Vitalik escalates ETH 2.0 merge as miners plan a 51% attack

Re:Vitalik escalates ETH 2.0 merge as miners plan a 51% attack by pinoli on Saturday March 13, 2021 @10:48AM (#26447313)

mmh doesn’t make a lot of sense. Miners do actually provide the infrastructure for the network to function properly: no miners, no coins, no blocks, no transactions, no network.

I know it’s tempting to discard miners’ concerns, but it would be a great mistake. Miners need incentives, without incentives we’ll start allocating capital and resources somewhere else.

We are not greedy, not crazy, not confrontational: we are just rational.

If someone don’t like us, then could do without us.

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Re:Vitalik escalates ETH 2.0 merge as miners plan a 51% attack by michaelsbradley on Saturday March 13, 2021 @11:54AM (#26447811)

As of 01 Dec 2020, there is already another Ethereum mainnet chain (Eth2 Phase 0) running in parallel with and dependent upon the Eth1 mainnet chain:

https://beaconcha.in/

https://beaconscan.com/

https://github.com/ethereum/eth2.0-specs/tree/dev/specs/phas...

Vitalik is proposing a role reversal to take place earlier than it was previously planned (not completely accurate in a technical sense re: previous plans, but effectively the same):

Eth1 mainnet will hand-off consensus responsibility to Eth2 mainnet (PoW -> PoS), while Eth1 nodes continue to "run the code" that executes smart contracts / processes transactions.

If the plan is put into motion, and as long as some miners / mining pools don't yank the plug on their mining nodes in the canonical Eth1 mainnet, then the canonical mainnet — per consensus among the Ethereum Foundation and aligned developers, Eth2 validator operators, orgs/companies/exchanges/etc — will transition suddenly from Eth1 (PoW) to Eth2 (PoS). And that will be the end of all mining on the canonical Ethereum mainnet.

Miners/pools who find it impractical or undesirable to reallocate resources from mining to staking may band together to continue running an alternate mainnet chain based on PoW (ETW?); market forces would then decide whether that chain is viable, as well deciding the fate of the evolved (PoS) Ethereum mainnet chain.

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Re:Vitalik escalates ETH 2.0 merge as miners plan a 51% attack by pinoli on Sunday March 14, 2021 @12:30AM (#26453039)

thanks for the info, I knew all of that. the problem here is not the expected switch to PoS, the problem is how do we go about reaching consensus about something in Ethereum. Is Vitalik calling the shots? I hope not. So if a small group of people is very determined and excited, doesn't mean shit to the ecosystem at large.

I am not saying this EIP, or PoS, are bad. It's the way you do it that matters.

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