andreaorru

6 ms·

1. 1.▲
   by andreaorru 6y ago

   If all goes well, 2022 [0]. The transition will happen in multiple phases. IMHO it's very interesting from a software engineering perspective. - The Beacon Chain is already live (since December last year). It's going to act as the
2. 2.▲
   by andreaorru 6y ago

   Have you played Aavegotchi? [0] [0] https://www.aavegotchi.com/
3. 3.▲
   by andreaorru 6y ago

   Just want to point out that Ethereum 2.0 will be Proof of Stake, so moving forward the ecological argument is moot.
4. 4.▲
   by andreaorru 6y ago

   ASICs.
5. 5.▲
   by andreaorru 6y ago

   For those numbers you would be going through OTC, not buying on the open market, so the fees would likely be much lower.
6. 6.▲
   by andreaorru 6y ago

   It is relevant because I don't think the rest of the projects will end up absorbing all of Ethereum's hashrate. First of all, some of the current miners will sell their hardware and stake ETH instead, becoming validators. Secondly
7. 7.▲
   by andreaorru 6y ago

   The hash rate for all the other projects beside Ethereum is minuscule. Sure, some of it will move to other currencies, but my guess would be it won't be anywhere near 100% as you're suggesting.
8. 8.▲
   by andreaorru 6y ago

   While I'm optimistic on PoS and excited about Ethereum adopting it, I think Bitcoin and PoW are being unjustly demonized and the issue is far more complex than what meets the eye. I found this analysis insightful: https://co
9. 9.▲
   by andreaorru 6y ago

   There are a few (mostly Bitcoin forks), and you can probably make some profit mining them, but they are not big enough to have a significant impact on the global demand for GPUs. At this point, most crypto projects with any real traction (w
10. 10.▲
    by andreaorru 6y ago

    Yes! In fact that's one of the goals of the transition.
11. 11.▲
    by andreaorru 6y ago

    Sure, if you already have a mining rig, by all means keep mining! But I personally wouldn't make a big investment on it if I was only getting started now.
12. 12.▲
    by andreaorru 6y ago

    Yep. You can run a validator node by staking at least 32 ETH (or any amount through a staking pool). Nodes will still verify transactions and execute smart contracts, of course. But there's no hash lottery to be won for mining blocks.
13. 13.▲
    by andreaorru 6y ago

    Cool experiment. But I don't recommend getting into Ethereum mining now, as the network is on the verge of switching to Proof of Stake as part of the migration to Ethereum 2.0.
14. 14.▲
    by andreaorru 6y ago

    I guess we'll know more in the next few hours.
15. 15.▲
    by andreaorru 6y ago

    I'm also confused by the contradicting news. CryptoTwitter (and the markets) reacted enthusiastically...
16. 16.▲
    by andreaorru 6y ago

    "Contrary to online speculation, there was no finding that Tether ever issued tethers [USDT] without backing, or to manipulate crypto prices," said Weinstein, a former federal prosecutor. [0] [0] https://www.theblockcry
17. 17.▲
    by andreaorru 6y ago

    That's not entirely correct. Less than half of the demand for gold is for jewellery, and only a tiny percentage is used for technology. Almost half of it is held in vaults to act as a store of value. [0] Regardless of what the percenta
18. 18.▲
    by andreaorru 6y ago

    Thanks for sharing your perspective. I've read the entire article but it seems to discount the thesis that the technological revolution played a primary role. It seems to me that like most macroeconomics issues, it's a multivariat
19. 19.▲
    by andreaorru 6y ago

    What's your opinion on Layer 2 technologies like ZK and Optimistic Rollups?
20. 20.▲
    by andreaorru 6y ago

    Very possible. In that case, joke is on me. :)
21. 21.▲
    by andreaorru 6y ago

    I'm perplexed. I don't think we're looking at the same content. Perhaps you haven't read the entire thread but just the first 6 tweets?
22. 22.▲
    by andreaorru 6y ago

    Thanks, that looks amazing. It's gonna take me a while to digest it though. :) Does the article conclude that the correlation with the US going off the gold standard, and consequent change in monetary policy, is completely spurious?
23. 23.▲
    by andreaorru 6y ago

    And yet... https://wtfhappenedin1971.com
24. 24.▲
    by andreaorru 6y ago

    Look up "social recovery wallets" (i.e. Argent). Here's an article by Vitalik Buterin himself making a case for it: https://vitalik.ca/general/2021/01/11/recovery.html
25. 25.▲
    by andreaorru 6y ago

    Disingenuous. That's not the only argument that is being presented.
26. 26.▲
    by andreaorru 6y ago

    I'm having your same exact doubts. The quality of the conversation about cryptocurrencies here on HN is abysmal. Misinformation, or outdated information, is rampant. Maybe that's the case for everything else that is discussed here
27. 27.▲
    by andreaorru 6y ago

    Of course, I've read everything, including the article by Nic Carter [1] (which I highly recommend) and all his related articles on the subject. The comparison with gold mining is quite apt actually - one of the use cases for Bitcoin i
28. 28.▲
    by andreaorru 6y ago

    The energy argument has been debunked over and over again. I recommend you read this thread by Yassine Elmanjdra (analyst at ARK Invest): https://twitter.com/yassineARK/status/1360343382556483587?s=...
29. 29.▲
    by andreaorru 6y ago

    Is Amazon still just an online book store?
30. 30.▲
    by andreaorru 6y ago

    How about optimistic and ZK rollups?