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Ethereum will use around 99.95% less energy post merge

blog.ethereum.org

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Re: Ethereum will use around 99.95% less energy post merge

#861

Post by ffggvv »

simias wrote: post #650
leishman wrote: post #574

Proof of Stake is already how our current financial system works. The people with the most money make the decisions. Proof-of-Work is provably resistant to this, as evidenced by the 2017 blocksize debate where almost every large miner and bitcoin company wanted to change the protocol and it was fought off through grassroots efforts. A PoS currency will be controlled by a cabal of US financial institutions, and indire…

It's not like cryptocurrencies achieved any of their goals so far anyway. If it's about facilitating pyramid schemes and creating a worldwide casino we might as well do it efficiently and without wasting insane amounts of resources. I'm personally very happy for PoS and hope that it'll be successful, I would be a lot less annoyed with cryptocurrency bullshit if it wasn't so wasteful. With proof-of-stakes it basically…

protip: dont try engaging cultists. youd have more luck persuading a brick wall.

Re: Ethereum will use around 99.95% less energy post merge

#862

Post by Heteraruki »

leishman wrote: post #574

Proof of Stake is already how our current financial system works. The people with the most money make the decisions. Proof-of-Work is provably resistant to this, as evidenced by the 2017 blocksize debate where almost every large miner and bitcoin company wanted to change the protocol and it was fought off through grassroots efforts. A PoS currency will be controlled by a cabal of US financial institutions, and indire…

Proof of Stake is the worst form of Socialism. It is Socialism governed by the wealthiest elite

Proof of Work is brute Capitalism. It Capitalism without regard for life or health.

STX is Proof of Transfer (secured by bitcoin's hash-power and the Stacks network).

Proof of Transfer is the best of both worlds. It is community and global capitalism with community and global responsibility.

When a technology is simultaneously a store of value, & a utility, the demand for it is exponential, people will seek it in both states, but for different and individual purposes. STX earns BTC for the directed purposes of any individual and as that individual desires with minimal network effect. STX drives community demand only as demanded by the community. STX drives Network benefits only as desired by the Network.

Lets imagine a series of networked micro-communities built with sun energy using solar panels that photochemically convert the atmospheric water into liquid hydrogen. This is being done today.

That hydrogen is then stored as energy in fuel cell batteries. That energy is then used in part to mine community bitcoin.

That community bitcoin is used in part to build and maintain community infrastructure and finance community healthcare.

The community will also use a small portion of the wholesale mined bitcoin to leverage the Stacks Proof of Transfer PoX miners. The STX block reward will support the maintenance and expense of bitcoin mining. The winning PoX miner's committed bitcoin is allocated randomly to the locked Stacks token holders that are all also bitcoin miners.

The locked pools secure the stacks chain and bitcoin node operators secure the bitcoin chain.

The community through Non-fungible tokenized (NFTized) hashed identity quadratically vote on finance mechanisms using the creation of decidable language smart-contracts.

Those smart-contracts execute for community tokenized provenances or (NFT's) of decentralized communication, decentralized wealth & decentralized egalitarian and merit based commerce. And the by-product is pure H2O and clean air.

Re: Ethereum will use around 99.95% less energy post merge

#863

Post by ZephyrBlu »

rawtxapp wrote: post #856
eyezick wrote: post #727

Earlier quoted context omitted.

I'd further add on to say PoS has the benefit of being able to eliminate bad actors unilaterally. You can't stop anyone from attacking a PoW chain over and over again. Attacking a PoS chain is much riskier as the attacker's stakes are held on chain and are at the mercy of the community who uses the network.

If the community forks to void an attacker's coins, that creates a very bad precedent. It already happened with the dao hack (which was pretty bad to begin with), but if it keeps happening, why would you trust that blockchain.

PoS doesn't fork the chain, you just lose your stake if you stake malicious blocks: https://ethereum.org/en/developers/docs/consensus-mechanisms...

Re: Ethereum will use around 99.95% less energy post merge

#864

Post by thevardanian »

nikanj wrote: post #798
intotheabyss wrote: post #774

Earlier quoted context omitted.

I can't believe this blatant denialism still exists on HN despite the fact that Ethereum has a thriving defi ecosystem. I can get a loan peer to peer today with my ETH in a stablecoin and yet you say there's no there there? Right....

Cryptos also have a thriving theft ecosystem, and illegal uses dwarf the few defi experiments.

Ya... And the internet is used for pirating media, porn, wasting time browsing, gaming and the other millions of "useless" things that it's associated with. The amount of sheer time wasted on the internet is incredible, let alone all the filthy illegal things that are happening on it.

Guess we can throw the internet into the trash bin too.

Re: Ethereum will use around 99.95% less energy post merge

#865

Post by skoopie »

andrewzah wrote: post #803
DickingAround wrote: post #726

Earlier quoted context omitted.

What do you mean? We totally got what we wanted; we have a deflationary currency we trade for goods and services. I'm 100% serious here; it's been working fine for quite a number of years. The fiat conversion is pretty noisy but BTC on average goes up in value in fiat terms at a fast pace. BTC is easy to turn it into stuff. No one has ever censored my transactions or asked for ID. Even if you buy something really exp…

"or asked for ID" That ship sailed long ago in the US if you use any exchange. Not using an ID is much, much harder now. And is kind of besides the point with a public ledger.

He was talking about paying w/bitcoin. You don't need KYC for that.

Re: Ethereum will use around 99.95% less energy post merge

#866

Post by skoopie »

_9omd wrote: post #785
intotheabyss wrote: post #774

Earlier quoted context omitted.

I can't believe this blatant denialism still exists on HN despite the fact that Ethereum has a thriving defi ecosystem. I can get a loan peer to peer today with my ETH in a stablecoin and yet you say there's no there there? Right....

HN crowd are like the flat earthers of the cryptosphere. When people's self esteem relies on them being contrarian don't expect them to actually put in the effort to learn about something.

I ignored crypto for several years because I put too much weight on opinions from HN. I'd probably be retired by now if I'd actually paid more attention.

Re: Ethereum will use around 99.95% less energy post merge

#868

Post by throw123123123 »

kaba0 wrote: post #859
DickingAround wrote: post #726

Earlier quoted context omitted.

What do you mean? We totally got what we wanted; we have a deflationary currency we trade for goods and services. I'm 100% serious here; it's been working fine for quite a number of years. The fiat conversion is pretty noisy but BTC on average goes up in value in fiat terms at a fast pace. BTC is easy to turn it into stuff. No one has ever censored my transactions or asked for ID. Even if you buy something really exp…

Why is illegal transactions a goal? You can hate on governments all you want, but that is the only way currently known where we can have a reasonable say into the laws made and uphold — and order is not a bad thing in my opinion. Why circumvent that, instead of voting someone in who will create reasonable laws to protect us all?

I cant vote in the US. In argentina, however, the government seized my bank accounts and made it illegal to trade foreign currencies.

Re: Ethereum will use around 99.95% less energy post merge

#869

Post by [deleted] »

leishman wrote: post #668
simias wrote: post #650

Earlier quoted context omitted.

It's not like cryptocurrencies achieved any of their goals so far anyway. If it's about facilitating pyramid schemes and creating a worldwide casino we might as well do it efficiently and without wasting insane amounts of resources. I'm personally very happy for PoS and hope that it'll be successful, I would be a lot less annoyed with cryptocurrency bullshit if it wasn't so wasteful. With proof-of-stakes it basically…

Funny how everyone complains it's wasteful yet I see absolutely nobody complaining that they have some sort of electricity shortage because of Bitcoin miners.

[deleted]

Re: Ethereum will use around 99.95% less energy post merge

#870

Post by skoopie »

ffggvv wrote: post #861
simias wrote: post #650

Earlier quoted context omitted.

It's not like cryptocurrencies achieved any of their goals so far anyway. If it's about facilitating pyramid schemes and creating a worldwide casino we might as well do it efficiently and without wasting insane amounts of resources. I'm personally very happy for PoS and hope that it'll be successful, I would be a lot less annoyed with cryptocurrency bullshit if it wasn't so wasteful. With proof-of-stakes it basically…

protip: dont try engaging cultists. youd have more luck persuading a brick wall.

Agreed. Fiat maximalists are persistent though.
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