Topic: Ethereum Merge: The most anticipated upgrade on Ethereum blockchain (Read 326 times)

Ethereum was doing merge update in the wrong time. This must be done when market turns to be bullish. Ethereum was taking a wrong decision and as the result from the bearish trend that happens in the market if the merge has no impact to the price. It was following what bitcoin does again. POS will worth only for long term period. You must remember that if ethereum has burn mechanism and fixed supply will be giving long term impact

I closely monitored the situation with the Ethereum merge this month, but the price of Ethereum does not perform the way I expected. Although I had my reservation later this month since the way the market was behaving before the merge. It seems that it has been adequately priced-in between July-August, which was responsible for what we experienced after the merge. Ethereum rather sold off sharply than gain in price, I just hope that the transition from the proof of work to proof of stake would be worth it.

Merge is getting closer. Here is the merge countdown timer. Less than 20 days left before ETH 2.0

It's true that I thought the same as you at first, but we will have to wait for the next updates before we can see a drop in the ETH gas fee. In the past few days, ETH's price has had very impressive rallies, at one point ETH went up to $2000k, all thanks to the merge event. But the market fell right after the news around Mt.Gox so things are falling again.

Honestly my hopium count increases as soon as I read that, and sometimes I go back and read it again. It’s clear that they have a defined roadmap in the works and they know what they are doing. People are mad that it took this long but having something as huge as ethereum and still doing this kind of big move is not easy, it takes time and they keep on testing everything a million times before they move on. It’s a wonder they are even capable of trying to do something like this.

It’s not easy and it definitely will make everyone a bit more scary to participate right away, but overtime we are going to see ETH become so huge that even BTC could be shaky at the top.

I thought the update would focus on the reduction in the fee of the Ethereum network. I also had false hope about it but updates like this are still a good milestone for the betterment of the said coin. I guess it will take time for them to reduce the high fees of their network and they're taking step-by-step procedures to fix it. I just hope that this update would still have a good impact on the price of Ethereum.

The US authorities can destroy any cryptocurrency and the entire ecosystem, but there are also many people in the US who are lobbying for cryptocurrencies. I believe that bitcoin and ethereum are big ecosystem assets that have huge lobbies in the US, and these projects will not have regulatory issues as long as the big bosses need it.

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In Ethereum 2.0, the block time is 12 seconds, this will add 10% to TPS.

all eyes are on Ethereum Merge, even though I think Ethereum Merge will have a bad impact on Ethereum,
especially when there is news that Ethereum Merge will not affect Ethereum Gas Fee,
of course we know and expect that Ethereum Merge can reduce Gas Fee to be cheap,
but I don't know ,we can only wait and prove it after ethereum merge.

Good that they have this article which is more likely a FAQs.
This will help some people who are having hopium about the good effects of The Merge to the network of Ethereum.
The Merge seems the first step before the Ethereum network will totally become cheap in transaction fees or fast transaction speeds, and based on the article which clearly says it's like transitioning from proof-of-work to the proof-of-stake mechanism.

The latest information reaching me is that the merge will not have any reduction in fee, which is disheartening to me. But the other advantages are still welcome developments.

You might want to read this: https://ethereum.org/en/upgrades/merge/

Well, besides the small fact that you evaded the major substance of my post to reply to the three sentences at the top, you have no idea what you are talking about.  You are obviously just regurgitating whatever swill you drank down on “crypto Twitter”, on Youtube, or on some shitcoin shill site.  That is “research”, to your type.

Given my familiarity with the development process, I feel like I am entering some bizarre alternate reality whenever I see altcoiners pretend that Bitcoin doesn’t have the most active development of any coin.  It is a meme on so-called “crypto Twitter” and amongst “Youtube influencers”.  No exaggeration:  I have seen proponents of an altcoin based on a codefork of Bitcoin Core v0.11.2 claim that Bitcoin is way behind.  (Bitcoin Core is on v23.0, soon v24; due to a renumbering, the v0.11.2 was equivalent to v11.2.)

How can this urban myth persist?  One reason is that Ethereum and its competitors have a “move fast and break things” kind of attitude, whereas Bitcoin Core deliberately has a cautious, conservative development process.  Their goal is not to chase fads, or to be first to ship glitzy features:  Bitcoin’s goal is to be absolutely the most secure, most reliable financial network.  Thus although Bitcoin Core development is so active that it’s difficult to keep up with it, most of the activity is beneath the surface where tweety-types and idiotic “influencers” never see it.

Since you are the type to learn best from videos, I suggest watching what Gloria Zhao says about security:

https://www.youtube.com/watch?v=te-2ke6g3lU

With that being said, I do need to give credit where due.  For all its many faults, Ethereum has been good at three things.  I may cover those in another post sometime.  It is not worthwhile here—especially not whereby the proper topic is that with its switch to POS, ETH is turning itself into an illegal unregistered security.

Now, lest my crypto-anarchist friends suppose that I have suddenly turned legalist, I should add what I recently remarked in another thread:


You see, Mr. “EarnOnVictor”, you want to do something that is illegal in most jurisdictions:  Trade an unregistered security, i.e. a near-future POS version of ETH.  Whether or not it is wise or good, as a practical matter, Ethereum has no hope of getting away with it.

I do not have the foolish attitude of some Bitcoiners who believe that governments cannot shut Bitcoin down.  However, Bitcoin is incomparably more difficult to stop.  Regulators and politicians are not always so stupid as clueless Internet commentators presume; and I don’t doubt that some of the smarter ones take the cost of enforcement into consideration when they decide on their approach.  With Bitcoin, thus far, it seems they want to regulate with a relatively light touch.  I think that the cost of enforcement, combined with Bitcoin’s essential merit, constitute the major factors in the developing difference of regulators’ treatment of Bitcoin versus shitcoins.

I note that the Ethereum Foundation being in Swiss jurisdiction is meaningless, when the U.S. could throw the whole Ethereum ecosystem into turmoil simply by shutting down ConsenSys.  Whereas Bitcoin does not even have a centralized foundation, let alone any centralized critical infrastructure run by companies amenable to enforcement actions.  Bitcoin’s past experiment with a centralized foundation taught it lessons that Ethereum never learned; and it doesn’t really have any critical centralized infrastructure at all.

I advise you to go for more learning and stop behaving as if you know it all, I know your type. I repeat, Ethereum is the most actively developed blockchain. I am not a coder like I had iterated, yet I research a lot and stand by everything I write on the Bitcointalk forum.

It’s not.  Bitcoin is; but you obviously are not a developer.  I follow Bitcoin Core development, and I am familiar with the codebases of some altcoins; I know first-hand whereof I speak.


Since you are so very worried about legalities, I am curious to know your opinion of the regulatory risk that Proof-of-Stake will be found to be a securities offering (Axios, 2022-07-27).  The Axios article that I thereby linked was sent to me by someone in a discussion I started about this:  I think that POS is obviously an illegal unregistered securities scheme, besides being otherwise a reprehensible scam for plutocratic financial mass-manipulation.  Since American SEC Chair Gensler is only willing to say that Bitcoin is outside his agency’s jurisdiction (Axios, 2022-06-28), I think the writing is pretty much on the wall:  Ethereum is preparing to commit regulatory suicide.

The 27 July Axios article linked above was sparked by a tweet from a law professor, Adam Levitin of Georgetown University:
https://twitter.com/AdamLevitin/status/1550990967670554624

Professor Levitin pretty much just confirmed what I had already been saying:


Simple answer:  It won’t.  I have not-insignificant technical expertise in Byzantine fault-tolerant distributed consensus systems; that is my technical opinion, as well as my experience with both POW and POS:

• This is POW:  In 2017, a corrupt faction of hostile miners dominated by Jihan Wu/Bitmain maliciously attempted to usurp Bitcoin.  Their attacks included both economic attacks (forking Bitcoin), and in November 2017, an attempt to manipulate hashpower and difficulty adjustment to kill off the Bitcoin mainnet.  That last was a technical attack on Bitcoin’s POW security—on the POW security mechanism itself.  They failed in all attacks.
  
  
  Quote from: nullius on August 01, 2022, 04:04:14 PM
  Quote from: Lauda on June 15, 2017, 09:30:53 AM

  I have already stated that the ASIC monopoly and mining cartel are much more dangerous than any kind of scaling issues. Just so that we are clear, all these idiots in altcoins parading "we are the best, we will win next" will get crushed. This is the time to be watching and learning from Bitcoin, i.e. how Bitcoin combats and resists malicious actors such as Bitmain.
  
• This is POS:  In May of 2022, a Do Kwon and a colluding cartel of big DPOS companies executed a contentious hardfork of the Terra blockchain, against massive community opposition.  POS is a centralized system for the benefit of insider whales, falsely advertised under a thin veneer of fake “decentralization”.

I followed both events closely at the time.  All of my theories about POW were empirically proved in 2017.  In 2022, I was actually surprised by how easy it was for a group of whales to rule a POS blockchain as an oligarchy:  POS is worse than I had thought!

Few Bitcoiners, and almost no altcoiners understand the way that Bitcoin’s Nakamoto Consensus actually works.  They therefore are easily misled to believe that POS can replace POW.  It can’t.  It does not even achieve approximately the same objectives.

Ethereum is already significantly centralized—for instance, its ecosystem is substantially dependent on the central infrastructure of a single service, Infura, which is owned by a U.S.-based company in American jurisdiction, ConsenSys.  Ethereum already cannot be compared to Bitcoin’s decentralization.  In its consensus system, insofar as I can see, POW Ethereum is already much more centralized than POW Bitcoin.  Ethereum’s switch to POS will further consolidate its centralization.


Obviously.

This is a huge event which can potentially attract large amount of funds in DEFI sector. What is happening in Ethereum makes it more  secure, stable,scale able, energy efficient and will lower transaction fee. it is going to transform into an asset that will compel mega institutions to make huge investment in Ethereum based protocols.

This event is very difficult to predict in the short term. The reaction of miners and the community may be unexpected. ETH began to flow frequently to exchanges, maybe holders are getting ready to sell ETH on the background of the continuing growth. There is also news that the community is considering a PoW branch of ETH, which can cause a split in the network, as it was with ETC.

https://thetimeshub.in/michael-saylor-allowed-the-instability-of-ethereum-in-the-next-three-years/20500/
Michael Saylor allowed the instability of Ethereum in the next three years
"Saylor noted that it is important for institutional investors to see the finished version of the protocol that works without hacks on over 5–10 years. Massive upgrades at The Merge level open up new opportunities for hackers, he added."

In deed it will have very significant impact on Ethereum price as well as on transaction fee which has been a long standing issue of Ethereum network. I have already witnessed tangible difference in transaction speed translating into reduction in fee. The news of its upgrade triggered wave of bullish trend in market and price of Ethereum increased more than 50% during the last 2 weeks.

I know it is easy to predict the fact that we are going to end up with a merge and that will cause the price of everything to go up. This will of course be something that we will be doubting until it happens. ETH phase 2.0 will eventually happen and that will be the real key to bitcoins next bull, sure it is ETH run but crypto will be impacted all over and it will be going up a ton.

This is why I believe that we shouldn't be really looking to see how it will operate. At the end of the day crypto is crypto and if you doubt its success, then you will not have a part in it and profit from it. I will never doubt it, and I think this will bring in a lot of bull run for sure.

I'm not part of the coding team, those were the promises of the foundational members last week. I think when it is done, we will have more understanding about the upgrade. The general 5 phase upgrades might have increased the security of the system when done, while the proof-of-stake would increase reliability within the system.

Ethereum has now become the most dominant and successful blockchain project in the world. This creates space for developers to develop Dapps with little value. In the future, I believe Ethereum will be used as the main payment source in the world and interestingly, it seems that the current price of Ethereum does not reflect the real price of The Merge and it is Vitalik to give a clue that Ethereum will be supported by the world government in the future.

Many people are actually waiting for this because they thought that this can also fix the problem in the eth fees. Another thing which excites us is that the previous upgrades are always being postponed or delayed but I hope that this one if for real now. The month of July is now ending already, so that means that the first phase of the upgrade are now going to start next week or so. Oh yeah, that's nice.

Thinks OP, this is the cause of the bull in crypto. That cant be. I don't think anything related to eth or other coins can contribute in the overall market but only bitcoin has the ability to do that. Btc showed an increase first last day, and that was the real one that makes the market a little bullish.

After the merge? Well, it's the typical market after that and the same volatility it will get then. Bullish as we get whenever there are news like merging updates and it seems that it will be successful.

We're seeing the rise on the other side which is for ETC.

And for ETH, I think it's not about sustaining the current trend but being stable afterwards. It's still too early to tell and we just have to enjoy the ride wherever it is leading after the update.

I am more than confident that it will not continue after the merge happens. We have seen events like this multiple times. What is going to happen is that everyone will be hype for the upcoming upgrades and merges. They will all start investing hoping that the price will go up. Some people will FOMO, this will cause the price to be more bullish, once the merge happens, we will see the same trend for few days, and then the hype will drop, things will normalize, correction will take place and the price will drop back to where it should be.

Yes, it's great. I've been waiting for this upgrade for a long time. It's coming up in early August: the Goerli testnet merge. As soon as that is completed, the only thing left to merge is Mainnet on September 19th. It's time to get started. I am not sure if anyone noticed the ETH gas fees, which are pretty low at the moment. It's been a long time since I last saw ETH gas at such a low price! Anyway, the only thing I'm waiting for is when the merge will be complete.

No one knows for sure what will happen, but I am personally optimistic that ETH could hit ATH again in the near future after the merger.
It's time for ETH to make the market bullish again, even though there are a lot of FUD currently circulating, especially with the current economic recession.

it is clear that nothing is impossible in the world of cryptocurrencies and surely all crypto assets will experience a significant increase or decrease in price.

by buying a lot of crypto assets like Ethereum when there is no price movement means in the hope that later the price will rise even higher.
the more people who buy Ethereum, the price of the cryptocurrency will be higher and this affects other people to buy Ethereum, and vice versa if the price of Ethereum has almost touched the highest price, many people will try to make a profit by selling it.
if more and more people sell Ethereum, the price of the cryptocurrency will also fall.

Everyone is bullish on ETH right now because of this anticipated merge, so who knows, maybe we can see a good surge in price. However, someone mentioned about the Flippening again, I doubt that it will happen. Bitcoin will still remain on top of the food chain and ETH is still going to be in the second place.

However, the effect of this might not last that long, maybe ETH can move past $2k again or even $3k. But I'm not expecting a huge rally to established a new all time high, not in the current state of the world today.

It could be, but not in the long term, we have to factor in that we are still the bearish cycle, so it's hard to see any coin that will have a massive rally, even ETH itself, even if there is such hype on it's upgrade. And then we all know that everything hinges on BTC. If BTC is down and so other crypto's are, as they are all correlated on the price of BTC.

Nevertheless, I do hope that this upgrade will be smooth, and of course solved the current issue on the high gas fees. Although recently it has started to go down to a level that we all can manage to pay.

Raoul Pal is very bullish on ETH merge saying ETH will flip BTC after it. Although it may not be possible, a lot of people are going to be bullish, of course, ETH holders are also hyping it for a long time. If this is really the cause of this buying frenzy, it's time to also hold ETH.

Could this also be the reason why ETC is rising up? Miners must be moving to this token.

Proof of Stake, this is ominous and disagrees with some naysayers. I'm also excited and looking forward to the upcoming upgrade, but after reading some docs, I'm also starting to worry about the decentralization of ETH going away when it's fully migrated to POS. We still can't conclude anything, still waiting for feedback from the community and whether Vitalik Buterin has any plans for that. ETH is different from the rest of altcoins because of its decentralization, once it loses decentralization I think I will stop using it too.

It will. The merge will be something big. The ethereum merged announcement has been making so many miners are looking for an alternative way for that and they were going to the ethereum classic. The fact that if when you are aware if these days ethereum merged has been creating a good hype around the ethereum holders. The bullish trend will be even bigger once the blockchain will be moving to the POW. The supply will be decrease and there would be a reward for the stakers as well.
Ethereum classic will be flooded by so many miners. Some rumours about the new hardfork was coming about that.

What goes up will eventually come down. Do not be too excited with what's happening because of the merge since the global economy has not recovered yet. US officials are denying they are in recession but the numbers do not lie. Take your profit if you're playing with ETH and brace yourself for what's going to happen in the coming months.

Maybe I am missing something.
How does proof of stake increase security of the Ethereum blockchain as compared to the proof of work, which has pretty much been solid since the inception of the network?

the pump is clearly because of the merge. After the merge, things will normalize.

No one can say for sure. Some in favor and some arent. Its gonna leave the miners to shift to something to mine after the merge. We should worry what those big mining firms on eth will do, they are gonna do staking of their asset or shift to other asset to mine. For sure this is gonna be a wild year when the merge happened. Some coins might move forward or eth completely dominates the entire crypto or able to get closer to btc.

Social media has been awash by the next 5 upgrades expected on the Ethereum blockchain and it is no more news that it is responsible for the current bullish trend in the crypto market. The upgrade will start as early as September according to Tim Beiko who is a foundational member, so the opportunity expected from it is exciting the market and triggering the bullish run.

This is the biggest event for the Ethereum blockchain with the hint by Vitalik Buterin who is a co-founder. The next 5 upgrade phases will make it more efficient and the scalability will be better than before.

Ethereum as the most actively developed blockchain needs regular upgrades and the introduction of Ethereum merge will help to realize this, and will reduce the present energy consumption by over 99%, and increase sustainability and security within the blockchain as the proof-of-stake mechanism will be the order of the day as it fades off "proof-of-work" system.

Will Ethereum sustain its current bullish trend during and after this merge?