SwagtimusPrime

6 ms·

1.
by SwagtimusPrime 5y ago
It shouldn't be much of a surprise to learn that the r/bitcoin sub, bitcointalk.org, and several other bitcoin communities are owned by one and the same person that have a history of censoring dissenting opinions. Just read up on
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by SwagtimusPrime 5y ago
Lol. Can you personally verify what your bank is doing? No you can't. If it was on the blockchain, you could.
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by SwagtimusPrime 5y ago
That, and a lot of his ETH. The illiquid shitcoins are still worth a couple hundred million at the very least. +$200k in ETH.
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by SwagtimusPrime 5y ago
mining is actually worse because of economies of scale. rich miners don't need pools so they don't pay fees, they get bulk deals and earlier access to the newest ASICs, they can pay personnel to optimize their operations, etc. so
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by SwagtimusPrime 5y ago
benefits like killing the environment.
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by SwagtimusPrime 5y ago
and UASF are a thing in PoS as well, if some entity/entities acquire a majority of the staked coins users can simply fork the malicious actors out. It's functionally equivalent except that it's an order of magnitude more expe
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by SwagtimusPrime 5y ago
Yeah sure, let me just buy a container full of ASICs worth hundreds of thousands of $$$ and I'll start mining: https://twitter.com/SGBarbour/status/1390504269925654532
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by SwagtimusPrime 5y ago
It also costs a couple hundred bucks to run an Ethereum node. You are confusing running a validator and running a node, those are two independent things, just like mining and running a node.
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by SwagtimusPrime 5y ago
And Satoshi, just one person, owns tens of billions in BTC. That is the top 0.01%.
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by SwagtimusPrime 5y ago
Yes. Any action performed in the network will consume 99.95% less energy after this change has gone through.
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by SwagtimusPrime 5y ago
>because bitcoin users actually validate blocks so do Ethereum users. >In a PoS system there is an incentive for large stakeholders to increase block sizes. this doesn't work because of Ethereum's social contract, just like
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by SwagtimusPrime 5y ago
>but comes at the great cost that people who aren't already in the game won't be able to acquire Ether without basically paying cash for it. That's a weird dependence on fiat currencies for a 'decentralized ledger&#x2
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by SwagtimusPrime 5y ago
it's not like solutions are heavily being worked on: https://ethereum-magicians.org/t/a-rollup-centric-ethereum-r... , https://vitalik.ca/general/2021/04/07/sharding.html , http
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by SwagtimusPrime 5y ago
it's also important to note that stakers can not withdraw yet. once withdrawal functionality is enabled I expect many more folks to stake their ETH because the uncertainty will be gone.
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by SwagtimusPrime 5y ago
>However it still is dominated by the "haves" vs the "have nots". Proof of stake is awarded to those with the largest stakes, which favors state-sponsored miners and works against decentralization. where is the differ
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by SwagtimusPrime 5y ago
there is in fact a fast-merge proposal that has community & dev support with a preemptive date of October 2021, if we're conservative February 2022. Once the merge happened PoW will be shut down and all transactions will be validat
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by SwagtimusPrime 5y ago
there will be decentralized & trustless staking pools such as RocketPool, where even if a loss of funds occurs the loss is subsidized through the entire protocol.