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Ignorant question: with proof of stake, what a miner does exactly? Or there are no miners anymore in this case? I cant wrap my head on how proof of stake works
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Oct 6, 2022 17:12
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Elias_Maluco posted:Ignorant question: with proof of stake, what a miner does exactly? Or there are no miners anymore in this case? The people with the most coins decide what reality in the coiner world is by "staking" some of their coins on it, basically, they get the reward for verifying transactions and miners are now obsolete.
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Oct 6, 2022 17:15
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Elias_Maluco posted:Ignorant question: with proof of stake, what a miner does exactly? Or there are no miners anymore in this case? Imagine taking an economics class and you have to do a group project where you create a fake stock market and you make the rules. That's bitcoin, but it's run by pure scammers who at some level know the rules and have baked in scams and traps throughout to keep rubes from making any money back.
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Oct 6, 2022 17:28
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Mercury_Storm posted:The people with the most coins decide what reality in the coiner world is by "staking" some of their coins on it, basically, they get the reward for verifying transactions and miners are now obsolete. Yeah that I kinda understand, but how does it works? With proof of work I know that mining is finding the right hash for a block and etc. But in proof of stake, how that works? Someone who owns a lot of coins just press a button or something that says "I approve this block"?
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Oct 6, 2022 17:29
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Elias_Maluco posted:Ignorant question: with proof of stake, what a miner does exactly? Or there are no miners anymore in this case? Ok so in "mining" everyone connects their processors to the network and all furiously try to guess a random number which will yield a certain result after a bunch of difficult calculations. Whoever gets it first is the winner and gets some newly minted coins plus the transaction fee, if any. Everyone on the network recognizes the winner's transaction record as the "true" record and it is added to the blockchain, and the losers get nothing. Since winning is essentially random (barring the discovery of some new math that would allow you to solve the problem more easily), in the long run the income you collect is going to be proportional to how much hardware you have, which itself is a function of how much money you spent. Spend more money, get more hardware, win more often, so you get huge warehouses of hardware burning electricity doing calculations. And as you add hardware the difficultly of the finding the right answer is arbitrarily increased to keep the rate of verified transactions roughly constant at 7 per second. But all of that isn't really necessary, everyone doesn't need to be doing all these redundant calculations. You could just do the calculation once and everyone could just check it and agree it's correct. All the proof of work stuff is just an incentive for people to perform that calculation (to get the reward) and have a system to decide who gets it (whoever's computer guesses the lucky number) that everyone can agree on. So instead of agreeing that your rewards are proportional to how many processors you buy, you could all agree to just put up money and distribute the rewards according to how much money each person put up. That's an incentive for people to verify transactions (they can collect the reward), and a system to decide who gets it (based on the amount of money you put up). That's all you need. VitalSigns fucked around with this message at 17:52 on Oct 6, 2022 |
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Oct 6, 2022 17:45
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Elias_Maluco posted:Yeah that I kinda understand, but how does it works? With proof of work I know that mining is finding the right hash for a block and etc. But in proof of stake, how that works? Someone who owns a lot of coins just press a button or something that says "I approve this block"?
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Oct 6, 2022 17:49
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https://twitter.com/asabhiken/status/1577985993923346433Twitter Preview Thread posted:B/w June and August, 30-40% of Crypto.com’s entire workforce left the company, per former and current employees
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Oct 6, 2022 17:59
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Halibut Barn posted:As I understand it, the network as a whole just randomly selects one of the validator nodes (a validator being someone who put their 'stake' in) and it gets to be the one that generates the next block. The 'random' selection is really just your typical pseudo-random generator, not actual-random, but it's based on the state of the whole Ethereum 'virtual machine', so everyone else on the network agrees on that random selection. the other part of the rube goldberg machine that's supposed to keep everyone honest is "slasher" nodes, basically watchdogs who can snitch on validators who perform actions which could fork the chain if a slasher catches a validator doing something they shouldn't, the validator has some of their stake burned and the slasher gets a reward
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Oct 6, 2022 17:59
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Snitches get shitcoins
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Oct 6, 2022 18:01
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Halibut Barn posted:As I understand it, the network as a whole just randomly selects one of the validator nodes (a validator being someone who put their 'stake' in) and it gets to be the one that generates the next block. The 'random' selection is really just your typical pseudo-random generator, not actual-random, but it's based on the state of the whole Ethereum 'virtual machine', so everyone else on the network agrees on that random selection. I think I get it now, thank you
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Oct 6, 2022 18:02
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Anyone have a way to read this on mobile? 12ft.io doesn't work for this one for me
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Oct 6, 2022 18:08
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Jose Valasquez posted:it's mostly ethereum which is proof of stake now, so now it's easier to laugh at the people scamming each other because it's not burning a barrel of oil every time they do it Per user per year it's still on par with YouTube.
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Oct 6, 2022 18:26
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Twelve by Pies posted:I eat at restaurants all the time and have never had to use a QR code to get a menu. The server just hands me a menu (or there's menus already on the table). lol i went to Nashville last month and the hotel menus were all QR codes. These then downloaded a PDF, which my phone wouldn't show. I had to show the waitress it failing to get the paper menu. this was to tell securities regulators that crypto was poo poo and they should put them all in jail, so it's on topic ok divabot fucked around with this message at 18:54 on Oct 6, 2022 |
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Oct 6, 2022 18:50
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repiv posted:the other part of the rube goldberg machine that's supposed to keep everyone honest is "slasher" nodes, basically watchdogs who can snitch on validators who perform actions which could fork the chain But who watches the watchcoin??
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Oct 6, 2022 19:23
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Man... this really gives me Deja-vu from the .com bubble popping. Like, the article is so similar to the early 2000's tech crash reporting it's giving me nostalgia.
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Oct 6, 2022 19:27
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sick of Applebees posted:Anyone have a way to read this on mobile? 12ft.io doesn't work for this one for me This may work? https://archive.ph/vfo64
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Oct 6, 2022 20:55
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Related: https://twitter.com/WilliamsBob75/status/1578025407320035329 Crypto.com just stopped paying what they owed to the LA NWSL team.
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Oct 6, 2022 20:56
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So how soon do the resell the Crypto.com Arena naming rights?
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Oct 6, 2022 21:03
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I haven’t lived in Los Angeles for many years, so I hadn’t heard that the Staples Center became the Crypto.com Stadium or whatever until fairly recently, from randomly browsing Google maps of all things. My jaw almost fell off from the sheer stupidity of it. Looks like that might not be the name of the place for too much longer.
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Oct 6, 2022 21:20
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There's a bunch of Australian rules football teams with crypto.com jersey ads as well as stadium advertising. I'd really like it to go away
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Oct 6, 2022 21:30
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bro your AV is so dank.
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Oct 6, 2022 21:31
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Somfin posted:Per user per year it's still on par with YouTube. that seems reasonable considering the amount of entertainment I get out of it
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Oct 6, 2022 21:35
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lol cyrpto.com did they get their money from barrowing? or venture capital money; Good thing coinbase wasnt so stupid...lol....
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Oct 6, 2022 21:36
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LifeSunDeath posted:bro your AV is so dank. There’s a bit of a story behind it if you’re curious. It’s originally an Angry Johnny painting.
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Oct 6, 2022 21:53
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at least they still have their stadium for n years. also i'm not sure what thousands of workers for a buttcoin (or many tech) companies even do in their day to day or even hourly duty. for companies that love to brag about their leanness and agileness, they soure seem bloated with a ton of filler
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Oct 6, 2022 23:26
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I hope Matt Damon gets on national tv and apologizes.
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Oct 6, 2022 23:27
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damon and other celebs dont care, like unless some unwashed heathen coiner poor personally bothers them. kinda like how bird site jack finally banned Jones and Loomer whne they personally bothered him.
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Oct 6, 2022 23:31
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PhazonLink posted:at least they still have their stadium for n years.
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Oct 6, 2022 23:51
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You love to see it.
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Oct 7, 2022 01:44
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LMAO https://twitter.com/molly0xFFF/status/1578187771331551233
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Oct 7, 2022 02:36
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Holy poo poo that is amazing. Worse than a bank in every single way.
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Oct 7, 2022 02:52
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Identity theft, but on the blockchain
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Oct 7, 2022 02:53
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King Carnivore posted:It would be just the perfect chef’s kiss if the Crypto.com Stadium outlives Crypto.com Sports Authority redux (Technically as soon as payments aren't made they drop the naming rights to the stadium and nobody pays upfront for the whole contract unless lmao lol laffo)
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Oct 7, 2022 02:58
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Big news: https://twitter.com/BNBCHAIN/status/1578148078636650496 https://twitter.com/0xfoobar/status/1578140914283065344
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Oct 7, 2022 03:03
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don't worry funds and names are safu
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Oct 7, 2022 03:05
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Oops, we lost all your money. We appreciate your patience and understanding.
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Oct 7, 2022 03:06
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PhazonLink posted:why the hell do we need real time surge pricing, that poo poo should be banned, at atleast crippled to updates only every 60 mins or so.
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Oct 7, 2022 03:41
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repiv posted:the other part of the rube goldberg machine that's supposed to keep everyone honest is "slasher" nodes, basically watchdogs who can snitch on validators who perform actions which could fork the chain the best part of this was all the drama around tornado cash, in which cryptos were very concerned that validators might exclude transactions for crimes transactions for crimes are one of the primary use cases for crypto, so if I recall correctly they decided to use this slashing mechanism to punish stakers who attempt to not do crimes
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Oct 7, 2022 04:20
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Surge pricing for restaurants is when you're a dick to the staff and they're like "your sandwich is now $45, go gently caress yourself" hth
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Oct 7, 2022 04:21
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Foxfire_ posted:No restaurant actually does that. The thread made it up in order to get mad at it. 'Dynamic' pricing is for things like "Sysco is charging 10% more for eggs on our weekly order, add $1 to the price of souffles, update the menu website, and reprint the handful of paper menus we still have" This thread is full of luddites who don't understand crypto. Of course they are going to grumble about QR codes and "needing a smartphone" in 2022 and totally misunderstand the process lol.
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Oct 7, 2022 05:17
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