★
THE PEOPLE'S REPUBLIC
OF CORK
Home
baile
Forums
fóraim
Tickets
ceol
Event Guide
Imeachtaí
Street Art
ealaíon sráide
Articles
ailt
Cork Slang
béarlagair
Contact
teagmháil
Shop
siopa
Articles
Cork Slang
Forums
Events
Shop
Search, boy
Order search results by
Date of last reply
Date thread created
Order search results by
Current events
Archive
Home
Forums
Forum list
Search forums
What's new
New posts
New profile posts
Latest activity
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles only
By:
Forum list
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
The Langers Forum
Is this 'Bitcoin' the real deal?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="How bad boy" data-source="post: 7397125" data-attributes="member: 3028"><p>That is true for Bitcoin.</p><p></p><p>It isn't true any more for some other crypto currencies, Ethereum moved to Proof of Stake rather than Proof of Work in 2022. </p><p>Basically, instead of solving maths puzzles, Ethereum now gets holders of it to stick some of into a "smart contract" where they then get a return for validating transactions. </p><p>Idea being, someone need to do the computing work to validate transactions. They use the fact that you already own ethereum as the basis for it, then you get a reward for doing the computing required to do that validation. </p><p></p><p>It still uses a hell of a lot more energy than a standard database, but it's nowhere close to the catastrophic levels of Proof of Work in Bitcoin.</p><p></p><p>It does mean that in theory, someone can come along, buy up 51% of Ethereum and control the entire thing. Not a massive problem at $400+ billion for Ethereum, but a major problem for minor coins. </p><p></p><p>Of course, a government could secretly pick up that level in the background, but what would be the point?</p><p></p><p>Regardless, my points 2, 3, 4, 5 and 8 are still valid for Ethereum.</p></blockquote><p></p>
[QUOTE="How bad boy, post: 7397125, member: 3028"] That is true for Bitcoin. It isn't true any more for some other crypto currencies, Ethereum moved to Proof of Stake rather than Proof of Work in 2022. Basically, instead of solving maths puzzles, Ethereum now gets holders of it to stick some of into a "smart contract" where they then get a return for validating transactions. Idea being, someone need to do the computing work to validate transactions. They use the fact that you already own ethereum as the basis for it, then you get a reward for doing the computing required to do that validation. It still uses a hell of a lot more energy than a standard database, but it's nowhere close to the catastrophic levels of Proof of Work in Bitcoin. It does mean that in theory, someone can come along, buy up 51% of Ethereum and control the entire thing. Not a massive problem at $400+ billion for Ethereum, but a major problem for minor coins. Of course, a government could secretly pick up that level in the background, but what would be the point? Regardless, my points 2, 3, 4, 5 and 8 are still valid for Ethereum. [/QUOTE]
Verification
Post reply
Home
Forums
The Langers Forum
Is this 'Bitcoin' the real deal?
Top