Ethereum will use less energy now that it’s proof-of-stake

  1. Don't buy used video cards unless it's a huge markdown. Expect miners to try and sell their cards at slightly below original price for a card that might conk out soon.

  2. Sure but miners are just going to flock to a new coin, so the usage isn't going to disappear overnight. Yeah it might ebb and trend down some but I'd be shock if half of the energy used to mine ethereum just goes away forever. If you look up mining content on youtube there's a whole industry built around it. Even in the best case scenario where no other crypto coin pans out that uses proof-of-work, it would still probably take delusional miners a couple of years to fully give up.

  3. Now imagine what we could do if we got everyone to stop using that amount of energy or more to slay imaginary monsters and simulate mass murders.

  4. With proof of work, everyone who has a graphics card can join in on mining new coins and validating transactions. As more and more coins are mined, the effort needed in the process goes up, which is what drove up the energy usage so much.

  5. It used to be that anybody could validate transactions, and there's no consequence to validating an invalid transaction. Because anybody could validate transactions you needed a large concensus to mitigate the risk of invalid transactions going through.

  6. So every transaction in crypto is validated on the blockchain. One hash = one vote. The majority rules. If a malicious entity was to take over > 50% of all hashing, they could break the currency and fake transactions. To incentivize random people to participate in this, they reward this hashing "mining" with crypto that has real world value.

  7. Instead of using the trustless way that requires expenditure of energy to back the security, eth is falling back to traditional model where bunch of guys with lots of money pinkie promise that the ledger is intact.

  8. It's pretty wild to think that a computer software was effectively responsible for 0.2% of the Entire World's Energy Consumption!

  9. I think the only people who oppose PoS are those who invested a lot of money into expensive (and now useless) mining rigs for PoW systems

  10. The top of the mountain was a long time ago! That said GPUs are not hot(heh) for mining much anymore; the NVDA thesis is AI these days.

  11. Lol. No you don’t. They are giving up censorship resistance and unforgeable costliness. While that is good for NGU(number go up) it’s not good for humanity. (I back this up below go read that and downvote it too)

  12. Ravencoin is currently the most popular coin to mine. I have amassed a lot of RVN in the hope that it will pump.

  13. I will tell you an easy way to become a multi-millionaire. Buy Venezuelan bolívars on eBay in the million denomination. This will make you a legitimate multi-millionaire in one of the world's currencies. Let me check the price ... for $1.00 you can get 100 million (i.e. 100 banknotes)

  14. Here's the thing, and I don't mean to bash it but looking at this as objectively all this does is make ETH essentially an unregulated comodites trade, which put them on a market share level akin trying to pay for your groceries with Troy bars of gold or silver. It using far FAR less energy is good though

  15. all you are saying is that you don’t like ETH because you don’t like NFTs, which is like saying you don’t like the internet because you don’t like social media

  16. The essential problem with NFTs is that it's driven by technocrats, meaning that they want to enshrine laws in code. However, copyright (which NFTs are meant to replace) isn't something hard and tangible you can convert to code.

  17. I wish there are more concrete, day to day examples of how blockchain will impact your average person who is not speculating crypto or a programmer working on this stuff. How will it affect our daily lives and work?

  18. Yeah, having a system where only the filthy rich have all of the power over the entire economy is surely the right way to go and totally not exactly the opposite of what crypto was supposed to be

  19. Cannot wait for some big firms to get together and control eth. Blockchain as it is now needs to completely die if the tech is to ever find a proper usage.

  20. You had a chance to buy when it was $50 and Chase bank started investing. Instead you bitched and moaned about drugs and criminals and global warming. Scratch one excuse off the list and double down on the others.

  21. And as a result, less secure and more in the hands of the people that pre-mined ETH before it was released to the public.

  22. From what I read, proof of work was originally created as a way to deter e-mail spam, as spammers wouldn't want to spend the time or energy having their computers solve a little equation for each spam e-mail they wanted to send out.

  23. Is there even any legitimate reason to push back against nfts? If you don't like them, don't buy them. If you don't want to get scammed, don't buy them. If you think they're overpriced, don't buy them.

  24. I’m very excited by this. I’ve chosen not to participate in crypto because of its energy usage and also, well because I’m fucking broke. But hey now there’s only one barrier instead of 2

  25. Reminder that while PoS is significantly better for the environment, it does very little to make crypto in general any better than it is. Proof of stake only reaffirms the fact that those with an excess of a wealth will be able to earn the lions share of a token. The only difference is that they don’t have to set up a server farm to make it so.

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