Ethereum - The Merge - GoFuckYourself.com

jscott · 08-19-2022, 11:56 PM

Ethereum is "merging" from PoW to PoS. The devs are even discussing/debating whether there'll be a censorship mechanism on the "upgrade" meaning, being a centralized crypto, some txns could be banned/blocked.

This is a huge.

https://twitter.com/DylanLeClair_/st...79782226903040

There are people into ETH here right? What are your thoughts on this? If they're censoring transactions, the project has failed miserably imo

k0nr4d · 08-20-2022, 12:53 AM

I have some ETH. You are right, it's a fundamental failure if they are censoring anything, but this is a further issue if they are burning ETH with every transaction since there will be further ETH that is banned or blocked.

As for how it will affect the value of ETH, it won't IMHO. Banks or governments can cut you off any time, and this doesn't stop anyone from keeping their money in a bank. Most transactions are legitimate and won't get censored. I think ETH will be billed as a 'green' cryptocurrency and go up in value.

jscott · 08-20-2022, 01:03 AM

Right, ETH will be the same as a bank, your funds should be fine, unless the centralized leaders say otherwise, maybe you have txn connected to illegal activity or maybe you have a disagreeing political view.

And txn censorship means it is not decentralized and it is not censorship resistant anymore. Hopefully ETH people quit misleading with those selling points because they will become completely false.

on this page they say (misleading ofc):
"Aya’s goal is to help Ethereum maintain its soul as an Infinite Garden, a decentralized creative space that is open-source, inclusive and permissionless."

weforum.org/agenda/authors/aya-miyaguchi

WEF agenda could contaminate ETH too, and that's whole topic in itself

jscott · 08-20-2022, 02:14 AM

This guy breaks things down well:

https://twitter.com/Excellion/status...70981738958855

IMO I think being partners with traditional finance, WEF, JPmorgan etc (all morals & values have to be ignored) will help the price, but that'll confirm it being absorbed into tradfi, centralized controlled & censorship in the hands of a few, the exact thing we intended to avoid.

CAHEK · 08-20-2022, 01:34 PM

Shitcoins!

wankawonk · 08-20-2022, 06:24 PM

spent some time looking into it. this article sums it up pretty well:

https://cryptobriefing.com/will-ethe...ter-the-merge/

TL;DR there's lots of centralized projects/infrastructure built on top of ethereum. it is what it is -- you can't stop circle from freezing USDC on whatever address they want to. You can't stop infura from blacklisting whatever protocols/dApps they want to. You can't stop coinbase from refusing to interact with whatever addresses they like. You can't stop an eth client from placing whatever restrictions they like on addresses and protocols.

These issues exist both pre- and post-merge. They have nothing to do with the merge.

32 eth per validator actually seems quite reasonable. validators need to have some real skin in the game. It's not any different than bitcoin miners investing huge $$ into mining equipment.

The vast majority of dApps are fully decentralized. Infura can block you from accessing tornado cash via infura nodes, but no one can stop you from using tornado cash through your own node. No one can stop you from using whatever DeFi apps you like. But coinbase can refuse to cash you out if they don't like what your address is doing. They're a centralized company. That's their right.

jscott · 08-21-2022, 06:46 AM

^^ yup. They've already proved to not be immutable (check Dao hack chain rollback)
& now going to prove ETH is not censorship-resistant. These are huge blows to fundamentals of Ethereum.

LeRoy · 08-21-2022, 11:56 AM

Quote:

Originally Posted by CAHEK

Shitcoins!

Shiba Token was built on Ethereum too.

wankawonk · 08-21-2022, 02:09 PM

more than anything I think the centralization danger is coinbase and other platforms to cash out. they can unilaterally freeze your account and any funds in it.

but you can always use paxful.

08-19-2022, 11:56 PM	#1
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	Ethereum - The Merge Ethereum is "merging" from PoW to PoS. The devs are even discussing/debating whether there'll be a censorship mechanism on the "upgrade" meaning, being a centralized crypto, some txns could be banned/blocked. This is a huge. https://twitter.com/DylanLeClair_/st...79782226903040 There are people into ETH here right? What are your thoughts on this? If they're censoring transactions, the project has failed miserably imo

08-20-2022, 12:53 AM	#2
k0nr4d Confirmed User Industry Role: Join Date: Aug 2006 Location: Poland Posts: 9,217	I have some ETH. You are right, it's a fundamental failure if they are censoring anything, but this is a further issue if they are burning ETH with every transaction since there will be further ETH that is banned or blocked. As for how it will affect the value of ETH, it won't IMHO. Banks or governments can cut you off any time, and this doesn't stop anyone from keeping their money in a bank. Most transactions are legitimate and won't get censored. I think ETH will be billed as a 'green' cryptocurrency and go up in value. __________________ Mechanical Bunny Media Mechbunny Tube Script \| Mechbunny Webcam Aggregator Script \| Custom Web Development

08-20-2022, 01:34 PM	#5
CAHEK C.C.C.P. Industry Role: Join Date: Aug 2003 Location: Novorossiya Posts: 6,326	Shitcoins! __________________ Pharma from True-Meds. High converting shop in Europe and USA, fast payouts via BTC !!!

08-20-2022, 01:03 AM	#3
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	Right, ETH will be the same as a bank, your funds should be fine, unless the centralized leaders say otherwise, maybe you have txn connected to illegal activity or maybe you have a disagreeing political view. And txn censorship means it is not decentralized and it is not censorship resistant anymore. Hopefully ETH people quit misleading with those selling points because they will become completely false. on this page they say (misleading ofc): "Aya’s goal is to help Ethereum maintain its soul as an Infinite Garden, a decentralized creative space that is open-source, inclusive and permissionless." weforum.org/agenda/authors/aya-miyaguchi WEF agenda could contaminate ETH too, and that's whole topic in itself

08-20-2022, 02:14 AM	#4
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	This guy breaks things down well: https://twitter.com/Excellion/status...70981738958855 IMO I think being partners with traditional finance, WEF, JPmorgan etc (all morals & values have to be ignored) will help the price, but that'll confirm it being absorbed into tradfi, centralized controlled & censorship in the hands of a few, the exact thing we intended to avoid.

08-20-2022, 06:24 PM	#6
wankawonk Confirmed User Industry Role: Join Date: Aug 2015 Posts: 1,016	spent some time looking into it. this article sums it up pretty well: https://cryptobriefing.com/will-ethe...ter-the-merge/ TL;DR there's lots of centralized projects/infrastructure built on top of ethereum. it is what it is -- you can't stop circle from freezing USDC on whatever address they want to. You can't stop infura from blacklisting whatever protocols/dApps they want to. You can't stop coinbase from refusing to interact with whatever addresses they like. You can't stop an eth client from placing whatever restrictions they like on addresses and protocols. These issues exist both pre- and post-merge. They have nothing to do with the merge. 32 eth per validator actually seems quite reasonable. validators need to have some real skin in the game. It's not any different than bitcoin miners investing huge $$ into mining equipment. The vast majority of dApps are fully decentralized. Infura can block you from accessing tornado cash via infura nodes, but no one can stop you from using tornado cash through your own node. No one can stop you from using whatever DeFi apps you like. But coinbase can refuse to cash you out if they don't like what your address is doing. They're a centralized company. That's their right.

08-21-2022, 06:46 AM	#7
jscott So Fucking Banned Industry Role: Join Date: Feb 2001 Location: Taipei Posts: 25,198	^^ yup. They've already proved to not be immutable (check Dao hack chain rollback) & now going to prove ETH is not censorship-resistant. These are huge blows to fundamentals of Ethereum.

08-21-2022, 02:09 PM	#9
wankawonk Confirmed User Industry Role: Join Date: Aug 2015 Posts: 1,016	more than anything I think the centralization danger is coinbase and other platforms to cash out. they can unilaterally freeze your account and any funds in it. but you can always use paxful.