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An endless parade of articles attacking Bitcoin mining have been flooding in since since Ethereum switched consensus mechanisms. Almost enough to make one a con

An endless parade of articles attacking Bitcoin mining have been flooding in since since Ethereum switched consensus mechanisms. Almost enough to make one a conspiracy theorist.

wmf 4y ago
Or many people independently made the obvious observation that it's now possible to maintain a blockchain without wasting energy.
- jkepler 4y ago
  Yup. Ethereum is now ruled by the riches people in that network. Sounds an awful lot like legacy financial networks that are also run by the rich. The question is, can a truly decentralized blockchain maintain its security against all adversaries without proof of work?
  - exo762 4y ago
    You are mistaking two different types of consensus. Social one: we are running this software, which encodes particular rules; we have a roadmap; we are sharing similar values. Technical one: transaction A came before transaction B. Proof of Stake is responsible for technical consensus and nothing else. Your statements are of low resolution.
  - socialismisok 4y ago
    Wait, why wouldn't that be true for Bitcoin too? Surely the folks who can afford the most Asics can exert the most control... Both Ethereum and Bitcoin are subject to basic laws of capital... The rich were always going to benefit the most.
    - strings29 4y ago
      Bitcoin miners do not control the network. People that run bitcoin nodes do.
      - socialismisok 4y ago
        Full nodes do, sure. But the point stands. Who controls which blocks are proposed and validated? Whoever can buy the most nodes and miners.
        strings29 4y ago
        If you had that many miners. You'd benefit more from mining then destroying the network. It's effectively financially impossible to attack the network through mining. Its the whole reason PoW is used since energy tethers bitcoin within the realm oh physic. Real world limitations are required to produce digital scarcity.
      - Ekaros 4y ago
        The nodes are pretty much useless without miners... Ofc they can pass historical records around and transactions that never happen.
        taolegal 4y ago
        Not true. First off, any number of miners could exist and the difficulty adjustment keeps the blockchain growing at a steady rate. Independent, easy & decentralized nodes are almost all that matter.
  - Telemoto 4y ago
Gigachad 4y ago
There have been an endless number of articles attacking bitcoin for as long as it has been known to the public. It’s abhorrent that it’s been allowed to waste so much power for this long.
imtringued 4y ago
What? Ethereum mining is gone, only Bitcoin is left. So what did you expect? Did you think people will talk about Ethereum classic or the POW fork?

An endless parade of articles attacking Bitcoin mining have been flooding in since since Ethereum switched consensus mechanisms. Almost enough to make one a conspiracy theorist.

wmf 4y ago

Or many people independently made the obvious observation that it's now possible to maintain a blockchain without wasting energy.

jkepler 4y ago
Yup. Ethereum is now ruled by the riches people in that network. Sounds an awful lot like legacy financial networks that are also run by the rich. The question is, can a truly decentralized blockchain maintain its security against all adversaries without proof of work?
- exo762 4y ago
  You are mistaking two different types of consensus. Social one: we are running this software, which encodes particular rules; we have a roadmap; we are sharing similar values. Technical one: transaction A came before transaction B. Proof of Stake is responsible for technical consensus and nothing else. Your statements are of low resolution.
- socialismisok 4y ago
  Wait, why wouldn't that be true for Bitcoin too? Surely the folks who can afford the most Asics can exert the most control... Both Ethereum and Bitcoin are subject to basic laws of capital... The rich were always going to benefit the most.
  - strings29 4y ago
    Bitcoin miners do not control the network. People that run bitcoin nodes do.
    - socialismisok 4y ago
      Full nodes do, sure. But the point stands. Who controls which blocks are proposed and validated? Whoever can buy the most nodes and miners.
      - strings29 4y ago
        If you had that many miners. You'd benefit more from mining then destroying the network. It's effectively financially impossible to attack the network through mining. Its the whole reason PoW is used since energy tethers bitcoin within the realm oh physic. Real world limitations are required to produce digital scarcity.
    - Ekaros 4y ago
      The nodes are pretty much useless without miners... Ofc they can pass historical records around and transactions that never happen.
      - taolegal 4y ago
        Not true. First off, any number of miners could exist and the difficulty adjustment keeps the blockchain growing at a steady rate. Independent, easy & decentralized nodes are almost all that matter.
- Telemoto 4y ago

Gigachad 4y ago

There have been an endless number of articles attacking bitcoin for as long as it has been known to the public. It’s abhorrent that it’s been allowed to waste so much power for this long.

imtringued 4y ago

What? Ethereum mining is gone, only Bitcoin is left. So what did you expect? Did you think people will talk about Ethereum classic or the POW fork?