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Bloomberg's cryptocurrency reporting has always seemed self-serving to me - and not even that well concealed. While I AM a believer in it, I don't find Bloombe

Bloomberg's cryptocurrency reporting has always seemed self-serving to me - and not even that well concealed. While I AM a believer in it, I don't find Bloomberg's articles on it any more trustworthy than hobbiest "moon" posts. They don't seem to report on anything that hasn't been mentioned many times before. It's all a bit fluffy for my liking. My guess is Michael Bloomberg is bullish on Ethereum, hence the knocking of PoW in this article.

spurdoman77 6y ago
Though Ethereum is still PoW, and I am pretty sceptical that they will transition to PoS successfully.
- latchkey 6y ago
  As you should be! It is a rube goldberg solution to a massively difficult problem. Nobody has done it at this scale before and switching billions of value over to a whole new consensus model is going to be an insanely difficult computer science / mathematical / social problem to solve. That said, I do think the core devs will eventually solve it, which I fully support. We have BTC and ETH 1.0 today and that in itself is amazing. I just don't think it will happen as quickly as everyone hopes it will. It can't. There is just too much ever increasing value on the line pushing on both ends of the demand spectrum. Dan Held has a good thread on power usage: https://twitter.com/danheld/status/1351235080103096331 https://twitter.com/danheld/status/1351235080103096331 Disclosure: I am very large scale eth pow miner that consumes excess hydropower.
  - jki275 6y ago
    POS is a solved problem, and is running successfully on ADA and XTZ right now. ETH is not transitioning because they don't want to transition. As you are a miner making money do you want to have your entire business model turned off?
godelzilla 6y ago
Agreed. These articles about the environmental impact of Bitcoin and PoW are valid, but they're ancient news. It's telling that there's no mention of Ethererum or PoS. Are they simply unaware? I doubt it. While I'm also concerned about the ability of ETH to smoothly transition to PoS, it would be an enormous win for crypto. So why publish this article now? It could just be the usual profiting from cyptophobia. But many people probably want prices to go down so they can stock up before the ETH upgrade.

spurdoman77 6y ago

Though Ethereum is still PoW, and I am pretty sceptical that they will transition to PoS successfully.

latchkey 6y ago
As you should be! It is a rube goldberg solution to a massively difficult problem. Nobody has done it at this scale before and switching billions of value over to a whole new consensus model is going to be an insanely difficult computer science / mathematical / social problem to solve. That said, I do think the core devs will eventually solve it, which I fully support. We have BTC and ETH 1.0 today and that in itself is amazing. I just don't think it will happen as quickly as everyone hopes it will. It can't. There is just too much ever increasing value on the line pushing on both ends of the demand spectrum. Dan Held has a good thread on power usage: https://twitter.com/danheld/status/1351235080103096331 https://twitter.com/danheld/status/1351235080103096331 Disclosure: I am very large scale eth pow miner that consumes excess hydropower.
- jki275 6y ago
  POS is a solved problem, and is running successfully on ADA and XTZ right now. ETH is not transitioning because they don't want to transition. As you are a miner making money do you want to have your entire business model turned off?

godelzilla 6y ago

Agreed. These articles about the environmental impact of Bitcoin and PoW are valid, but they're ancient news. It's telling that there's no mention of Ethererum or PoS. Are they simply unaware? I doubt it. While I'm also concerned about the ability of ETH to smoothly transition to PoS, it would be an enormous win for crypto. So why publish this article now? It could just be the usual profiting from cyptophobia. But many people probably want prices to go down so they can stock up before the ETH upgrade.