Topic: Eth 2.0 can be delayed to 2024... - page 7. (Read 2620 times)

The best news of the rebel fork is that Vitalik Buterin's funds will be deleted. Together with all the POS lovers. Slava Ukraine!

All ethereum holders that haven't locked their funds will receive the same amount ethereum in the rebel fork. 1:1. The Implementation is done by a team of old Bitcoin devs.
You will get Ethereum lightning, dynamic blocksize to avoid expensive gas price (gwei) (We don't like that people in power control the gas price ), adding ethash+gpu minable randomx POW to avoid  asic attacks, refactor codebase to avoid buffer attacks- +++

The rebel fork will be supported by all the miners in the world 100 million++, all the miningpools, all the miner devs, And big companies like NVIDIA and AMD.

A rebel fork testnet has successfully been launched. With 100% of the nodes working as expected. Ready to be deployed.

1. The Ethereum POS stake holders funds will be vaulted.
2. The difficulty bomb has been removed.
3. The London fork burning code will be reverted.


The rebel fork will be supported by some of the biggest exchanges in the world.

Ethereum POW=Ethereum Classic.
Why do we need another worthless coin?
The NVIDIA GeForce RTX 3090 profit is $1.24 ($0.05 per kilowatt). If the new Ethereum2 POW coin costs $100, then the profit with the TOP GPU will be 12 cents.
What if Ethereum2 POW costs $30 or less?

If that happens we all know who will win and I hope it ends like that if the devs really want to move to POS,one of those coins will be called Ethereum 2.0 inevitably but not for long as if they are divided one coin in POS and the other in POW we all know the lot of flaws in POS coins and most probably the POS version will end up in the trash pretty quickly.

I never thought of this scenario which I am liking and this should be a great problem solving regarding mining and moving to POS.

What percentage of Bitcoin holders are miners? Probably less than 10%. Not everyone is needed to stake Ethereum to secure the network. In the same way that you don't need 51% of Bitcoin holders to be miners.

There are currently over 300,000 Ethereum validators.

This of POS as a voting system. currently only 10% of the supply is supporting the transition to POS and end of POW. we will end up with 2 coins. Ethereum POW, Ethereum POS.

Is Cardano the closest to Ethereum? I think its Avalanche, 🤔 anyways which ever it is I planned to become rich and the only way is if BTC goes down to 10,000$ and Ethereum goes to hundreds once again.

You would lose money attacking the proof of stake Ethereum chain also. Dishonest validators get their ETH slashed.

Except that the three pools lose money making an attack so why do it?

Face it POS = piece of shit

and with the entire crypto market unwinding the fear of POS is greater.

So with luck My gpus which have been mining will keep mining and eth will not go pos for 18 months or more.

Source for that?

That's not correct. Only the staked ETH will be validators. Just holding ETH in a wallet does not mean you would be validating transactions. You would either have to setup a 32 ETH validator or join a staking pool if you have less than 32 ETH to stake. IF you have 500 ETH and want to do solo staking you would have to setup fifteen 32 ETH validators. The remaining 20 ETH would have to be staked on a staking pool.

And currently 10% of ETH is staked, not 8.3%. It has increased.

You would need 51% of the 10% staked ETH to execute a 51% attack. There are over 300,000 validators. You would need to control more than 150,000 validators for a 51% attack. And doing this would mean your ETH could be slashed if you are a dishonest validator. Bye bye your funds.

Currently only 8.3% of the total ethereum supply is staked ETH. You only need 8.31% to do a 51% attack. If the price continue
to fall, the network will become less secure..

How can you do a 51% attack with 8.3%? That makes no sense at all. You need 51% to make a 51% attack. What's your source for that 8.3% claim?

https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/#:~:text=in%20its%20history.-,Proof%2Dof%2Dstake%20and%20security,ETH%20(about%20%2415%2C000%2C000%2C000%20USD).

PROOF-OF-STAKE AND SECURITY
The threat of a 51% attack still exists on proof-of-stake as it does on proof-of-work, but it's even riskier for the attackers. A attacker would need 51% of the staked ETH (about $15,000,000,000 USD). They could then use their own attestations to ensure their preferred fork was the one with the most accumulated attestations. The 'weight' of accumulated attestations is what consensus clients use to determine the correct chain, so this attacker would be able to make their fork the canonical one. However, a strength of proof-of-stake over proof-of-work is that the community has flexibility in mounting a counter-attack. For example, the honest validators could decide to keep building on the minority chain and ignore the attacker's fork while encouraging apps, exchanges, and pools to do the same. They could also decide to forcibly remove the attacker from the network and destroy their staked ether. These are strong economic defenses against a 51% attack.

51% attacks are just one flavor of malicious activity. Bad actors could attempt long-range attacks (although the finality gadget neutralizes this attack vector), short range 'reorgs' (although proposer boosting and attestation deadlines mitigate this), bouncing and balancing attacks (also mitigated by proposer boosting, and these attacks have anyway only been demonstrated under idealized network conditions) or avalanche attacks (neutralized by the fork choice algorithms rule of only considering the latest message).

Overall, proof-of-stake, as it is implemented on Ethereum, has been demonstrated to be more economically secure than proof-of-work.

PROS AND CONS

300000 validators, but if one validator or a group of validators control 8.3% they can theoretically execute a 51% attack. with only 8.3% of the network. An attack on ethereum will not only affect Ethereum, but also all the other coins that base their security on the ethereum. Coins like Tether (68BUSD) , Usd coin (55BUSD) and other stablecoins.

Ethereum has over 300,000 validators on the Beacon Chain. 3 mining pools can theoretically execute a 51% attack on POW Ethereum. And 4 mining pools can theoretically implement a 51% attack o Bitcoin. Sounds like the validators might be more decentralized?

Network             Validator Count   % of Supply Staked
Cardano (ADA)                   2,977   69.60% of 33 billion circulating supply
Avalanche (AVAX)           1,199   49.38% of 246 million circulating supply
Ethereum Beacon Chain   309,169   8.2% of 119 million circulating supply

The so-called big loss that you are talking about will get worse when Ethereum goes PoS algorithm, Ethereum is no more decentralized from that point on and also it will lose its security in some ways, people don't really understand the value of PoW algorithm and what it adds to projects.

I don’t think it will be 2024. Maybe end of 2022 as the latest. The issue with crypto taking a dump is that many of those developers from ETH probably had tons of investments in other coins and tokens that they might quit developing to get a coding job elsewhere.

I am sure many of those developers had lots of money in Defi, stETH, NFTs and other alts. They lost tons of their network and might need get another job to support themselves. So I can see delays in their plans.

He is a competitor to Ethereum. And still jaded after being kicked out of Ethereum. Eth 2.0 will come out when the developers are ready, not when Hoskinson thinks.

Controlling the largest pools is not enough, you also need to control more than 50% of the mining software used. And you need to control it over a long period of time.