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Author Topic: Ethereum without miners? What do you think?  (Read 1030 times)
TheWolf666
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August 24, 2017, 03:26:46 AM
 #1

Since the source code of Geth is public domain, what about doing a version of ETH without the bloody miners.
If ETH want to become a maintream currency, why keeping mining? Mining is meant to mimic the GOLD currency, having miners and limited supply.
But if you want to do something that compete with the USD you need to mine on demand, like the banks are doing. When a node is necessary, you create it, then the supply always matches the demand, transactions can be done instantly without waiting a block, without paying expensive gas. That would work as a replacement currency for every day use.

And also why everyone need to download full node? Wallets should only download the latests transactions (1 week for example). Then people who want to contribute to the currency could host part of the full node (nobody could host all, to avoid what is happening with BTC and BCC). Gas would be used to reward these stockages wallet that would be like the pillars of the currency and they would make money by storing part of the complete transaction, without being about to store more than 10%.

What do you think about these idea?

Token - Solidity developer.
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August 24, 2017, 07:45:50 AM
 #2

Since the source code of Geth is public domain, what about doing a version of ETH without the bloody miners.
If ETH want to become a maintream currency, why keeping mining? Mining is meant to mimic the GOLD currency, having miners and limited supply.
But if you want to do something that compete with the USD you need to mine on demand, like the banks are doing. When a node is necessary, you create it, then the supply always matches the demand, transactions can be done instantly without waiting a block, without paying expensive gas. That would work as a replacement currency for every day use.

And also why everyone need to download full node? Wallets should only download the latests transactions (1 week for example). Then people who want to contribute to the currency could host part of the full node (nobody could host all, to avoid what is happening with BTC and BCC). Gas would be used to reward these stockages wallet that would be like the pillars of the currency and they would make money by storing part of the complete transaction, without being about to store more than 10%.

What do you think about these idea?

"Casper" will gradually reduce the importance of mining until Ethereum is going full Proof-of-Stake in about 18 months.

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August 24, 2017, 07:56:06 AM
 #3

Since the source code of Geth is public domain, what about doing a version of ETH without the bloody miners.
If ETH want to become a maintream currency, why keeping mining? Mining is meant to mimic the GOLD currency, having miners and limited supply.
But if you want to do something that compete with the USD you need to mine on demand, like the banks are doing. When a node is necessary, you create it, then the supply always matches the demand, transactions can be done instantly without waiting a block, without paying expensive gas. That would work as a replacement currency for every day use.

This is already being done. The next upgrade ("Casper"?) will further implement the difficulty bomb as the network gradually moves towards proof-of-stake. The details still aren't clear to me, and I still think proof-of-stake is highly speculative. They are basically planning on ripping out the entire economy underlying Ethereum and attempting to replace it overnight. I know it's been on the roadmap for a long time but I'm still not sure that investors understood then (or understand now) the risks of transitioning to a PoS network.


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August 24, 2017, 09:35:30 AM
 #4

In just a few weeks time the Metropolis hard fork is being activated on Ethereum, this will start the process of steadily increasing the difficulty on Ethereum until next year some time when the proof of stake algo goes live effectively forcing the miners out.  The update also includes "Zero Knowledge Proofs" which is what ZCash uses to keep their transactions anonymous, so Ethereum will gain these benefits also.

So in short, miners are already being phased off from Ethereum for the long term, but in the short term I think the price will go up soon Smiley
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August 24, 2017, 09:55:32 AM
 #5

Without miners possibly  ETH will be different from the other coins. And this uniqueness it will have will bring more demand in ETH I think.  Hopefully it will increase ETH value, and Hopefully it won't start doubling illegal activity around. But the idea of having a coin without miners is something great.
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August 24, 2017, 10:49:34 AM
 #6

It will be more valuable vitalik is so smart and he knows what to do. Proof of stake will make ethereum more valuable.

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August 24, 2017, 10:59:24 AM
 #7

Ethereum as a non-mineable coin is a green coin because it saves a lot of power and hardware expenses, mining hardware had an obsolescence cycle of six month which in turn dumping another electronic hardware to the ground that contributes hazards to environment and also taking a lot of waste of energy source from mining is not a good idea why not redistribute the power source to other community like street lighting. if no miners in an Ethereum ecosystem it can save a lot of megawatts of electricity, Mr. Buterin was a good visionary for his Ethereum he saves the mother earth.

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August 24, 2017, 11:32:04 AM
 #8

Ethereum as a non-mineable coin is a green coin because it saves a lot of power and hardware expenses, mining hardware had an obsolescence cycle of six month which in turn dumping another electronic hardware to the ground that contributes hazards to environment and also taking a lot of waste of energy source from mining is not a good idea why not redistribute the power source to other community like street lighting. if no miners in an Ethereum ecosystem it can save a lot of megawatts of electricity, Mr. Buterin was a good visionary for his Ethereum he saves the mother earth.

Thanks all for these info, waiting impatiently that these improvement are implemented.

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August 24, 2017, 11:42:42 AM
 #9

It's coming in due time. but in the meantime, things like Lisk and Stratis are implementing these features from the ground up

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August 24, 2017, 11:46:13 AM
 #10

Ethereum as a non-mineable coin is a green coin because it saves a lot of power and hardware expenses, mining hardware had an obsolescence cycle of six month which in turn dumping another electronic hardware to the ground that contributes hazards to environment and also taking a lot of waste of energy source from mining is not a good idea why not redistribute the power source to other community like street lighting. if no miners in an Ethereum ecosystem it can save a lot of megawatts of electricity, Mr. Buterin was a good visionary for his Ethereum he saves the mother earth.
i agree with you, non-mineable is a trend, new coin rarely ujse POW nowadays, POS, DPOS, POW...are more environmental

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August 24, 2017, 02:14:49 PM
 #11

Since the source code of Geth is public domain, what about doing a version of ETH without the bloody miners.
If ETH want to become a maintream currency, why keeping mining? Mining is meant to mimic the GOLD currency, having miners and limited supply.
But if you want to do something that compete with the USD you need to mine on demand, like the banks are doing. When a node is necessary, you create it, then the supply always matches the demand, transactions can be done instantly without waiting a block, without paying expensive gas. That would work as a replacement currency for every day use.

And also why everyone need to download full node? Wallets should only download the latests transactions (1 week for example). Then people who want to contribute to the currency could host part of the full node (nobody could host all, to avoid what is happening with BTC and BCC). Gas would be used to reward these stockages wallet that would be like the pillars of the currency and they would make money by storing part of the complete transaction, without being about to store more than 10%.

What do you think about these idea?

"Casper" will gradually reduce the importance of mining until Ethereum is going full Proof-of-Stake in about 18 months.
Looks the plasma will be supporting the casper update, I think that gives the more revolutionary to the ethereum to not only depend on the miners to run the network. But that will be happened as soon as possible. But there is not actualy date about when the casper will have implemented.

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August 24, 2017, 02:36:16 PM
 #12

Since the source code of Geth is public domain, what about doing a version of ETH without the bloody miners.
If ETH want to become a maintream currency, why keeping mining? Mining is meant to mimic the GOLD currency, having miners and limited supply.
But if you want to do something that compete with the USD you need to mine on demand, like the banks are doing. When a node is necessary, you create it, then the supply always matches the demand, transactions can be done instantly without waiting a block, without paying expensive gas. That would work as a replacement currency for every day use.

And also why everyone need to download full node? Wallets should only download the latests transactions (1 week for example). Then people who want to contribute to the currency could host part of the full node (nobody could host all, to avoid what is happening with BTC and BCC). Gas would be used to reward these stockages wallet that would be like the pillars of the currency and they would make money by storing part of the complete transaction, without being about to store more than 10%.

What do you think about these idea?

i don't like pos coins, because they don't offer solution for investors, i mena investors will only buy early because of the pos reward, granted that the pos of eth will work like a standard pois and not like decred, you have that after the initial euphoria the investors will not buy anymore and begin to dump, pos coin never go anywhere, some of them are just surrounded by luck and rise for no reason lol
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August 24, 2017, 02:40:01 PM
 #13

POW or POS, ETH will always remain a shitcoin scam. I am astonished by the many ignorant/uninformed people that promote this 80% premined highly centralized scam.

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August 24, 2017, 02:44:06 PM
 #14

Did you just give us the new idea of turning ethereum to proof of stake ?
And it's a new thing and asking us about our opinions ?

Mate I guess you're a little brand new or either too late to the party.
Because this POS thing is supposed to come some time in the next year.
And they've been talking about it for a long time now.

Just try to google "eth turning proof of stake".

POW or POS, ETH will always remain a shitcoin scam. I am astonished by the many ignorant/uninformed people that promote this 80% premined highly centralized scam.

Profits is what everyone cares about mate. I don't promote it but mine it and trade it. It gets me cash so I like it.
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August 24, 2017, 02:47:10 PM
 #15

Ethereum without miners? What do you think?

"Casper" will gradually reduce the importance of mining until Ethereum is going full Proof-of-Stake in about 18 months.

Vitalik moving to PoS will be proof that Ethereum is controlled by an oligarchy, because PoS only functions as an oligarchy.


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August 24, 2017, 02:54:40 PM
 #16

Did you just give us the new idea of turning ethereum to proof of stake ?
And it's a new thing and asking us about our opinions ?

Mate I guess you're a little brand new or either too late to the party.
Because this POS thing is supposed to come some time in the next year.
And they've been talking about it for a long time now.

Just try to google "eth turning proof of stake".

POW or POS, ETH will always remain a shitcoin scam. I am astonished by the many ignorant/uninformed people that promote this 80% premined highly centralized scam.

Profits is what everyone cares about mate. I don't promote it but mine it and trade it. It gets me cash so I like it.


I get that, profit is profit, I mined it as well for some time.
What I don't understand is why the people are telling plain lies, invent bullshit stories  "tuvemun", "it will overtake bitcoin", "is used by the Chinese government, Russian, US, by the Illuminati ffs".

Profiting and promoting a scam makes you an accomplice, not an outsider.

Are you mining it? Mine it silently, don't tell anyone! It's a shame to be involved in scams.

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August 24, 2017, 03:10:08 PM
 #17

I thought eth was going to pos in September. But honestly they change so often, it is very confusing and makes me leery about investing in them.
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August 24, 2017, 03:38:15 PM
 #18

Ethereum without miners? What do you think?

"Casper" will gradually reduce the importance of mining until Ethereum is going full Proof-of-Stake in about 18 months.

Vitalik moving to PoS will be proof that Ethereum is controlled by an oligarchy, because PoS only functions as an oligarchy.




Oligarchy is not really the word, I would say that most people in the crypto are snobs. This was not the case when I was doing an IPO in the 2000's when the technology bubble was at the top. You could call anyone with a great idea, and nobody would snob you because you are a newbie.
But Crypto is finance and the make all these people looking like baron Rothschild. It is one thing I really don't like about the Crypto community, you need to be "someone" to have great idea, yet the ones who judge you are just kids with pockets full of Bitcoins they got by accident.

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August 24, 2017, 04:10:15 PM
 #19

I thought eth was going to pos in September. But honestly they change so often, it is very confusing and makes me leery about investing in them.

PoS for Ethereum is rolling out slowly. At first only every other block will be mined using PoS.

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August 24, 2017, 04:10:30 PM
 #20

Without miners any coin would die. You need miners to continue growing supply and creating sustainability or there is no point to any coin in the first place.


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