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Don't get me wrong, plenty of griftcoin junk tech exists, but Ethereum is the most capable platform and moving away from Proof Of Work is a significant step.

cuteboy19 5y ago
They may be grifters and scammers but at least they are not burning down the planet. But I am curious about this: Etherium is not the first crypto to go PoS. Are there any significant technical advantages compared to other PoS implementations?
- yokem55 5y ago
  Sure - They have a novel BLS signature aggregation that allows for a much larger number of participating validators (roughly up to 1M) then other POS systems that top out at a couple thousand. - It's slashing mechanism creates 'economic finality'. Any validator participating in a reorg beyond that ~12 minute economic finality window would find themselves slashed and forced exited from the validator set. - Lengthy entrance and exit queues mean that the validator set can't be shifted faster then the community can adapt should an attacker try manipulate the network. - Multiple independent client teams have implemented a publicly agreed upon specification (there are 6 known at the moment). This keeps insider developers from sneaking in adverse changes without causing a huge hullabaloo. Getting all this right is why it's taken so long to roll out.
- anonporridge 5y ago
  > Bitcoin’s Energy Usage Isn’t a Problem. Here’s Why. https://www.lynalden.com/bitcoin-energy/ https://www.lynalden.com/bitcoin-energy/
  - cuteboy19 5y ago
    So then PoS was pointless right? This whole article was bullshit too right? Or maybe, just maybe, the author holds a not insignificant amount of Bitcoin and is working overtime to dismiss criticism.
    - anonporridge 5y ago
      Here's her thoughts on proof of stake, https://www.lynalden.com/proof-of-stake/ https://www.lynalden.com/proof-of-stake/ > Or maybe, just maybe, the author holds a not insignificant amount of Bitcoin and is working overtime to dismiss criticism. No shit Sherlock. This is a ridiculous point to make to try to dismiss someone's argument. If you believe something is a good investment, then of course you're going to own a lot of it and promote your reasoning to think it's good and alternatives are bad. Literally everyone one the planet does that and you're deluding yourself if you think anyone who has put in enough time and effort to understand the complexity of things is going to be bias free.
deleted 5y ago
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rvz 5y ago
I don't see why someone needs to wait 'years' on a coin for such a move when others already exist that are neither Proof-of-Work or Proof-of-Stake, unless you just plan on speculating on the cryptocurrency.
- dcolkitt 5y ago
  Because creating a new network from scratch is easier than safely transitioning, without downtime or breaking backwards compatibility, an existing network that secures hundreds of billions of dollars in value.
  - rvz 5y ago
    Are you saying me I should tell users to wait 7 or more years for this desired functionality while they lose more money trying to figure out how to use it? I also don't think there is a cryptocurrency network that is widely used that has operated without network halts, downtime or congestion so I do not expect any network to have such a 'smooth' transition either.
- thebean11 5y ago
  Like which coins? As someone in the industry, I highly recommend taking claims like that with a grain of salt.

cuteboy19 5y ago

They may be grifters and scammers but at least they are not burning down the planet. But I am curious about this: Etherium is not the first crypto to go PoS. Are there any significant technical advantages compared to other PoS implementations?

yokem55 5y ago
Sure - They have a novel BLS signature aggregation that allows for a much larger number of participating validators (roughly up to 1M) then other POS systems that top out at a couple thousand. - It's slashing mechanism creates 'economic finality'. Any validator participating in a reorg beyond that ~12 minute economic finality window would find themselves slashed and forced exited from the validator set. - Lengthy entrance and exit queues mean that the validator set can't be shifted faster then the community can adapt should an attacker try manipulate the network. - Multiple independent client teams have implemented a publicly agreed upon specification (there are 6 known at the moment). This keeps insider developers from sneaking in adverse changes without causing a huge hullabaloo. Getting all this right is why it's taken so long to roll out.
anonporridge 5y ago
> Bitcoin’s Energy Usage Isn’t a Problem. Here’s Why. https://www.lynalden.com/bitcoin-energy/ https://www.lynalden.com/bitcoin-energy/
- cuteboy19 5y ago
  So then PoS was pointless right? This whole article was bullshit too right? Or maybe, just maybe, the author holds a not insignificant amount of Bitcoin and is working overtime to dismiss criticism.
  - anonporridge 5y ago
    Here's her thoughts on proof of stake, https://www.lynalden.com/proof-of-stake/ https://www.lynalden.com/proof-of-stake/ > Or maybe, just maybe, the author holds a not insignificant amount of Bitcoin and is working overtime to dismiss criticism. No shit Sherlock. This is a ridiculous point to make to try to dismiss someone's argument. If you believe something is a good investment, then of course you're going to own a lot of it and promote your reasoning to think it's good and alternatives are bad. Literally everyone one the planet does that and you're deluding yourself if you think anyone who has put in enough time and effort to understand the complexity of things is going to be bias free.

deleted 5y ago

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rvz 5y ago

I don't see why someone needs to wait 'years' on a coin for such a move when others already exist that are neither Proof-of-Work or Proof-of-Stake, unless you just plan on speculating on the cryptocurrency.

dcolkitt 5y ago
Because creating a new network from scratch is easier than safely transitioning, without downtime or breaking backwards compatibility, an existing network that secures hundreds of billions of dollars in value.
- rvz 5y ago
  Are you saying me I should tell users to wait 7 or more years for this desired functionality while they lose more money trying to figure out how to use it? I also don't think there is a cryptocurrency network that is widely used that has operated without network halts, downtime or congestion so I do not expect any network to have such a 'smooth' transition either.
thebean11 5y ago
Like which coins? As someone in the industry, I highly recommend taking claims like that with a grain of salt.