you gonna see this things unfold very soon, I think i have really no problems with ETH switching over using POS because it could save bunch of energies instead of being wasted and it’s for betterment of the planet and i’m sure that im all in if a platform like ETH are gonna go green.
sure POS maybe seems a lot more centralized than POW but you should also consider that maybe in the future this POS gonna be improving overtime if it’s being implemented from right and left and surely this could mean that maybe in the future POS just gonna be as secure and decentralized as POW today.
regardless thats just my 2 cents and I’m myself definitely just average joe in this field, I think the reasoning behind ETH switching over using POS already sufficient.
Topic: ETH going PoS is a huge mistake - page 2. (Read 255 times)
PoW is designed as a way to assure the security of the blockchain network. In PoW, otherwise mining, the creation of the next block relies on solving a very complex computer equation - thousands of nodes compete with computing power for the next block, it becomes very expensive to attack the network. PoS system favors entities with a higher amount of tokens, above those with lower amounts. That is why it may lead to centralization because is now concentrated on fewer hands (central authority). PoW and PoS has its pros and cons. IMO, Ethereum team will decide the best way forward without ignoring the security of the blockchain. They have to arrive at a compromise between high gas fees and the security of the blockchain.
Hard to say what the effect of bad decisions on market. Personally I definitely agree PoS is a bad idea but I guess the way they're doing it is slightly more different/complicated than regular PoS so maybe it's not as big a concern as we think.
Then again, market also doesn't care so much in the short term. People still buying up ETH waiting to get into PoS.
Then again, market also doesn't care so much in the short term. People still buying up ETH waiting to get into PoS.
Well that's all a big mistake but however Ethereum definitely wants to try a new atmosphere,
it's possible that the mining system with the concept of Rig mining is an Ancient concept that will soon be abandoned.
Now we are using a more modern concept with staking, such as evolving into DeFi, in which there are staking and farming features that look simpler.
it's possible that the mining system with the concept of Rig mining is an Ancient concept that will soon be abandoned.
Now we are using a more modern concept with staking, such as evolving into DeFi, in which there are staking and farming features that look simpler.
I don’t understand what’s the big mistake there. PoS requires validators to own a huge amount of ETH to run there own node and it’s same the with PoW mining because miners invest on mining rigs to dedicate there computing power to solve the blocks. A huge PoW mining company is same with Validators on node. They just differ on the method of there protocol. I’m in favor with PoS since PoW consumed a lot of energy even though it has same function of PoS that don’t require that much power.
Well that's all a big mistake but however Ethereum definitely wants to try a new atmosphere,
it's possible that the mining system with the concept of Rig mining is an Ancient concept that will soon be abandoned.
Now we are using a more modern concept with staking, such as evolving into DeFi, in which there are staking and farming features that look simpler.
it's possible that the mining system with the concept of Rig mining is an Ancient concept that will soon be abandoned.
Now we are using a more modern concept with staking, such as evolving into DeFi, in which there are staking and farming features that look simpler.
Eth is and will remain decentralized the pos change will benefit all those who do not have expensive gpu to be able to mine it people will be able to join pools to reach the 32 eth necessary for a node and start earning interest
I'm not ready for the Centralization and decentralisation war right now because very few projects are practising Decentralisation these days, the only project that has truly decentralised is BTC, with Ethereum I can't even tell, its like half baked cex and dex in one project.
The moment you say "there is no deny" about something that can be denied, you are wrong, and its not even just about this topic, its about any topic in the entire history of the world. There IS a deny that PoS leads to centralization, which means that you are not looking at it the right way. This isn't some validator that BNB has type of situation, thisi s proof of stake which means that any person in the entire world that can buy 32 ETH could end up doing this. So it doesn't eliminate anyone for any reason at all and if you want to keep "mining" just sell the GPU and buy ETH with it and you will still earn.
My bad thought why ethereum would want to change POS is for the project to be licensed or not open source open source anymore because that would be a big competition.
But I don't know, this is just my guess, apart from that the impact is that ethereum is becoming easier to mine than the previous mining system, will this have an impact like the price will go down because its rarity will decrease.
But I don't know, this is just my guess, apart from that the impact is that ethereum is becoming easier to mine than the previous mining system, will this have an impact like the price will go down because its rarity will decrease.
The number one problem affecting ETH right now is a high gas fee and if going PoS algorithm will fix this issue then it's not a huge mistake, it will never be a huge mistake, ETH needs to get better.
I think that you are not alone with this fear and doubt with the possible move of the whole Ethereum network to the PoS side and the main concern is that this can lead for the said platform to be moving away from being a decentralized one to the other side of the fence. Now, rightly so, there can be some good benefits for Ethereum if it will one day be under the PoS category and on top of that is that transaction gas can return to normal and stop the ongoing hemorrhage we are suffering while being users of Ethereum. Now, the question is: Will possible risks be minimized by possible advantages? Well, that remains to be seen.
It's been planned for a long time, I remember if anyone wants to stake, they need 32 ETH to participate.
I'm not very aware of how the ETH team will be doing it but I have heard that ETH will become Deflationary as well apart from being POS because they have the burning system. It may not be such a big mistake actually if this is the case although the miners may have to find some other tokens to mine which I guess is the reason for ETC's rise.
I don't know if I'm the only person feeling this way right now, Ethereum going PoS is a high mistake, its no deny that PoS always leads to centralization and the whole idea and points of crypto is decentralization, or am I wrong? What do you crypto guru think?
Sometime you must also think from the different perspective about the movement of ethereum from POW to the POS. WHy? it caused by there will always be advantage and disadvantage.I think that in this case you must also aware about the energy consumption that used by the POW blockchain. This can be said that when you are facing this and then you must also think about the earth.
Even when crypto like ethereum didn't give a lot of pollution to the earth but moving to the more conservative energy was so good.
I think hardware tech geeks will lose interest of course, theres no advantage to being a hardware nerd in pos. Out of all the models I think the 50% 50% pow pos is good, dash kida fucked it cause they keep changing things but theres a new coin pulsar that has a good 50 50- model that may not be total shit.
ETH should stay pow and just let the pos 2.0 eth be a different coin like etc, leave eth as eth
ETH should stay pow and just let the pos 2.0 eth be a different coin like etc, leave eth as eth
ETH dev team probably have done their risk assessment in gearing towards ETH 2.0. We may not be seeing the whole picture here but I believe, they know what they are doing. If in case they will fail, then, it is on them. Anyway, we have other networks now that we can choose from. We can't say this early that they are about to commit a huge mistake as we don't know what their future will be. We need to stay tune to follow their journey.
I think hardware tech geeks will lose interest of course, theres no advantage to being a hardware nerd in pos. Out of all the models I think the 50% 50% pow pos is good, dash kida fucked it cause they keep changing things but theres a new coin pulsar that has a good 50 50- model that may not be total shit.
ETH should stay pow and just let the pos 2.0 eth be a different coin like etc, leave eth as eth
ETH should stay pow and just let the pos 2.0 eth be a different coin like etc, leave eth as eth
I don't know if I'm the only person feeling this way right now, Ethereum going PoS is a high mistake, its no deny that PoS always leads to centralization and the whole idea and points of crypto is decentralization, or am I wrong? What do you crypto guru think?
How? How would it lead to centralization more then current system? If you are saying that only rich people will be able to stake, that's not true. There will be pools like in POW mining. And currently pow rigs cost a ton of money. Imho POW leads to centralization.
The demand for ethereum smartcontract platform is huge, and ethereum can only perform 15/TPS, this has led to the congestion of the network jerking up fees and people abandoning the network to start building with other platforms, to address this issue, they are building ETH2.0 a migration to POS, and sadly POS rewards whale more, I have been following the drama of $JUNO whale gamer.
I don't know if I'm the only person feeling this way right now, Ethereum going PoS is a high mistake, its no deny that PoS always leads to centralization and the whole idea and points of crypto is decentralization, or am I wrong? What do you crypto guru think?
PoS is centralization? I think that in terms of centralization and decentralization, nothing much will change. In both cases, those who have more power win. If in PoW the winner is the one who has more processing power, in PoS the winner is the one who has more coins for stacking. But in the case of PoS, mining will be a bit more accessible than before, because it is cheaper in terms of the cost of organizing mining.
I don't know if I'm the only person feeling this way right now, Ethereum going PoS is a high mistake, its no deny that PoS always leads to centralization and the whole idea and points of crypto is decentralization, or am I wrong? What do you crypto guru think?
How come POS will centralize ETH? I don't get your point. Rather I feel POS will actually make ETH more accessible to the common mass. You won't need expensive graphics card to mine it. Rather you can just buy some ETH from the market and pool stake with others. POS is effectively removing the barriers that bars the common mass to enter into mining of crypto due to high entry price. Also it will address the high gas fees which ETH users are facing since a long time now. The current gas fee is not sustainable and POW is unable to solve the issue so far. POS will help to distribute the gas fees across network through their algorithm which will reduce it to a great level.
Overall, I have seen positivity around this movement. Not sure what made you think it will end decentralization in ETH.
Be calm, ETH going proof of stake isn't finalised yet I'm expecting some kind of hybrid functionality where by PoW algorithm and PoS works in one box, we've seen few projects utilising such use cases before so lets wait till the time gets here and see what the final decision will be.
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