set should happen very fast. It's also going to be much more scalable. Not to mention anonymous dollars are a unique value proposition in itself.

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