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>What happens, for example, when you lose your crypto-key? Same that happens when you lose anything else of value- it's lost unless you can get it back. I don'
by sodality2 5y ago
>What happens, for example, when you lose your crypto-key?
Same that happens when you lose anything else of value- it's lost unless you can get it back. I don't need a central authority to decide that I might be able to get my money back without my password, because then someone else can do the same (via social engineering or otherwise, like internal saboteur)
>What if a 51% attack happens, in which 51% of the processing power in a blockchain network come under attack by a group with immense computing power?
An incredibly unlikely event, given the vast size of the network. Though it is a valid concern.
>This is to say nothing of the environmental aspect of Bitcoin mining, which uses more energy than entire nations.
Agree on this point, FWIW, though PoS aims to fix it (which sadly is moving pretty slowly)
>Or the fact that groups like the Al-Qassam Brigades are using cryptocurrency to finance their operations and solicit donations.
What about the fact that banks assist billions in tax fraud (and pocketed millions in bailouts)? The crypto can be blocked at exchanges in the future making people more wary about the issue.
I hope I don't come across as a crypto shill as I own no crypto, but the author argues against crypto as a whole (instead of, say, crypto evangelists).
- m348e912 5y ago>>Agree on this point, FWIW, though PoW aims to fix it (which sadly is moving pretty slowly) I think you mean PoS (proof of stake), and yes it will be several months before eth2 w/ PoS is a thing. It actually introduces other issues around centralization, but uses a lot less energy.
- djschnei 5y agoThe race between ETH2 PoS and Cardano smart contracts (which is already PoS with fully decentralized block production) is going to be very interesting! I think both platforms could have their place and be extremely successfully, but whichever delivers first will get a nice bump for sure
- m348e912 5y agoEth as a whole has already gotten an impressive bump (in price) this year so far. They seem to be in a good place with a lot of adoption in their PoS infrastructure. At 93kUSD (as of today) of eth staking to run your own staking node, I think it's cost prohibitive for most to do it without joining a pool.
- djschnei 5y agoI think ETH2 has around $13.5b currently staked, while ADA has around $43b currently staked (1). ETH2 is nothing to scoff at, but ADA is miles ahead on adoption of PoS. ADA also doesn't have any minimum requirement to run a pool, which is pretty neat. From a price perspective, ADA has outperformed ETH all year as well (2). ETH does have a massive first mover advantage, which can't be understated. If they pull off Eth2 migration successfully and in a timely manner (before Cardano smart contracts) I imagine all those metrics will tighten significantly and/or flip (1) https://www.stakingrewards.com/ https://www.stakingrewards.com/ (2) https://www.coingecko.com/en/coins/cardano/eth https://www.coingecko.com/en/coins/cardano/eth
- m348e912 5y agoThanks man, this is interesting and good information. I'll look into it!
- hanniabu 5y agoThere's plans to lower the collateral requirements
- sodality2 5y ago> I think you mean PoS (proof of stake), and yes it will be several months before eth2 w/ PoS is a thing Thanks, fixed the typo. If ETH2 is really months away I would be jumping for joy but it has been a "few years away" for a few years in a row now. I hope they are finishing up (and I don't mean to imply it should be faster or that they should rush)