Topic: ETH going PoS is a huge mistake (Read 255 times)

being like everyone else is not a bad thing. POS may be synonymous with centralized systems, but we have to admit this is exactly what ethereum needs today. there is nothing wrong with POS, this change will not make ethereum deprecated. whatever happens as long as it solves scalability issues, the ethereum community will accept it. so don't ever think that ethereum using POS is a mistake.

It was in 2016 that the coin had a fork due to problems with hacking the Decentralized Autonomous Organization (DAO). A coin is decentralized only when its developers do not try to solve the problems of another organization through soft forks and violating the basic principles of the blockchain.

ETH going PoS might even be the biggest move ever, we've seen how many miners and investors are looking forward to staking their Ethereum coins, I think the demand for ETH PoS has already filled the air, this won't drag ETH down.

Yeah! they cannot sacrifice their hard work by suddenly making it just like that because if ever that will happened, it will be sure a huge loss for them, and they will gonna regret it if some project will be managed to get their position in the crypto industry by putting all the features the investor wanted in their platform. right now it's just all about planning from the Ethereum teams we might not see the full roadmap of it for the next months to come until they finalized and reviewed it.

It's caused by almost all of ethereum competitors are using POS right now and if Ethereum will be moving to the POS and there will be no something unique from this coin anymore. The POW consensus has been making it to be truly decentralized. The fact that if you are also seeing how people like about how decentralized ethereum is.
The popularity of ethereum will remain the same for ethereum but the only thing that will happen if it will be decreasing the demand.

Your perspective is one-sided and it is not compatible with what is currently happening in this space. Decentralization is clearly a fundamental thing in this market, but in essence, centralization is not lost, it is being built out of decentralization. So don't be tied down by your narrow understanding. When PoS is considered an urgent solution for ETH these days, its ecosystem is getting bigger and bigger, so it will be outdated if you still keep your privacy. Today, new platforms are appearing that meet the criteria that users need, and ETH is still in the process of change, despite many problems, but it is always the top thing in the market. 

hopefully they will just stay hybrid and not go full pos. if they go to only pos, I think it wont be as popular

That is true but ETH devs said something about staking less than 32 ETH after "Sharding" is implemented on the Blockchain. If I'm not mistaken, it'll be possible to stake 32 ETH through the use of staking pools. The 32 ETH requirement is only for validators who want to stake coins by themselves without relying on a third party (in this case, a staking pool service). At today's price, that's a hefty amount of money. But DASH is on the same boat with a requirement of 1,000 DASH just to become a masternode. All I care about is decentralization so as long as decentralization is prioritized, nothing else matters.



Money talks so whenever there's money involved, you can expect the unexpected. I was astonished to see Binance supporting the centralization of the STEEM blockchain via the use of customer's funds. For a decentralization proponent like CZ himself, I'd say such a move greatly contradicts him. Even Huobi did the same thing as Binance. What makes you think something similar will happen with ETH when big money is involved?

With PoS, big exchanges will have all of the power to roll back transactions and do whatever they want with the Blockchain. Most people won't care about the situation because they prefer convenience on top of decentralization. But for some, this will mark the end of Ethereum as the "King of Altcoins". At least, we'll have Ethereum Classic as a decentralized alternative to the standard ETH blockchain. Just my thoughts

I think that the ethereum developers have been thinking about this before it was trying to implement it. There are two chains that will be merged soon. Being POS will not always become negative as it will be less decentralized compared when ethereum was using POW. Being a hybrid blockchain can be also a solution but this is not stable for the long term of ethereum.
There would always be dis and advantage from the implementation of POS and i think that this was also coming from so many process.

I think Ethereum developers are going to take an important and positive step to replace their network from pow to pos and it's obviously necessary to them to make Ethereum network more progressive in future as we know the high transaction fees are a big problem on Ethereum network which may leave negative impact on it sooner or later that's why the developers of Ethereum network finds pos algorithm much capable for the network and it will definitely boost its further progress.

is centralization really bad for you? although it is a solution for scalability?
right now that's all ethereum can think of to solve the problem. and why only ethereum are you looking down on, when there are a lot of blockchains out there that use POS. anyway the ethereum community doesn't completely reject this system, most support this system being implemented as soon as possible.

I'm not a cryptocurrency guru, but what you say is not wrong, basically
cryptocurrencies are more decentralized if they are mined using mining rig machines.
However, Ethereum instead chose to make the project change it from a Mining Concept with Rig Mining to a POS System, the basis is indeed centralized but I'm sure they want to dive further with the current development of cryptocurrencies.
You know what DeFi looks like? DeFi has something in common with PoS systems they have staking and farming features, I think Ethereum wants to keep up with that so it can adapt to future trends.

With the ETH price today, a regular person couldn't afford to have 32 ETH. Is it even worth than holding BTC?


Steem can't be forgotten by the ones who were ripped. Some of those users think Binance has something to do with it actaully. It could once again happen to other POS tokens today which investors also thought it's decentralized.

It's hard to counter the information for these investors to move out of the exchange because it's convenient for them to stay on exchanges even with the locking period.

POS can centralize ETH as big exchanges will be able to dominate the Blockchain with customers' stakes. In case you weren't aware, something similar happened a few years ago with the STEEM/HIVE hard fork. Big exchanges like Huobi and Binance used their customers' holdings to "vote" in favor of the controversial STEEM hard fork which "stripped" away witnesses' (validators) balances on the Blockchain. Imagine if something like that happened with ETH. It would be disastrous!

Despite POW's downsides, I think it's still a better option for decentralization than POS. Critics may say POW is energy-intensive and all, but the fact is there's no other consensus algorithm which prioritizes decentralization above all else. It's no wonder why Bitcoin is still a POW coin, despite many other cryptocurrencies going towards an alternate route (POS). At least, there's hope for ETH's decentralization as the community can create a new fork that would not be subject to the likes of POS. As long as decentralization and censorship-resistance wins in the long run, nothing else matters. Just my thoughts

The 32 ETH part could be the one that gets people. It means that only the rich people can validate because 32 ETH means over 100k dollars total, and that is why people are worried they would not become a part of it. However, what people are forgetting is that there are staking pools, which means that thousands of people can get together and pay only a tiny bit of money and then pool that money together to start earning.

If it is 5% then you get 5% that way as well. It is really not a big deal. Proof of Stake is also not a new thing, it has existed for a long time in the crypto world and we can see how it succeeded and failed all the same, it only matters who does it, not how.

Well, I don't think you really understand what PoS mean, and yes, cryptocurrencies are built to be a decentralized form of money and payment for goods and services,  and from my own perspective, Ethereum going PoS doesn't not deter it from its decentralized nature, it doesn't mean the Ethereum ecosystem is now centralized, going PoS I personally believe will benefit the network alot as this will help to take power away from miners and hand it over to users/holders/stakes, this will in turn help to drastically bring down the high transaction fees which have plagued the network since the rise of crypto kitties(if anyone still remember that project).

This comment is pointless, its cheaper to buy GPU to mine Ethereum, have you checked the ETH PoS requirement? It costs thousands of dollars, I heard you need 10 ETH or more to stake ETH whereas a GPU costs 340$ (GTX 1660 ), do your own research.

I don't think it's a mistake, but a smart move to make rich people even richer. Especially without the influence of miners it will become easy for those who have a lot of coins. I think Ethereum's move to POS algorithm is the scam of the century. It's a game for the big whales that all the miners will fall away from. There has been talk of centralisation or decentralisation between POW or POS for a long time and so far many are in favour of POW projects which are more decentralised.

no problem with Ethereum moving to the POS Algorithm, in fact I can fully support if Ethereum is faster to POS,
because the POS algorithm has the advantage of reducing Gas Fees and minimizing pollution due to mining,
don't worry, because the PoS algorithm is also decentralized, not centralized, because Ethereum is not a token

Well, many projects choose to option of proof of stake rather than proof of work because the operational and scalability of the 1st POS is more flexible since it is seen as the less energy and eco-friendly way of processing the transaction.