The Problem with Ethereum

Post by BLKNSLVR » Wed, Aug 11, 2021, 6:25 AM UTC

chrisco255 wrote: post #43

h0l0cube wrote: post #31

Earlier quoted context omitted.

There's a little more to the argument: > This time the working class has their pay reduced from 4 Eth to 3 Eth per block, a 25% pay cut. Miners now earn 40% less per block than at the time of the community’s constitution, which promised that code was law, and which the ruling class later said they would break only once, for what was an especially good reason. But the code is law promise has now been broken so many ti…

Miners for Ethereum are incredibly profitable and benefit enormously from side-channel MEV (miner extractable value) payouts that tip them for transaction ordering. In doing so, they extract value from users making trades. In addition, a reduced issuance in crypto tends to lead to the underlying asset appreciating in value, as noted by the Bitcoin stock-to-flow model in the wake of each halvening. The "code is law" i…

Post by Tenoke » Wed, Aug 11, 2021, 6:26 AM UTC

latchkey wrote: post #44

Tenoke wrote: post #35

Earlier quoted context omitted.

Miners were very opposed to EIP-1559 and in the end when the talks failed they mostly just ignored them. It's kind of true.

Not true at all. There was never any real consensus among miners on this front. As a very large miner, I was always for 1559 because I understand the underlying mechanics. The miners who I watched were just kind of bandwagon on the theme of "wait, I'll earn less cause you're burning my fees"? Which in reality isn't entirely the case (price and usage have gone up, along with the lack of wallet support).

Post by Apofis » Wed, Aug 11, 2021, 6:26 AM UTC

Post by [deleted] » Wed, Aug 11, 2021, 6:27 AM UTC

kristofferR wrote: post #16

DenseComet wrote: post #6

Seems like one of the core arguments of this is that the the core devs have pushed the difficulty bomb multiple times because they've missed their original timelines for switching to PoS without any repercussions. It seems to me that this is actually the correct thing to do. I'd rather the core devs take their time and iron out the issues instead of being incentivized to play fast and loose with a system that manages…

Yeah, Ethereum's development isn't a simple project that can be rushed, it's massively complicated. This road map comes to mind: https://twitter.com/VitalikButerin/status/133392262085774540... It's very outdated now, that's not the point. The point is that every circle on the road map is a very complicated project in and of itself that needs tons of research, development and testing to be implemented properly. Just t…

Post by secondaryacct » Wed, Aug 11, 2021, 6:29 AM UTC

FeepingCreature wrote: post #18

dash2 wrote: post #10

Earlier quoted context omitted.

Are you saying you would like to purchase and use such a currency? Or would you like other people to purchase and use it?

No, I would like to mine it. Imagine: a network where the only gains you get are from spending your money quickly. The anti-hodl. It would be completely worthless as a store of value or investment vehicle. Its only conceivable use would be as a fast and efficient transaction ledger. Which is what I wanted out of blockchain to begin with! I'd be happy to support a network like that, even if my income was rapidly vanis…