Ethereum converting to proof of stake will lead to it's inevitable destruction

laserfocused

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Quote from: r0ach on May 29, 2017, 03:40:08 AM

I'm not really a huge fan of Ethereum so if the devs decide to bring it down like the Hindenburg it's not going to be a big deal to me, but I'm sure some people will mind. In this post I explain in detail why proof of stake has no value, and of course neither does proof of work once ASIC are created:

http://steemit.com/steemit/@r0achtheunsavory/the-r0ach-report-14-defining-if-cryptocurrency-has-a-value-or-zero-value-from-a-fundamental-scientific-perspective

I know this is old, but it was such a great topic I had to reply. I posted this comment on your steemit article.

This was a very powerful read. Thank you for sharing. I am not able to refute your arguments on POW vs POS. What I can refute is your claim that based on certain conditions not being met for POW/POS then it has not value. Value is derived not from the type of system that a coin was created on, although that plays into it. However ultimate value is based on its utility and its demand, and both Bitcoin and Etherum have shown that it has both. ETH has shown utility with its ability to execute smart contracts which creates utility among multiple parties which enables transactions to take place based on certain conditions. This has driven up the demand for ETH as investors have had to purchase ETH in order to send it to the ICO. The ICOs (the good ones), have in turn, used those funds to create a product or service that has generated value for society. This is value...

benthach

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Quote from: dennyd999 on May 30, 2017, 07:25:21 AM

Quote from: benthach on May 30, 2017, 03:49:07 AM

Quote from: r0ach on May 29, 2017, 03:40:08 AM

I'm not really a huge fan of Ethereum so if the devs decide to bring it down like the Hindenburg it's not going to be a big deal to me, but I'm sure some people will mind. In this post I explain in detail why proof of stake has no value, and of course neither does proof of work once ASIC are created:

http://steemit.com/steemit/@r0achtheunsavory/the-r0ach-report-14-defining-if-cryptocurrency-has-a-value-or-zero-value-from-a-fundamental-scientific-perspective

my concern this pyramid scam will never go pos

PoW is centralised by China miners.It is extremely uneffective and with growth of difficulty will be simply impossible to exist.

Right now Bitcoin miners are using energy as a whole Denmark. Its useless waste..

PoS is based on code...it is like human nervous system will be autonomous and independent in future.
And it is not wasting electricity.

what the f this have to do with my replied and relevant to it?
like i always said seen the beginning, this pyramid scam will never or will drag on forever from moving to POS.
this pyramid scam eth will die out when we could removing one of the two options below;
1.polioniex - this exchange is survive and thrive today because of eth, it will always protecting and advertising this pyramid scam eth at all cost.
2. eth moving from pow to pos - this will take sometime

while we waiting for one of this option to happen i encourage everyone to test out waves platform wallet or read ark whitepaper.

douglock

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Quote from: o0‡0o on May 29, 2017, 05:53:54 AM

It was always planned to change to pos otherwise the have unlimited supply.

I agree. It will cause the inflation in the price of ethreum and it will no longer be a top coin anymore

ðºÞæ

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Quote from: mining1 on May 30, 2017, 09:55:17 AM

That is just low quality FUD. I would only attempt to troll only if i knew i wouldn't embarass myself, just like you do.

Would you care to provide rock solid evidence before spreading fud.
Not some guy somewhere sometime said something that probably something will happen.
On what day pow stops and pos starts. What will be the total number, currently its ~ 92mil

Quote

Ether (ETH), the cryptofuel that powers distributed applications on the Ethereum platform, will be issued at a constant annual linear rate via the block mining process. This rate is 0.3 times the total amount of ETH

The Original Fud Story
60 million + 12 million + 18million = ~90million
60 million - is the Pre-sale.
12 million - is the dev fund, 0.2coins per 1 coin sold in the crowdsale.
~18 million - 1 million coins mined per month for 18 months prior to going from POW to POS.

mining1

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That is just low quality FUD. I would only attempt to troll only if i knew i wouldn't embarass myself, just like you do.

ðºÞæ

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Bitcoin © Maximalist

Quote

eth will switch to POS

No
The number of coins released per year will stay constant at 15.6 million Ether Units forever.

mining1

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Quote from: dennyd999 on May 29, 2017, 08:00:10 PM

Quote from: mining1 on May 29, 2017, 06:32:29 PM

Won't be such thing as "limit". But there will be between 100-110mil tokens. POS will have most likely ~1% inflation, meaning 1mil tokens will be minted each year. That barely covers the lost and burned tokens over the year.

Am I understand you right? After Ethereum code will switch to Metropolis protocol:

Only 1% from all transactions in ETH network will be "recognized" by Casper as PoS.

All other 99% of transaction will remain as PoW?

I wasn't talking about metropolis, i was talking about POS. In approximately 1 year time, eth will switch to POS, with ~1% inflation. Meaning, only 1% tokens out of the total supply will be created each year.

About metropolis and after, nothing is certain yet, details are still being discussed.

dennyd999

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Quote from: benthach on May 30, 2017, 03:49:07 AM

Quote from: r0ach on May 29, 2017, 03:40:08 AM

I'm not really a huge fan of Ethereum so if the devs decide to bring it down like the Hindenburg it's not going to be a big deal to me, but I'm sure some people will mind. In this post I explain in detail why proof of stake has no value, and of course neither does proof of work once ASIC are created:

http://steemit.com/steemit/@r0achtheunsavory/the-r0ach-report-14-defining-if-cryptocurrency-has-a-value-or-zero-value-from-a-fundamental-scientific-perspective

my concern this pyramid scam will never go pos

PoW is centralised by China miners.It is extremely uneffective and with growth of difficulty will be simply impossible to exist.

Right now Bitcoin miners are using energy as a whole Denmark. Its useless waste..

PoS is based on code...it is like human nervous system will be autonomous and independent in future.
And it is not wasting electricity.

benthach

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Quote from: r0ach on May 29, 2017, 03:40:08 AM

I'm not really a huge fan of Ethereum so if the devs decide to bring it down like the Hindenburg it's not going to be a big deal to me, but I'm sure some people will mind. In this post I explain in detail why proof of stake has no value, and of course neither does proof of work once ASIC are created:

http://steemit.com/steemit/@r0achtheunsavory/the-r0ach-report-14-defining-if-cryptocurrency-has-a-value-or-zero-value-from-a-fundamental-scientific-perspective

my concern this pyramid scam will never go pos

mining1

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It's not just about being more "ecological", but more efficient of a system as a whole. @r0ach is just a troll.

jason943

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I don't think so. PoS is much more economic and ecological, stop wasting power on meaningless PoW, PoS will be the future.

dennyd999

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Quote from: mining1 on May 29, 2017, 06:32:29 PM

Won't be such thing as "limit". But there will be between 100-110mil tokens. POS will have most likely ~1% inflation, meaning 1mil tokens will be minted each year. That barely covers the lost and burned tokens over the year.

Am I understand you right? After Ethereum code will switch to Metropolis protocol:

Only 1% from all transactions in ETH network will be "recognized" by Casper as PoS.

All other 99% of transaction will remain as PoW?

It is planned to fully switch on PoS in Serenity protocol if nothing extraordinary will happens.. But Serenity protocol come much more latter and not this year for sure. Serenity upgrade and full switch to PoS is planned about year 2021 when mining difiiculty of ETH will be extremely high.

In Metropolis upgrade Ethereum will just test 1% of network for PoS. It is deffinetly too early to say that Ethereum goes to PoS this year.

mining1

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Won't be such thing as "limit". But there will be between 100-110mil tokens. POS will have most likely ~1% inflation, meaning 1mil tokens will be minted each year. That barely covers the lost and burned tokens over the year.

worldmain

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Quote from: o0‡0o on May 29, 2017, 05:53:54 AM

It was always planned to change to pos otherwise the have unlimited supply.

Whats the limit after POS?

mining1

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Quote from: Ayers on May 29, 2017, 05:15:09 AM

the activation is at 75% but they are not sure anymore if they go with full pos, i think they would make a wise decision if they stay as it is now, to avoid destroying the hashrate of other currency, because if ETH pow go down, all the hash will make everythign not profitable, and increase mining centralization, which is never good

You're not very clever, are you ? Why wouldn't they be sure, where did you pull that from ? And the activation at 75%, dude you're dumb. A simple version of casper is 75% ready, but this ain't like segwit activation.

And then you're saying eth shouldn't go to POS because there are too many GPU's farming on it and they would destroy the profit of the other coins, when these gpu's will mine on them. Why would eth care ?

o0‡0o

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Have faith.

It was always planned to change to pos otherwise the have unlimited supply.

Ayers

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the activation is at 75% but they are not sure anymore if they go with full pos, i think they would make a wise decision if they stay as it is now, to avoid destroying the hashrate of other currency, because if ETH pow go down, all the hash will make everythign not profitable, and increase mining centralization, which is never good

r0ach

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I'm not really a huge fan of Ethereum so if the devs decide to bring it down like the Hindenburg it's not going to be a big deal to me, but I'm sure some people will mind. In this post I explain in detail why proof of stake has no value, and of course neither does proof of work once ASIC are created:

http://steemit.com/steemit/@r0achtheunsavory/the-r0ach-report-14-defining-if-cryptocurrency-has-a-value-or-zero-value-from-a-fundamental-scientific-perspective

Topic: Ethereum converting to proof of stake will lead to it's inevitable destruction (Read 1969 times)