4 ms·

Right. Because the miners will stop their operations when Ethereum moves to proof of stake in 2030. Because there won't be a hard fork from miners who would rat

Right. Because the miners will stop their operations when Ethereum moves to proof of stake in 2030. Because there won't be a hard fork from miners who would rather have PoW. Because the miners will just give up on their operations when Ethereum isn't the shitcoin of the day. Because they won't move on to another shitcoin that is worth mining on GPUs.

capableweb 5y ago
> Because the miners will stop their operations when Ethereum moves to proof of stake in 2030 Well, from the perspective of Ethereum, they will, since Ethereum will no longer be PoW... > Because there won't be a hard fork from miners who would rather have PoW. There might be, or they might use Ethereum Classic. That's all fine, the second biggest network (Ethereum) will still be PoS so they can do whatever they want.
- ohgodplsno 5y ago
  > Well, from the perspective of Ethereum, they will, since Ethereum will no longer be PoW... Children develop object permanence by the age of two. How long does it take for cryptobros to develop GPU permanence ? You closing your eyes doesn't make the problem go away.
  - capableweb 5y ago
    But the GPUs already exists, what solution do you imagine that involves the said GPUs to not be used anymore? Even if you sell them to normal consumers, the GPUs will be used, one way or another. Are you suggesting we should destroy the GPUs that were previously used for Eth mining?
    - gjulianm 5y ago
      I think the point is that the miners already have the GPUs, they will probably switch their operations to mining other coins/forks instead of just giving up on everything.
- gzer0 5y ago
  Ethereum Classic fell victim to multiple 51% attacks in 2020. The hacker was able to gain control of 51% of the hash power and reorg some blocks and it allowed double spending and all the catastrophes that come with a 51% attack [1][2]. It is safe to say that it won't come anywhere near close to where normal Ethereum is in terms of mainstream adoption. [1] https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month/ https://www.coindesk.com/markets/2020/08/29/ethereum-classic... [2] https://coingeek.com/over-1m-double-spent-in-latest-ethereum-classic-51-attack/ https://coingeek.com/over-1m-double-spent-in-latest-ethereum...
chucksmash 5y ago
Miners will find another PoW ecosystem to deploy their mining hardware in, correct. Ethereum is not really a shitcoin though, unless you consider all cryptocurrencies shitcoins. Many tokens are implemented as ERC-20s (including most relevant stablecoins), other chains target EVM compatibility to drive developer adoption, majority of the NFT boom has been in ERC-721 NFTs on Ethereum, and traditional companies are now building L2s on top of Ethereum tech (PwC, Reddit). Ethereum blockchain is pretty fundamental to much of what is happening in crypto aside from pure NumberGoUpism. Miners can hard fork ETH if they want to, but I doubt they will. All those dollars held in stablecoins will determine which chain has validity, and I doubt USDC/DAI/RAI/GUSD would go along with a miner cashgrab fork again Vitalik...
- ohgodplsno 5y ago
  >Ethereum is not really a shitcoin though, unless you consider all cryptocurrencies shitcoins dingdingdingding! There is nothing useful done with Eth today, aside from quick money grabs.
  - reidjs 5y ago
    There's a lot of people using it for online gaming (gambling) I think
    - ohgodplsno 5y ago
      Fueling addictions and bypassing regulations in hundreds of countries isn't exactly a shining example of the technology.
      - kevinmgranger 5y ago
        I'm no fan of it either, but plenty of folks would view bypassing financial regulations as a shining example. That was part of the point, was to sidestep government oversight.
        5y ago

capableweb 5y ago

> Because the miners will stop their operations when Ethereum moves to proof of stake in 2030 Well, from the perspective of Ethereum, they will, since Ethereum will no longer be PoW... > Because there won't be a hard fork from miners who would rather have PoW. There might be, or they might use Ethereum Classic. That's all fine, the second biggest network (Ethereum) will still be PoS so they can do whatever they want.

ohgodplsno 5y ago
> Well, from the perspective of Ethereum, they will, since Ethereum will no longer be PoW... Children develop object permanence by the age of two. How long does it take for cryptobros to develop GPU permanence ? You closing your eyes doesn't make the problem go away.
- capableweb 5y ago
  But the GPUs already exists, what solution do you imagine that involves the said GPUs to not be used anymore? Even if you sell them to normal consumers, the GPUs will be used, one way or another. Are you suggesting we should destroy the GPUs that were previously used for Eth mining?
  - gjulianm 5y ago
    I think the point is that the miners already have the GPUs, they will probably switch their operations to mining other coins/forks instead of just giving up on everything.
gzer0 5y ago
Ethereum Classic fell victim to multiple 51% attacks in 2020. The hacker was able to gain control of 51% of the hash power and reorg some blocks and it allowed double spending and all the catastrophes that come with a 51% attack [1][2]. It is safe to say that it won't come anywhere near close to where normal Ethereum is in terms of mainstream adoption. [1] https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month/ https://www.coindesk.com/markets/2020/08/29/ethereum-classic... [2] https://coingeek.com/over-1m-double-spent-in-latest-ethereum-classic-51-attack/ https://coingeek.com/over-1m-double-spent-in-latest-ethereum...

chucksmash 5y ago

Miners will find another PoW ecosystem to deploy their mining hardware in, correct. Ethereum is not really a shitcoin though, unless you consider all cryptocurrencies shitcoins. Many tokens are implemented as ERC-20s (including most relevant stablecoins), other chains target EVM compatibility to drive developer adoption, majority of the NFT boom has been in ERC-721 NFTs on Ethereum, and traditional companies are now building L2s on top of Ethereum tech (PwC, Reddit). Ethereum blockchain is pretty fundamental to much of what is happening in crypto aside from pure NumberGoUpism. Miners can hard fork ETH if they want to, but I doubt they will. All those dollars held in stablecoins will determine which chain has validity, and I doubt USDC/DAI/RAI/GUSD would go along with a miner cashgrab fork again Vitalik...

ohgodplsno 5y ago
>Ethereum is not really a shitcoin though, unless you consider all cryptocurrencies shitcoins dingdingdingding! There is nothing useful done with Eth today, aside from quick money grabs.
- reidjs 5y ago
  There's a lot of people using it for online gaming (gambling) I think
  - ohgodplsno 5y ago
    Fueling addictions and bypassing regulations in hundreds of countries isn't exactly a shining example of the technology.
    - kevinmgranger 5y ago
      I'm no fan of it either, but plenty of folks would view bypassing financial regulations as a shining example. That was part of the point, was to sidestep government oversight.
      - 5y ago