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Vitalik: Ethereum Merge Just Finalized

94 points by m1guelpf 4y ago

xnorswap 4y ago
Twitter really needs to sort out what it means to be "verified", when you're presented with this: https://imgur.com/a/HjOF0gS https://imgur.com/a/HjOF0gS It's so barely different to an actual twitter thread where the same person is saying all three parts.
- zapdrive 4y ago
  In another news, Twitter is looking for fucks to give, none found yet. Search in progress
- Gigachad 4y ago
  Verified users shouldn’t be allowed to change their name without approval ideally. Guess it’s just too much work for the company.
- can16358p 4y ago
  Why would they? It would decrease engagement. A significant portion of Twitter is bots and fake profiles/scams and Twitter isn't best known for caring about users or being honest. More engagement (even if from fake profiles) = more ads to show = more money. This would decrease trust in the platform in the long run for sure but they probably think they're too big to fail without a good competition anyway.
  - mratsim 4y ago
    > More engagement (even if from fake profiles) = more ads to show = more money. I'm surprised bots actually load ads.
    - can16358p 4y ago
      Bots don't. People who get more engagement due to bots do.
- jbirer 4y ago
  I have long suspected that Twitter (or people at Twitter) are colluding with the crypto scammers for a payout.
edf13 4y ago
And even here the spam/bot tweets are present... https://twitter.com/indosat/status/1570322826363559936 https://twitter.com/indosat/status/1570322826363559936 What's more worrying is that people are sending ETH to the scammers wallet: https://etherscan.io/address/0x266cfB7f9c908591FD69d79Dd46B4bF3609D5F2a https://etherscan.io/address/0x266cfB7f9c908591FD69d79Dd46B4... Currently at: $57k USD! Someone recently sent $12k USD! https://etherscan.io/tx/0x30661485e12c1e3991369110b6a511f9c28cdc2f68d2abbbdd0ef884e3dba17e https://etherscan.io/tx/0x30661485e12c1e3991369110b6a511f9c2...
- viraptor 4y ago
  Fortunately lots of it may be sent by the scammer themselves to add some soc-eng "proof" that others are also sending money.
pwdisswordfish9 4y ago
Merge of what? Trans-dimensional merge like CWC believes in?
amanzi 4y ago
My only crypto-mining success is that I mined an ether back in the day when it was worth $10. I have it stashed away for a rainy day, but I have no idea if it's going to be worth anything in the future. Can anyone give a TLDR of what this merge means?
- bsaul 4y ago
  They changed the underlying algorithm for determining who to trust to validate transactions in the system. This new algorithm requires 1% of the computer power of the previous one, and supposedly work just as fine.
  - mratsim 4y ago
    0.0089%: source https://ethereum.org/en/energy-consumption/ https://ethereum.org/en/energy-consumption/ using Digiconomist figures. 22000x less energy consumed than Youtube or gold mining and 10000x less than Netflix.
qalmakka 4y ago
I hope this and future endeavors will stop the GPU hoarding madness for good.
Yuioup 4y ago
3 posts about this nonsense on the front page. Can we please stop destroying the planet with this global pyramid scheme? Seriously why isn't there a UN summit to tackle the Crypto problem?
- ok_dad 4y ago
  Well at least now they don’t use as much power.
  - junofan 4y ago
    Based on parent comment, guess that wasn’t really the issue for the authoritarians.
- bsaul 4y ago
  Not a big fan of crypto, but at least the ethereum chain is building a very interesting stack of technologies (smart contract, token, etc). If any major crypto project has the chance of one day becoming useful at anything, my bet would be on this one.
  - mccorrinall 4y ago
    Bitcoin has almost the same capabilities for smart contracts, except loops! Tokens can be implemented as well, see https://en.bitcoin.it/wiki/Colored_Coins https://en.bitcoin.it/wiki/Colored_Coins I am with Hal Finney here: Any successful replacement of the Bitcoin block chain will forever undermine the credibility of any successor. How is an investor to know that it won't happen again? Rebooting now may benefit a few thousand early adopters. What happens when hundreds of millions use Bitcoin 2? They'll be just as jealous and envious of you as you are of others. Given the precedent you want to set, how will you argue against yet another reboot? There is no point in ETH except making money.
    - mratsim 4y ago
      Why replace? It's not a winner-takes-all game.
ralusek 4y ago
Can someone explain why the move to PoS isn't going to reduce transaction time, increase network capacity, and reduce gas prices? Is this because of arbitrary parameters in place in order to keep that true? From a technical perspective, I don't know how a consensus mechanism moving from a system for which slowness/hardness is the mechanism...to instead moving to a system for which slowness need not even be a factor, could possibly not result in faster transaction speeds.
- 70rd 4y ago
  There's a tradeoff between decentralization and throughput. In the extreme, only people owning entire datacenters could operate a full 'node' that would be processing 1 000 000 TPS. Slowness is not the mechanism, ETH had ~13 second block times before the merge. Bitcoin is slow because the difficulty is targeting longer block times, not because of inherent need for slowness. Difficulty is only required so that adverserial agents (with less than 51% of hashpower) can't rewrite the chain and change transactions.
- mratsim 4y ago
  The "only" thing that change was the consensus algorithm. That's good software engineering practice when you have hundreds of billions at stake. Minimize the bug surface. Furthermore there are other concerns, Ethereum prides itself in running on the most modest of hardware. Many stakers are staking on Raspberry Pi 4. A blockchain with large transaction speed require very powerful machines. It becomes impossible to sync with less than 1Gbps of bandwidth and storage cost becomes prohibitive. Doing so before implementing state expiry/rent to reflect the cost of storing data in a blockchain will reduce decentralization as hardware requirements require professionalization of node operators. Furthermore there is the rollup-centric roadmap for future scalability: https://www.reddit.com/r/ethfinance/comments/r26hhv/rollupcentric_ethereum_roadmap_november_2021/ https://www.reddit.com/r/ethfinance/comments/r26hhv/rollupce...
- landemva 4y ago
  They could go faster, but then they would be like the centralized Solana chain which is controlled by VCs. High throughput is easier using a centralized data center. Decentralization is good and is challenging to scale. I see eth making the right moves to keep the chain decentralized and accesible to those running nodes at home.

94 points by m1guelpf 4y ago

Twitter really needs to sort out what it means to be "verified", when you're presented with this: https://imgur.com/a/HjOF0gS https://imgur.com/a/HjOF0gS It's so barely different to an actual twitter thread where the same person is saying all three parts.

zapdrive 4y ago
In another news, Twitter is looking for fucks to give, none found yet. Search in progress
Gigachad 4y ago
Verified users shouldn’t be allowed to change their name without approval ideally. Guess it’s just too much work for the company.
can16358p 4y ago
Why would they? It would decrease engagement. A significant portion of Twitter is bots and fake profiles/scams and Twitter isn't best known for caring about users or being honest. More engagement (even if from fake profiles) = more ads to show = more money. This would decrease trust in the platform in the long run for sure but they probably think they're too big to fail without a good competition anyway.
- mratsim 4y ago
  > More engagement (even if from fake profiles) = more ads to show = more money. I'm surprised bots actually load ads.
  - can16358p 4y ago
    Bots don't. People who get more engagement due to bots do.
jbirer 4y ago
I have long suspected that Twitter (or people at Twitter) are colluding with the crypto scammers for a payout.

edf13 4y ago

And even here the spam/bot tweets are present... https://twitter.com/indosat/status/1570322826363559936 https://twitter.com/indosat/status/1570322826363559936 What's more worrying is that people are sending ETH to the scammers wallet: https://etherscan.io/address/0x266cfB7f9c908591FD69d79Dd46B4bF3609D5F2a https://etherscan.io/address/0x266cfB7f9c908591FD69d79Dd46B4... Currently at: $57k USD! Someone recently sent $12k USD! https://etherscan.io/tx/0x30661485e12c1e3991369110b6a511f9c28cdc2f68d2abbbdd0ef884e3dba17e https://etherscan.io/tx/0x30661485e12c1e3991369110b6a511f9c2...

viraptor 4y ago
Fortunately lots of it may be sent by the scammer themselves to add some soc-eng "proof" that others are also sending money.

pwdisswordfish9 4y ago

Merge of what? Trans-dimensional merge like CWC believes in?

amanzi 4y ago

My only crypto-mining success is that I mined an ether back in the day when it was worth $10. I have it stashed away for a rainy day, but I have no idea if it's going to be worth anything in the future. Can anyone give a TLDR of what this merge means?

bsaul 4y ago
They changed the underlying algorithm for determining who to trust to validate transactions in the system. This new algorithm requires 1% of the computer power of the previous one, and supposedly work just as fine.
- mratsim 4y ago
  0.0089%: source https://ethereum.org/en/energy-consumption/ https://ethereum.org/en/energy-consumption/ using Digiconomist figures. 22000x less energy consumed than Youtube or gold mining and 10000x less than Netflix.

qalmakka 4y ago

I hope this and future endeavors will stop the GPU hoarding madness for good.

Yuioup 4y ago

3 posts about this nonsense on the front page. Can we please stop destroying the planet with this global pyramid scheme? Seriously why isn't there a UN summit to tackle the Crypto problem?

ok_dad 4y ago
Well at least now they don’t use as much power.
- junofan 4y ago
  Based on parent comment, guess that wasn’t really the issue for the authoritarians.
bsaul 4y ago
Not a big fan of crypto, but at least the ethereum chain is building a very interesting stack of technologies (smart contract, token, etc). If any major crypto project has the chance of one day becoming useful at anything, my bet would be on this one.
- mccorrinall 4y ago
  Bitcoin has almost the same capabilities for smart contracts, except loops! Tokens can be implemented as well, see https://en.bitcoin.it/wiki/Colored_Coins https://en.bitcoin.it/wiki/Colored_Coins I am with Hal Finney here: Any successful replacement of the Bitcoin block chain will forever undermine the credibility of any successor. How is an investor to know that it won't happen again? Rebooting now may benefit a few thousand early adopters. What happens when hundreds of millions use Bitcoin 2? They'll be just as jealous and envious of you as you are of others. Given the precedent you want to set, how will you argue against yet another reboot? There is no point in ETH except making money.
  - mratsim 4y ago
    Why replace? It's not a winner-takes-all game.

ralusek 4y ago

Can someone explain why the move to PoS isn't going to reduce transaction time, increase network capacity, and reduce gas prices? Is this because of arbitrary parameters in place in order to keep that true? From a technical perspective, I don't know how a consensus mechanism moving from a system for which slowness/hardness is the mechanism...to instead moving to a system for which slowness need not even be a factor, could possibly not result in faster transaction speeds.

70rd 4y ago
There's a tradeoff between decentralization and throughput. In the extreme, only people owning entire datacenters could operate a full 'node' that would be processing 1 000 000 TPS. Slowness is not the mechanism, ETH had ~13 second block times before the merge. Bitcoin is slow because the difficulty is targeting longer block times, not because of inherent need for slowness. Difficulty is only required so that adverserial agents (with less than 51% of hashpower) can't rewrite the chain and change transactions.
mratsim 4y ago
The "only" thing that change was the consensus algorithm. That's good software engineering practice when you have hundreds of billions at stake. Minimize the bug surface. Furthermore there are other concerns, Ethereum prides itself in running on the most modest of hardware. Many stakers are staking on Raspberry Pi 4. A blockchain with large transaction speed require very powerful machines. It becomes impossible to sync with less than 1Gbps of bandwidth and storage cost becomes prohibitive. Doing so before implementing state expiry/rent to reflect the cost of storing data in a blockchain will reduce decentralization as hardware requirements require professionalization of node operators. Furthermore there is the rollup-centric roadmap for future scalability: https://www.reddit.com/r/ethfinance/comments/r26hhv/rollupcentric_ethereum_roadmap_november_2021/ https://www.reddit.com/r/ethfinance/comments/r26hhv/rollupce...
landemva 4y ago
They could go faster, but then they would be like the centralized Solana chain which is controlled by VCs. High throughput is easier using a centralized data center. Decentralization is good and is challenging to scale. I see eth making the right moves to keep the chain decentralized and accesible to those running nodes at home.