News for hackers. Stuff that matters.
Re:Bitcoin's fundamental value is negative given its environ... by pjfin123 on Wednesday February 10, 2021 @02:03PM (#26093330)
I wonder if Bitcoin could ever migrate to Ethereum technology/proof of stake? It seems like a good idea but the Bitcoin community seems very resistant to change (see block size debate).
Re:Bitcoin's fundamental value is negative given its environ... by gwillen on Wednesday February 10, 2021 @03:02PM (#26093931)
Ethereum hasn't even migrated to "Ethereum technology". They have been claiming for years that they are planning to move from Proof of Work to Proof of Stake. Maybe someday they will.

My take on this: I remain unconvinced that any form of Proof of Stake can give the same security properties we easily get from Proof of Work. I won't say never, but getting Bitcoin to move would take a very convincing argument about the viability of PoS, and so far that's not happening. (Especially given that the poster child for PoS does not actually _use_ PoS yet, they just keep promising it "soon".)

Re:Bitcoin's fundamental value is negative given its environ... by suikadayo on Wednesday February 10, 2021 @03:09PM (#26094034)
Eth2 with PoS is already running with Phase 0 on mainnnet though.

https://beaconcha.in/

The merge from Eth1 to Eth2 is expected to happen this year or after. There shouldn’t be any significant delays now because Phase 0 was the biggest hurdle with research and technical dependencies that didn’t exist yet, like BLS signatures.

There’s no way Bitcoin will move to PoS without another contentious fork.

Re:Bitcoin's fundamental value is negative given its environ... by wmf on Wednesday February 10, 2021 @02:26PM (#26093539)
Bitcoin will never change. In the future we'll probably see large amounts of BTC wrapped on Ethereum/Avalanche for DeFi trading.
Re:Bitcoin's fundamental value is negative given its environ... by suikadayo on Wednesday February 10, 2021 @03:25PM (#26094241)
We’re already seeing more wrapped BTC on Ethereum, than there is BTC on Lightning, so that’s very telling.
Re:Bitcoin's fundamental value is negative given its environ... by wmf on Wednesday February 10, 2021 @04:23PM (#26095014)
That makes sense; people want to hodl or trade, not spend.
Re:Bitcoin's fundamental value is negative given its environ... by thebean11 on Wednesday February 10, 2021 @02:36PM (#26093632)
Bitcoin has undergone pretty massive updates in the last few years. Proof of stake doesn't seem that far fetched honestly.
Re:Bitcoin's fundamental value is negative given its environ... by cesarb on Wednesday February 10, 2021 @03:14PM (#26094094)
AFAIK, none of the Bitcoin updates in the last few years is a "hard fork", that is, old nodes can still process valid blocks made by new nodes (though they might accept blocks which new nodes would reject). Changing from proof of work to proof of stake would require a hard fork.
Re:Bitcoin's fundamental value is negative given its environ... by iwubu99 on Wednesday February 10, 2021 @02:29PM (#26093564)
Yup, proof of stake is the simple solution to this. BTC community won't be able to justify it eventually. Unless we get free energy in the mean time lol