Let's discuss the risks of Ethereum 2.0

ilovealtcoins

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Quote from: dansus021 on August 08, 2022, 03:30:03 AM

im not pretty concern about stablecoin in ethereum because the stablecoin right now have multiple chain so not sit on only eth chain. what I'm worried when eth 2.0 out is layer 2

you know that eth layer 2 usually claim very fast but still have big security and using PoS to with bunch of validator when eth 2 comes out and they PoS also what will happen to layer 2

Same question, the fact that layer 2 projects help eth reduce the burden of transaction fees and processing speed. What if eth completes the transition to POS, then gas costs and processing speed will be greatly improved. What tasks will layer 2 projects have? meanwhile I'm still seeing layer2 projects keep being built.

OcTradism

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I think the biggest risk is making Ethereum more centralized in hands of whales. Excluding Ethereum owned by Vitalik, there are many people especially miners who can have more than 32 Ethereum. Especially if we consider exchanges that will certainly creating and managing staking pools in future.

Being more centralized is bad and I hope that Vitalik and Ethereum team can have preventive solutions for that scenario but I am very doubtful that they can prevent it happens.

zasad@

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Quote from: dansus021 on August 08, 2022, 03:30:03 AM

im not pretty concern about stablecoin in ethereum because the stablecoin right now have multiple chain so not sit on only eth chain. what I'm worried when eth 2.0 out is layer 2

you know that eth layer 2 usually claim very fast but still have big security and using PoS to with bunch of validator when eth 2 comes out and they PoS also what will happen to layer 2

Nothing will happen to the Tier 2 ecosystems on Ethereum because Tier 1 Ethereum will be very slow for a few years until sharding kicks in. But there is also a big minus that all ecosystems of the 2nd level depend on the work of the Ethereum POS. If there are problems in the main network, then all tier 2 ecosystems will be stopped or slowed down.

posi

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Quote from: adaseb on August 07, 2022, 10:28:59 PM

There won’t be any failures. This is why they have test nets which they fork first to make sure there are no bugs. So you don’t need to worry about this.

The main reason why many don’t want the merge is because they don’t trust POS. Now we are very decentralized with miners everywhere. With POS and especially with the min quantity you need to hold to stake, it means only the wealthy can stake. And this is no different than the legacy financial system we got now.

That's the difference between ethereum and altcoins today. Once ETH is merged, it will be difficult for other blockchains to compete with ETH because the biggest drawback is gas fees and transaction speeds are fixed, but unfortunately will make ethereum more centralized.
After becoming more centralized, will investors still be interested in this coin?, the future of ethereum makes me feel more in doubt than its success after the full transition to POS.

lumbanrang

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Vitalik and his team were able to develop Ethereum 2.0 very well because he is already very experienced in cryptocurrency development. I believe that all things have been considered very well and all possibilities have been calculated. So when Ethereum 2.0, I believe that it is mature and can be adopted by crypto users.

dansus021

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im not pretty concern about stablecoin in ethereum because the stablecoin right now have multiple chain so not sit on only eth chain. what I'm worried when eth 2.0 out is layer 2

you know that eth layer 2 usually claim very fast but still have big security and using PoS to with bunch of validator when eth 2 comes out and they PoS also what will happen to layer 2

ice18

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Quote from: Killredillla on August 07, 2022, 10:45:04 AM

Quote from: zasad@ on August 07, 2022, 04:48:01 AM

There are a lot of stablecoins and other assets in the Ethereum ecosystem. If there are failures in the Ethereum ecosystem after the start, then it can be stopped. Prices may fall down, and after the start, it is not known how many smart contracts that track the price of major assets will work.
This event can destroy a lot of Defi projects.

That's exactly why they have been delyaing it over and over again. I think (and hope) that the merge will only happen when the team is positive that its risk free, or atleast very low risk so its very likely that it will be pushed back even more and we won't see any merge until 2023.

I agree they are slow because they want to launch without any problem, Ethereum core devs are working really hard to make sure the merge is ready and secured enough, Im sure they hired a lot of whitehat to penetrate the system to find bugs before going live VB is wealthy enough to pay people who has advance knowledge and skills, if anyone could break eth chain will be very popular in crypto world.

Lantind

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Quote from: zasad@ on August 07, 2022, 04:48:01 AM

There are a lot of stablecoins and other assets in the Ethereum ecosystem. If there are failures in the Ethereum ecosystem after the start, then it can be stopped. Prices may fall down, and after the start, it is not known how many smart contracts that track the price of major assets will work.
This event can destroy a lot of Defi projects.

Will the impact of the failure affect Ethereum in its entirety, given that stablecoins and other assets use the Ethereum ecosystem, or is this ecosystem deliberately designed to make Ethereum more widely used, so that many people will switch to its main coin, and how the Defi can be destroyed, when the stablecoin not going according to their development wishes

Minecache

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Quote from: inanilujimi on August 07, 2022, 10:23:25 PM

I hope there are no failures, because this is a good momentum for the market to bounce back.
If only there was a failure, maybe we could see a disaster in the market because what we know is that ETH is the king of altcoins, of course the impact cannot be expressed in words.

There is no doubt that this is going to be one of the largest and most anticipated events in the market this year and the news that could lift the market higher. The ETH network is said to be the first and foremost trend-setting network that helps the market develop well.
This upgrade has been in the works for the past 4 years and I don't think there will be any unfortunate incidents, I hope so. Grin

Otherwise, as you say, will again cause a bad shock to the altcoin market.

Gayong88

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If i not mistaken, I can say that the use of smart contracts and stablecoins definitely improves liquidity and price predictability in the market. However, when it comes to stablecoins, the Ethereum ecosystem is almost always considered risky for its decentralization. There are simply too many unknown factors to be able to judge the risks of Ethereum 2.0 accurately, So in light of this, it's easy to see why some projects might be a bit hesitant when it comes to building a digital asset on top of Ethereum 2.0 but I think that the main thing above all else should be that we all be aware of these risks ahead of time, so there aren't any nasty surprises when the big day arrives.

adaseb

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There won’t be any failures. This is why they have test nets which they fork first to make sure there are no bugs. So you don’t need to worry about this.

The main reason why many don’t want the merge is because they don’t trust POS. Now we are very decentralized with miners everywhere. With POS and especially with the min quantity you need to hold to stake, it means only the wealthy can stake. And this is no different than the legacy financial system we got now.

inanilujimi

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I hope there are no failures, because this is a good momentum for the market to bounce back.
If only there was a failure, maybe we could see a disaster in the market because what we know is that ETH is the king of altcoins, of course the impact cannot be expressed in words.

Killredillla

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Quote from: zasad@ on August 07, 2022, 04:48:01 AM

There are a lot of stablecoins and other assets in the Ethereum ecosystem. If there are failures in the Ethereum ecosystem after the start, then it can be stopped. Prices may fall down, and after the start, it is not known how many smart contracts that track the price of major assets will work.
This event can destroy a lot of Defi projects.

That's exactly why they have been delyaing it over and over again. I think (and hope) that the merge will only happen when the team is positive that its risk free, or atleast very low risk so its very likely that it will be pushed back even more and we won't see any merge until 2023.

KellyHands

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A failure in the ethereum ecosystem is not anticipated, Infact it would be unimaginable to consider the resulting effects. It would be worse than anything we've seen before because several projects tokens are tied to the ethereum smart contract. The ethereum 2.0 has been extensively delayed, I only hope that the delay would be worth it after it's eventually lunched.

VRExpress

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I am kinda confused, what failure you are referring to? The upcoming ETH 2.0? I believe that Ethereum can become a more valuable asset once the PoS merge is completed and this time around I don't think there will be any delay if that's what you referring to.

zasad@

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There are a lot of stablecoins and other assets in the Ethereum ecosystem. If there are failures in the Ethereum ecosystem after the start, then it can be stopped. Prices may fall down, and after the start, it is not known how many smart contracts that track the price of major assets will work.
This event can destroy a lot of Defi projects.

Topic: Let's discuss the risks of Ethereum 2.0 (Read 118 times)