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>The telephone and email are also useful for legitimate transactions. Many people find Ethereum useful for legitimate transactions. In this case, you wouldn't

>The telephone and email are also useful for legitimate transactions. Many people find Ethereum useful for legitimate transactions. In this case, you wouldn't even be using Ethereum. Just the public-private key pairs created by the Ethereum browser wallet. >They also take many orders of magnitude less electricity than Ethereum Since implementing the merge, Ethereum uses very little electricity: https://www.coindesk.com/tech/2023/04/26/ethereums-lifetime-energy-use-before-the-merge-equaled-switzerlands-for-a-year/ https://www.coindesk.com/tech/2023/04/26/ethereums-lifetime-... >Ethereum’s energy consumption from the blockchain's inception in 2015 until it moved to a proof-of-stake (PoS) consensus mechanism late last year is about equal to that used by all of Switzerland in just a year, according to the University of Cambridge’s Centre for Alternative Finance (CCAF). * >CCAF estimates Ethereum will consume 6.56 GWh of electricity annually. To put that into perspective, the annual electricity consumption of the Eiffel Tower is 6.70 GWh, while keeping the lights on for a year at the British Museum requires 14.48 GWh. So your criticism is at least two years outdated. >The internal economics of the whole situation is absurd on its face. It is literally rotten and valueless, except for the purpose of cheating people. This sounds like another anti-free-market diatribe. Are you really unaware of the horror stories of Venmo and PayPal freezing customer accounts? Or of governments forcing their constituents to use hyper-inflating currencies? Arguments like this want a return to serfdom, under the control of officialdom. There is no other conceivable reason why someone would not want people to have at least the option of taking custody over their own money, in a form more useful than physical cash.

jurynulifcation 3y ago
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- kinakomochidayo 3y ago
  Only for now, because the minimum is 32 ETH to solo stake. Even then, people can run Rocket Pool minipools with 8 ETH and eventually, it’ll go down even more. And if you still don’t have enough, you can just buy rETH so you get block rewards and MEV. You can’t even mine with Bitcoin PoW and break even, unless you buy ASICs, and even then, the % ROI is way less than what you’d get with Ethereum PoS (~3.3% for everyone, regardless of how much they stake) In that sense, Ethereum is way more equitable than Bitcoin. There are also layer 2s which make transactions less than 10 cents, and will be even less with the client updates around September this year.
  - jurynulifcation 3y ago
    See, the big problem is that people who buy into it can't be trusted to talk about it. There are vested interests everywhere afoot. I look this stuff up and there's just more about it from the perspective of the people who stand to gain by fooling me into it. This might all be factual. I simply don't care to take the time to fact check this large pile of jargon. Find me a resource that talks about this, that is also demonstrably not bought into the ecosystem and stands not to profit from it.
    - everfree 3y ago
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      - jurynulifcation 3y ago
        No, I'll make the gamble that people will realize the stupidity of the whole affair before it gets so far entrenched into society. And, you know what? If the rot ever does really spread that far? There's always the coffin for me. I will not live in a cryptocurrency first society, simple as. The loss of privacy and the dedication towards fucking over others is intolerable. I will not be joining your circle jerk parade, I will not be participating in making the world a worse place. Thank you, come again.
        everfree 3y ago
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        jurynulifcation 3y ago
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        everfree 3y ago
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- ETH_start 3y ago
  >Dude, proof of stake literally entrenches power to early movers There is no power in validation. Proof of stake requires people who stake to authenticate perfectly, or they lose a portion of their stake. You lose nothing from relying on a Proof of Stake network. >Do gas fees, long transactions times, and global gas wars still plague the ecosystem? If so, the assertion that it is "more useful than physical cash" seems just absolutely hilarious What is this "global gas wars" you refer to? Gas fees are quite low compared to international wire transfer fees, and that's ignoring new scalability technologies like zkRollups that reduce those fees more order(s) of magnitude. And unlike money held by a third party custodian like a bank or PayPal/Venmo, you don't have to worry about your account being frozen. And unlike with physical cash, you can can transfer it digitally across the planet. The transaction time is consistently 12 seconds since Ethereum moved to PoS. Ethereum doesn't have the issues of 10 minute block times that Bitcoin has. Your criticism is uninformed.

jurynulifcation 3y ago

[flagged]

kinakomochidayo 3y ago
Only for now, because the minimum is 32 ETH to solo stake. Even then, people can run Rocket Pool minipools with 8 ETH and eventually, it’ll go down even more. And if you still don’t have enough, you can just buy rETH so you get block rewards and MEV. You can’t even mine with Bitcoin PoW and break even, unless you buy ASICs, and even then, the % ROI is way less than what you’d get with Ethereum PoS (~3.3% for everyone, regardless of how much they stake) In that sense, Ethereum is way more equitable than Bitcoin. There are also layer 2s which make transactions less than 10 cents, and will be even less with the client updates around September this year.
- jurynulifcation 3y ago
  See, the big problem is that people who buy into it can't be trusted to talk about it. There are vested interests everywhere afoot. I look this stuff up and there's just more about it from the perspective of the people who stand to gain by fooling me into it. This might all be factual. I simply don't care to take the time to fact check this large pile of jargon. Find me a resource that talks about this, that is also demonstrably not bought into the ecosystem and stands not to profit from it.
  - everfree 3y ago
    [flagged]
    - jurynulifcation 3y ago
      No, I'll make the gamble that people will realize the stupidity of the whole affair before it gets so far entrenched into society. And, you know what? If the rot ever does really spread that far? There's always the coffin for me. I will not live in a cryptocurrency first society, simple as. The loss of privacy and the dedication towards fucking over others is intolerable. I will not be joining your circle jerk parade, I will not be participating in making the world a worse place. Thank you, come again.
      - everfree 3y ago
        [flagged]
        jurynulifcation 3y ago
        [flagged]
        everfree 3y ago
        [flagged]
ETH_start 3y ago
>Dude, proof of stake literally entrenches power to early movers There is no power in validation. Proof of stake requires people who stake to authenticate perfectly, or they lose a portion of their stake. You lose nothing from relying on a Proof of Stake network. >Do gas fees, long transactions times, and global gas wars still plague the ecosystem? If so, the assertion that it is "more useful than physical cash" seems just absolutely hilarious What is this "global gas wars" you refer to? Gas fees are quite low compared to international wire transfer fees, and that's ignoring new scalability technologies like zkRollups that reduce those fees more order(s) of magnitude. And unlike money held by a third party custodian like a bank or PayPal/Venmo, you don't have to worry about your account being frozen. And unlike with physical cash, you can can transfer it digitally across the planet. The transaction time is consistently 12 seconds since Ethereum moved to PoS. Ethereum doesn't have the issues of 10 minute block times that Bitcoin has. Your criticism is uninformed.