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A comment on Hard Problems in Cryptocurrency: Five Years Later. Parent comment

Re:Hard Problems in Cryptocurrency: Five Years Later by spir on Saturday November 23, 2019 @11:45PM (#21618408)
Phase 0 of Ethereum v2 arrives in Q1 2020. Coming since 2014 but finally arriving :)

Proof of stake reduces the issuance of new ETH to pay for the cost of securing the network. It's cheaper than paying miners. And anybody can buy ETH to stake so it's more egalitarian than mining which requires economies of scale in hardware and electricity.

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Re:Hard Problems in Cryptocurrency: Five Years Later by tfha on Sunday November 24, 2019 @12:54AM (#21618671)
Doesn't phase 0 exclude the ability to transfer money? The whole point of a "currency"???
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Re:Hard Problems in Cryptocurrency: Five Years Later by nullc on Sunday November 24, 2019 @04:06AM (#21619252)
My understanding is that Phase 0 features the ability to lock up eth and take it out of circulation.

You might consider if perhaps the parties in control of that system have a different idea of its point than you do.

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Re:Hard Problems in Cryptocurrency: Five Years Later by meirdavis on Sunday November 24, 2019 @04:37AM (#21619324)
Correct. Phase 0 isn't useful by itself and phase 1 isn't that useful either. Phase 2 is when people can actually start using ETH2 instead of ETH1.
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Re:Hard Problems in Cryptocurrency: Five Years Later by celticninja on Sunday November 24, 2019 @06:20AM (#21619711)
PoS would be more egalitarian if it was that way from the start, however as it is transitioning from PoW this means that anyone that bought in early, now has an opportunity to solidify their position. For new entrants to reach the same level of investment would be significantly higher. So the ETH rich get richer and it widens the gap.
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