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1) Proof of Stake will end the argument about electricity[0] 2) To criticize Ethereum as "an extremely slow computer" is the laziest, no-effort, no-thought att
by seibelj 9y ago
1) Proof of Stake will end the argument about electricity[0]
2) To criticize Ethereum as "an extremely slow computer" is the laziest, no-effort, no-thought attack you can make
[0] https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
- rspeer 9y agoEthereum simply promising to switch to PoS, at some undefined future time when it's extremely convenient for them, provides absolutely no moral redemption. They have to actually do it.
- DennisP 9y agoThey have a testnet, are working on a second testnet, will freeze the spec once that testnet is running, and have funded multiple teams to formally verify the design's properties. That effort is going well and should be finished within four months. This is just for the initial hybrid design, but last I saw, that design reduces PoW reward by 80%, which necessarily decreases energy consumption by about the same amount. Recently I saw Vitalik claim that the finality provided in the hybrid design is the hard part, and going the rest of the way to full PoS is relatively easy.
- profalseidol 9y agoWow, lots of hidden assumptions there. You seem to imply that they're not working on it at all. Remember, Ethereum is clearly still under development, they never mention that it is ready for general public use.
- lightedman 9y ago"To criticize Ethereum as "an extremely slow computer" is the laziest, no-effort, no-thought attack you can make" Sorry that the truth hurts. We've been doing this exact same thing since the late 70s and nothing has changed, at all. It's slow, its hugely wasteful, half of these 'contracts' I could execute on my phone faster than I could on the 'network.' And as shown, lots of room for basic-level stupidity to happen like lost Ether.
- seibelj 9y agoThe speed is not what makes Ethereum unique and useful. The global consensus of what happened on that computer is what is useful.
- ForHackernews 9y agoWhy is that useful? Cryptocurrency is >9 years old and so far nobody has thought of a real use case for it (other than selling drugs and child porn) that requires its unique features.
- lightedman 9y ago"The global consensus of what happened on that computer is what is useful." Nick Johnson appears to disagree entirely in a Reddit thread.