551–560 of 1001 posts
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Well, the whole crypto/fin tech space is such a rotten cesspool of scammers and blowhards that it's becoming very difficult to take anything they do and say seriously.
The ETH core team who pulled off a very ambitious migration to POS might be different than the run of the mill scammers who are involved with crypto. Seems weird to group them all together when they appear to be very different.
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Those could be exchanges ? Which would mean they represent very large numbers of users. Seems the most likely explanation. The idea that this isn’t true in BTC or PoW seems like a wild fiction to me.
You may be right that the majority is probably an exchange. But is there something in the protocol specification that prohibits such majority? Then it raises a question, can an actor such as a government (which may have unlimited resources) to hold large numbers of ether (> 51%) to add blocks to their advantage? Perhaps, it's my ignorance about this technology that makes me question and prevent me from adopting this…
For those interested in understanding the tech rather than the typical bashing things as beneath them, I wrote up a detailed technical explainer of how Ethereum PoS works: https://0xfoobar.substack.com/p/ethereum-proof-of-stake
Isn't it a little unfortunate that the acronym for Proof of Stake would be PoS? Couldn't they think of something else?
Edit: Actually not sure if you are talking about Point of Sale, Place of Service, Piece of $#!7, or something else. Case in point: context matters.
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…
the servile class learned how to program
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…
It’s the biggest wealth producing opportunity of the next decade or two and HN doesn’t get it at all.
It’s basically become a forum for your average developer. I’d bet a lot of folk who don’t understand crypto at all are web developers or something where innovation is a new JavaScript framework.
Not saying anything bad about that, but people here don’t seem to have innovation in mind. I mean r/Ethereum on Reddit is better than HN to discuss these topics. It’s just wrong. HN has become counter futurism.
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Using electricity isn't the problem. Anyone could use vast amounts of electricity as long as they are willing to pay the price for it. The problem is carbon emissions. The switch to PoS is a non-issue from my perspective: a centralized system changed from using method A to method B, I don't understand why I should care. Bitcoin mining is increasingly being used to prevent methane emissions in stranded gas reserves. H…
> The switch to PoS is a non-issue from my perspective: a centralized system changed from using method A to method B, I don't understand why I should care. Because every bitcoin transaction costs $60 in electricity. That is a monumentally stupid amount to pay. It's $125 per kB. Proof of stake incentivizes capital directly. Proof of work incentivizes capital via the ability to find prime numbers, which limits you to p…
Converting energy into economic value is the opposite of waste. That is what mining does.
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…
This is still a forum for hackers, makers and entrepreneurs. We just don't accept Monopoly Money as compensation for work rendered.
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Using electricity isn't the problem. Anyone could use vast amounts of electricity as long as they are willing to pay the price for it. The problem is carbon emissions. The switch to PoS is a non-issue from my perspective: a centralized system changed from using method A to method B, I don't understand why I should care. Bitcoin mining is increasingly being used to prevent methane emissions in stranded gas reserves. H…
I looked into your statement about bitcoin mining preventing methane emissions and it doesn't add up to me. Oil drillers already flare the methane, which turns it into carbon dioxide. The solution these bitcoin miners are implementing is to burn the methane in a controlled manner so they can harness the energy produced for electricity to mine bitcoin. The same chemical reaction occurs, converting methane into carbon…
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…
But this is the opposite of hacking. Feels like turning ETH to a political system. Soon you ll have the "republican party of ETH" forming. Those are natural self-organized outcomes when groups of humans are trusted with power.
The power dynamics were always there, though, just obscured by additional requirements of some level of technical competence.
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> Great, now all that energy can be "wasted" rendering pixels with GPUs instead. Just like it was supposed to.
Point is the energy will still be spent and the carbon emitted if the grid is still primarily runs on fossil fuels. Energy use isn't the problem. Carbon emissions are. Green the grid, don't try to police people's energy use.