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I predict this is the beginning of the end for Ethereum. First we will see what the intrinsic value of a blockchain is. Then the network will die when someone

by dcow 4y ago

I predict this is the beginning of the end for Ethereum. First we will see what the intrinsic value of a blockchain is. Then the network will die when someone buys the 2/3rds of the validators for less than Visa makes in a day. It will probably just be Visa. Code is not law, money is. This is the core value on the network and has been for quite awhile now.

Cantinflas 4y ago
You'd need billions to buy a significant %...
- dcow 4y ago
  Not after we learn the intrinsic value of the network.
  - erulabs 4y ago
    Objects and ideas do not have intrinsic value. Value is a subjective judgement of individuals at a particular time and place. We will find out the new price after the merge.
  - Prunkton 4y ago
    you said it yourself 'Code is not law, money is'. Money will always flow to the market with the highest 'capital efficiency', its like the laws of thermodynamics for economics/human greed lol. This is the whole point why people perform the ridiculous undertaking to build dedicated fiber-connections between stock markets on different continents. we already know DeFi does outperform traditional markets in this regard in important topics. Its an engineering task to increase the % in this still very young discipline. But IMHO it is mostly a question of regulation to have a significant shift
Prunkton 4y ago
this is not how markes work. while trying to buy 2/3 by of a semi-stable (in that time frame) amount of ETH, you will skyrocket the price and have to pay more for each additional ETH. A huge amount of ETH is already staked aka out of the system since you can not unstake them at the moment. You can not liquidate your staked ETH regardless how much money you throw around. This is not a practical attack vector you would literaly >100x the ETH price. This aspect also differs from the PoW approach where you take a source from outside of the system (Hardware) to participate. And since there is a 'infinite' number of Hardware/Hashpower you could accumulate over time attacks are easier (still hard for different reasons) to perform. But lets assume you archive to controll 2/3rds of validators, you can not start staking the very next second. There is a queue (I think of some days) and people will recognize the attack before you will be able to perform it and people will simply blacklist you for their own sake.
- dcow 4y ago
  I am very pro DeFi. But I think it’s a delicate thing. This is just my prediction. It won’t be immediate either. I’m sure ETH with chug along for awhile longer.

by dcow 4y ago

Cantinflas 4y ago

You'd need billions to buy a significant %...

dcow 4y ago
Not after we learn the intrinsic value of the network.
- erulabs 4y ago
  Objects and ideas do not have intrinsic value. Value is a subjective judgement of individuals at a particular time and place. We will find out the new price after the merge.
- Prunkton 4y ago
  you said it yourself 'Code is not law, money is'. Money will always flow to the market with the highest 'capital efficiency', its like the laws of thermodynamics for economics/human greed lol. This is the whole point why people perform the ridiculous undertaking to build dedicated fiber-connections between stock markets on different continents. we already know DeFi does outperform traditional markets in this regard in important topics. Its an engineering task to increase the % in this still very young discipline. But IMHO it is mostly a question of regulation to have a significant shift

Prunkton 4y ago

this is not how markes work. while trying to buy 2/3 by of a semi-stable (in that time frame) amount of ETH, you will skyrocket the price and have to pay more for each additional ETH. A huge amount of ETH is already staked aka out of the system since you can not unstake them at the moment. You can not liquidate your staked ETH regardless how much money you throw around. This is not a practical attack vector you would literaly >100x the ETH price. This aspect also differs from the PoW approach where you take a source from outside of the system (Hardware) to participate. And since there is a 'infinite' number of Hardware/Hashpower you could accumulate over time attacks are easier (still hard for different reasons) to perform. But lets assume you archive to controll 2/3rds of validators, you can not start staking the very next second. There is a queue (I think of some days) and people will recognize the attack before you will be able to perform it and people will simply blacklist you for their own sake.

dcow 4y ago
I am very pro DeFi. But I think it’s a delicate thing. This is just my prediction. It won’t be immediate either. I’m sure ETH with chug along for awhile longer.