The future of cryptocurrency is at stake in Ethereum’s switch

After reading this article I looked into the actual process[0] to run a validator node and in my opinion it&#x27;s quite an involved process. You need dedicated hardware with a large hard drive (with good durability!) and an unmetered high speed internet connection. You need to run two services at what seems to be near-production quality and you need to use monitoring tools like Grafana to manage them. Oh and if you make a mistake like restoring a backup of the server incorrectly your stake will get slashed and your Eth gets destroyed.<p>Seems like an epic pain in the ass for a 4.1% yield (not to mention the capital required to stake).<p>[0] <a href="https:&#x2F;&#x2F;ethereum.org&#x2F;en&#x2F;run-a-node&#x2F;" rel="nofollow">https:&#x2F;&#x2F;ethereum.org&#x2F;en&#x2F;run-a-node&#x2F;</a>

I find proof of stake to be ironic. Isn&#x27;t the entire point of cryptocurrency to remove the centralization of power? Proof of stake is just an admission that those who have more, get more. Power waste aside, I find the purity of PoW and Bitcoin to be superior in fulfilling the nebulous goals of crypto.

Seems kind of like a waste either way. Crypto was sort of neat years ago, but it hasn&#x27;t amounted to anything useful

I’ve been watching crypto from the sideline for a few years. In the last six months I have realised what it actually is: a big Dutch tulip Ponzi scheme but unlike what we saw in the dot com boom with VCs inverting in speculative start ups because of FOMO. When interest rates go up further and people get incentivised to put their cash in the bank to earn some low risk, yet boring interest rates on term deposits, I hope we will see this giant Ponzi scheme come crashing down like there’s no tomorrow.

When are we going to admit that blockchain is just a new type of data store, useful for a limited number of use-cases that require certain sorts of irreversible, immutable guarantees across a worldwide network of computational devices? Crypto is cool, in so far as any other new data storage technology is cool. It is not a new world order

The future with Ether maybe.. and many don’t trust the fundamentals under ‘proof of stake’ so if anything it might just be Bitcoin left as the dominant cryptocurrency if the migration fails.

<a href="https:&#x2F;&#x2F;archive.ph&#x2F;PiYYA" rel="nofollow">https:&#x2F;&#x2F;archive.ph&#x2F;PiYYA</a>

A couple of questions:<p>1) Will this decrease gas fees, which make using Ether and its ecosystem completely unusable?<p>2) Does proof-of-stake mean that the richer people in the ecosystem have more power?

Is there any cryptocurrency that is not a PoS?!

Here’s the best argument I’ve heard against Ethereum’s move to PoS, and why it’s “A Monumental Blunder”:<p><a href="https:&#x2F;&#x2F;youtu.be&#x2F;gyP0uxxB6V8" rel="nofollow">https:&#x2F;&#x2F;youtu.be&#x2F;gyP0uxxB6V8</a>

If the value of the currency has anything to do with the value of the energy spent, then there may be a significant shift away from a protected base value. And let&#x27;s be clear, I&#x27;m thrilled. Waiting for those eBay GPUs as I write this.

<i>&#x27;The future of Ethereum, and the thousands of projects built on it is at stake in the switch to PoS.&#x27;</i>

The price keeps falling. It&#x27;s like the bubble is already over. The biggest problem with crypto is it does not live of to its promises and does not solve any real world problems. It&#x27;s a cool application of cryptography, but not something that will compete with the financial system or subvert tyrannical governments. It&#x27;s sorta like a very expensive hobby that has enthralled the world. Whatever problem it does solve, does this mean it&#x27;s worth $1 trillion still? Likely not.