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The Ethereum merge is done

coindesk.com

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Re: The Ethereum merge is done

#271

Post by ForHackernews »

unnouinceput wrote: post #236
ForHackernews wrote: post #211

I think this is great news because it reduces wasted energy. The sooner cryptocurrency stops boiling the ocean, the sooner the rest of us can ignore it. I have no problem with weird nerds having their own hobbies (I have a model train set!) as long as they are not actively hurting anyone. Now do the same for bitcoin.

You do realize that the entire cryptocurrency space (all coins, regardless of their names) are using less electricity than the total of electronics that are in standby in US only. So, if you want to have an impact, better to reorient your efforts to have the industry do away with standby idea. That was a good idea 5 decades ago in 70's, when electronics were expensive and they lasted a decade. But nowadays, with plan…

Pure whataboutism.

Re: The Ethereum merge is done

#272

Post by ChuckNorris89 »

Tenoke wrote: post #79
ChuckNorris89 wrote: post #46

Earlier quoted context omitted.

>And it reduces the world's energy bill by 0.5% I live in Europe and the measures my county is taking to combat energy shortage are pretty wild like limiting the heating of apartments, indoor swimming pools, reducing street lighting, but nowhere was is stated "banning crypto mining". Pretty insane how we're just tolerating this massive energy waste just so some people and organizations can have something to speculate…

Places with issues at that level aren't really where much mining is happening.

Sure, buit the energy crisis is a global issue. And you can't solve global issues using local solutions.

Re: The Ethereum merge is done

#273

Post by phartenfeller »

I appreciate it wasting less precious energy. But this change also means that "Decentralisation" and "Power to the people" are fading away right?

The wealthy actors are the ones dictating the transaction now and they also on top get paid for being rich. This does not sound like a "better financial system" for me. Also, don't forget the DAO Fork[0] where with the "ungovernable Blockhain" it was decided a transaction was not ok and it was removed?!

[0] https://ethereum.org/en/history/#dao-fork

Re: The Ethereum merge is done

#274

Post by mckirk »

roschdal wrote: post #266

Bitcoin is using too much energy, and this energy is needed for more important things like heating and transportation.

Well that's easy: a 2kW Bitcoin miner heats your house just as well as a 2kW electric furnace.

(I'm kidding but I'm also not; I'm regularly amazed by the fact that the most complex and intricate computational machines have exactly the same 'output' as the most basic 'heat this piece of metal' contraptions, when looked at as a blackbox.)

Re: The Ethereum merge is done

#275

Post by temp_account_32 »

sph wrote: post #263
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.

Indeed. If energy is so important and the root of all our problems, we should stop generating and using energy altogether. I am more and more frustrated with the energy angle of crypto. We live on a technological world that consumes energy, everything has an energy cost. The goal for an advanced civilization is not reduce energy usage, but make it cheaper, cleaner and more abundant ! Why does people complaining about…

No post body was provided.

Re: The Ethereum merge is done

#277

Post by funklute »

phartenfeller wrote: post #273

I appreciate it wasting less precious energy. But this change also means that "Decentralisation" and "Power to the people" are fading away right? The wealthy actors are the ones dictating the transaction now and they also on top get paid for being rich. This does not sound like a "better financial system" for me. Also, don't forget the DAO Fork[0] where with the "ungovernable Blockhain" it was decided a transaction w…

> 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, that is not tied to resources.

Re: The Ethereum merge is done

#278

Post by Quindecillion »

bambax wrote: post #243
Quindecillion wrote: post #232

Great, now all that energy can be "wasted" rendering pixels with GPUs instead. This was always going to happen. Eth was never going to realistically compete with Bitcoin for energy. Now Bitcoin is the only PoW network remaining, as it should be. Looking forward to seeing Bitcoin play a pivotal role in renewable energy infrastructure build-out and capturing flared and vented methane to be one of the biggest carbon-neg…

> Looking forward to seeing Bitcoin play a pivotal role in renewable energy infrastructure build-out and capturing flared and vented methane to be one of the biggest carbon-negative industries on the planet. Crypto-talk is so similar to satire as to be indistinguishable.

Let's talk about this in 10 years when it becomes plainly obvious that that is exactly what it's going to do.

In the meantime you could actually do some research on it and discover that you might not have a clue what you're talking about. Or don't, it makes little difference to the outcome.

https://www.bloomberg.com/opinion/articles/2022-05-03/methan...

https://www.cnbc.com/2021/11/23/lancium-raises-150-million-f...

https://medium.com/@magusperivallon/a-financial-hail-mary-fo...

Re: The Ethereum merge is done

#279

Post by salmonlogs »

phartenfeller wrote: post #273

I appreciate it wasting less precious energy. But this change also means that "Decentralisation" and "Power to the people" are fading away right? The wealthy actors are the ones dictating the transaction now and they also on top get paid for being rich. This does not sound like a "better financial system" for me. Also, don't forget the DAO Fork[0] where with the "ungovernable Blockhain" it was decided a transaction w…

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...

Re: The Ethereum merge is done

#280

Post by kadalashvili »

phartenfeller wrote: post #273

I appreciate it wasting less precious energy. But this change also means that "Decentralisation" and "Power to the people" are fading away right? The wealthy actors are the ones dictating the transaction now and they also on top get paid for being rich. This does not sound like a "better financial system" for me. Also, don't forget the DAO Fork[0] where with the "ungovernable Blockhain" it was decided a transaction w…

Mining requires capital too
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