As decentralized as in “someone stole my funds, let’s roll back the whole chain”.
I remember Satoshi rolling back the chain.
Readit Newssuikadayo commented on Web3 is centralized and inefficient neelc.org/posts/web3-cent... · Posted by u/neelc
suikadayo commented on Web3 is centralized and inefficient neelc.org/posts/web3-cent... · Posted by u/neelc
Regarding Ethereum you’re right, it’s centralized.
With Bitcoin I run my node and check the incoming transactions with it whenever I make a big money transfer (for outgoing transactions a full node is not really needed, as I don’t care if the network doesn’t accept it as long as my counterparty does).
Running a Bitcoin node is practical (less than a day of running in the background on the first run) if the amount of money is significant.
I run an Ethereum node at home just fine. There’s nothing centralized about Ethereum.
suikadayo commented on Social engineering scam that nearly cost me all of my ETH twitter.com/thomasg_eth/s... · Posted by u/floetic
If the network grows [1] at 2MB/14s that's:
2/14*3600 = 514MB per hour
514*24 = 12.3GB per day
12.3*30 = 369GB per month
How many nodes will there be if ETH hits $0? What will happen to the services like ENS?
1. https://www.bitrates.com/guides/ethereum/how-many-ethereum-a...
Is the above accurate? Wikipedia says the whole network is 1TB, so that doesn't quite add up for me.
It’s about 1.1TB for full sync geth nodes, and growing. Ethereum researchers are looking into statelessness and state expiry which aim to make it even easier to run nodes with little need for space.
People will continue to run nodes regardless of the price of ETH, just like Bitcoin.
ENS is a smart contract protocol, so I don’t see how it’s related.
suikadayo commented on White hat hacker awarded $2M for fixing ETH-creation bug cryptoadventure.com/white... · Posted by u/cristiandima
It's great for a 'bounty program' - but it speaks negatively to the intercity of a system that is not supposed to have any centralised control.
Optimism, Arbitrum, and other Ethereum L2 rollups plan to have decentralized sequencers.
It’s all new technology so they’re taking it slow.
suikadayo commented on Social engineering scam that nearly cost me all of my ETH twitter.com/thomasg_eth/s... · Posted by u/floetic
1 is questionably valuable and arguably harmful, 2 is increasingly untrue, 3 and 6 aren't inherent benefits of Ethereum, 4 and 5 aren't true, and 7 is speculative and begs the question.
Decentralization increasingly untrue? Ethereum consensus and execution layer nodes are at about 6k, under Bitcoin, and way above other projects.
suikadayo commented on Social engineering scam that nearly cost me all of my ETH twitter.com/thomasg_eth/s... · Posted by u/floetic
As a thought experiment, replace crypto in this situation for beanie babies. You managed to buy a bunch of beanie babies before a beanie baby craze started, and sold them at exorbitant prices to other people coming in that were convinced that beanie baby prices would only keep skyrocketing. You took their money, and now I guess as long as they're the bag holders still holding beanie babies when it all falls apart and they become worthless, and not you, it's all good. As long as you managed to make a profit and get out in time it wasn't a scam.
I’ve seen people say what you’ve said for almost 10 years now. I wonder when the crypto beanie baby fad is going to die down. Maybe 100 years later?
suikadayo commented on Social engineering scam that nearly cost me all of my ETH twitter.com/thomasg_eth/s... · Posted by u/floetic
News flash: you were social engineered into buying ETH in the first place.
If that’s the case, I’ve seen way more of that “social engineering” in the Bitcoin community.
At least there are uses for ETH
suikadayo commented on Social engineering scam that nearly cost me all of my ETH twitter.com/thomasg_eth/s... · Posted by u/floetic
suikadayo commented on Attacking an Ethereum L2 with Unbridled Optimism saurik.com/optimism.html... · Posted by u/daegloe
Correct me if I'm wrong, but with those L2 tricks the plusvalue of Ethereum gets kinda diluted... and there's already a heavy discussion on the "why should I use it at all".
Most L2s will require users to pay transaction fees in ETH. Some will have fee abstraction where people can pay with tokens, but the rollup themselves will still end up paying ETH on L1.
Ethereum will essentially be a settlement layer for rollups, and everyone will be doing their DeFi, NFTs, etc on the rollups which are almost treated like their own chains.
Was the hard fork the right move in a pragmatic sense? Probably. But it was not at all the exemplar of decentralized consensus that people seems to remember these days. It was messy and ugly.