3 ms·

>>- slow (15 txn/sec, 22-23 with the move to proof of stake) - expensive (I read somewhere that globally Eth users spend more on 30M USD in fees per day!) - Th

>>- slow (15 txn/sec, 22-23 with the move to proof of stake) - expensive (I read somewhere that globally Eth users spend more on 30M USD in fees per day!) - This is no longer the case with L2 solutions, like zk-Rollups. See what StarkEx, which is one particular Validium/zk-Rollup L2 solution, is doing: https://twitter.com/EliBenSasson/status/1475206185762578437?s=20 https://twitter.com/EliBenSasson/status/1475206185762578437?... >>Past week, @ethereum ~ 9M txs. StarkEx ~ 6.25M TWO THIRDS THE TX COUNT OF ETHEREUM. L2 solutions can process transactions at scales and fees a couple orders of magnitude greater and lower than Ethereum L1, respectively. >>too volatile to be reliable for everyday banking use cases Stablecoins aren't volatile, and they are a major, and rapidly growing use case of Ethereum >>bad for the environment Ethereum's energy consumption declines by 99.95% upon the completion of the transition to Proof of Stake.

yunohn 5y ago
> Ethereum's energy consumption declines by 99.95% upon the completion of the transition to Proof of Stake. Why do Ethereum fans keep using this example as if it’s already done, when it still isn’t?
- simonmales 5y ago
  It's an argument at the end of the day. 'We know it's bad now. But it's being worked on.' Just like a Tesla investor might believe autonomous driving is being worked on.
- CryptoPunk 5y ago
  We're talking about the long-term viability of something, so it makes sense to talk about how that something will look in the very near future. The completion of Ethereum's transition to Proof of Stake will occur very soon, most likely within the year. The testnet for the merge - which is the term describing the technical process that completes the transition (it refers to the currently running Proof of Stake Beacon Chain being merged into the execution chain to allow Proof of Work to be turned off) - is already running: https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/ https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/
hestefisk 5y ago
L2 solutions: yes they do indeed scale them, but it appears to be a centralised solution to a decentralised problem. In other words, putting lipstick on a pig. Stablecoins aren’t volatile, correct, but that’s because they are pegged to an offchain fiat currency or other form of “real” collateral. Even DAI, which is the most “truly” decentralised stablecoins of them all, is pegged against fiat. POS is good yes, but the Eth community have been saying this for a long time now. “Show me the money” ;)
- CryptoPunk 5y ago
  >>L2 solutions: yes they do indeed scale them, but it appears to be a centralised solution to a decentralised problem. In other words, putting lipstick on a pig. L2 block selection can be entirely decentralized. The first iterations are centralized because the software is extremely immature and having the block inclusion process centralized allows bugs to be more quickly and effectively dealt with. The major L2s all have decebtralization of coordinators in their roadmaps. >>Stablecoins aren’t volatile, correct, but that’s because they are pegged to an offchain fiat currency or other form of “real” collateral. Even DAI, which is the most “truly” decentralised stablecoins of them all, is pegged against fiat. Dai is pegged to the dollar, but can use entirely on-chain assets like ETH as collateral. Other stablecoins, like RAI, are not even pegged to any fiat currency, and use only on-chain assets for collateral. >>POS is good yes, but the Eth community have been saying this for a long time now. Progress has been made. On December 1st, 2020, the Proof of Stake Beacon Chain. The Merge, which will complete the transition to the Beacon Chain, now has a testnet, launched on December 20th, 2021: https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/ https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/ The transition should be complete within a year. It can't be rushed, given the amount of financial value involved.

yunohn 5y ago

> Ethereum's energy consumption declines by 99.95% upon the completion of the transition to Proof of Stake. Why do Ethereum fans keep using this example as if it’s already done, when it still isn’t?

simonmales 5y ago
It's an argument at the end of the day. 'We know it's bad now. But it's being worked on.' Just like a Tesla investor might believe autonomous driving is being worked on.
CryptoPunk 5y ago
We're talking about the long-term viability of something, so it makes sense to talk about how that something will look in the very near future. The completion of Ethereum's transition to Proof of Stake will occur very soon, most likely within the year. The testnet for the merge - which is the term describing the technical process that completes the transition (it refers to the currently running Proof of Stake Beacon Chain being merged into the execution chain to allow Proof of Work to be turned off) - is already running: https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/ https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/

hestefisk 5y ago

L2 solutions: yes they do indeed scale them, but it appears to be a centralised solution to a decentralised problem. In other words, putting lipstick on a pig. Stablecoins aren’t volatile, correct, but that’s because they are pegged to an offchain fiat currency or other form of “real” collateral. Even DAI, which is the most “truly” decentralised stablecoins of them all, is pegged against fiat. POS is good yes, but the Eth community have been saying this for a long time now. “Show me the money” ;)

CryptoPunk 5y ago
>>L2 solutions: yes they do indeed scale them, but it appears to be a centralised solution to a decentralised problem. In other words, putting lipstick on a pig. L2 block selection can be entirely decentralized. The first iterations are centralized because the software is extremely immature and having the block inclusion process centralized allows bugs to be more quickly and effectively dealt with. The major L2s all have decebtralization of coordinators in their roadmaps. >>Stablecoins aren’t volatile, correct, but that’s because they are pegged to an offchain fiat currency or other form of “real” collateral. Even DAI, which is the most “truly” decentralised stablecoins of them all, is pegged against fiat. Dai is pegged to the dollar, but can use entirely on-chain assets like ETH as collateral. Other stablecoins, like RAI, are not even pegged to any fiat currency, and use only on-chain assets for collateral. >>POS is good yes, but the Eth community have been saying this for a long time now. Progress has been made. On December 1st, 2020, the Proof of Stake Beacon Chain. The Merge, which will complete the transition to the Beacon Chain, now has a testnet, launched on December 20th, 2021: https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/ https://blog.ethereum.org/2021/12/20/kintsugi-merge-testnet/ The transition should be complete within a year. It can't be rushed, given the amount of financial value involved.