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Author Topic: Ethereum without miners? What do you think?  (Read 1045 times)
raiza
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August 24, 2017, 04:28:12 PM
 #21

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?
POS seems to be an alternative.
But its too like a mining process .
We call it as staking

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August 24, 2017, 04:32:44 PM
 #22

definitely the blockchain freeze without mining power read more about mining to know that more miners secure the blockchain of any coin so eth  will die without miners but that is not possible soon with the current price of eth .

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August 24, 2017, 04:40:29 PM
 #23

definitely the blockchain freeze without mining power read more about mining to know that more miners secure the blockchain of any coin so eth  will die without miners but that is not possible soon with the current price of eth .
so result is miners are needed.
infact they are driving transaction fees high thou

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August 24, 2017, 05:26:08 PM
 #24

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.

So what to expect from the market, another dump?
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August 24, 2017, 05:58:57 PM
 #25

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.

There are coins that have no miners also so what is ETH being different to other coins? PoS had been around for some years so it is not a news to have such feature.  I cannot find any uniqueness of ETH except of a central authority that can fork its subject anytime they wanted  Grin.

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August 24, 2017, 08:04:22 PM
 #26

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August 24, 2017, 08:06:29 PM
 #27

POS is coming out and all GPU farms will mine other altcoins. so looking for nice pow altcoins to mine from today.
my finger is on the button.


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August 26, 2017, 10:26:16 AM
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 #28

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 think you don't understand PoW very well, buddy. There is not such a thing as waste of electricity. It's actually being used to make the network safe, and prevent attacks.

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August 26, 2017, 10:54:58 AM
 #29

If it's this magical thing, why it has not started as a PoS coin?

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August 26, 2017, 12:24:56 PM
 #30

one of the main reasons for ethereum popularity was the mining and how profitable it was when they pumped it to the moon. a lot of people got rich from it out of nowhere.
when they kill miners, they will leave a lot of people very angry who will dump the coin.

and on top of that, changing to PoS is a tactic that the ethereum foundation is performing to earn more free money easily without doing anything. that was always their plan. everyone knows they hold the most amount of ethereum and they have it because of the premine!














 

 

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August 26, 2017, 12:32:12 PM
 #31

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 think you don't understand PoW very well, buddy. There is not such a thing as waste of electricity. It's actually being used to make the network safe, and prevent attacks.

He does, he is saying POS does the same thing which is processing blocks and keeping the network secure but without using all the power from POW


If it's this magical thing, why it has not started as a PoS coin?

Oh don't worry it will, staking that premine is what they want.

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August 26, 2017, 01:47:47 PM
 #32

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 think you don't understand PoW very well, buddy. There is not such a thing as waste of electricity. It's actually being used to make the network safe, and prevent attacks.

He does, he is saying POS does the same thing which is processing blocks and keeping the network secure but without using all the power from POW


...then NXT would be number one. 100% Proof-of-Stake. But I suppose you're being sarcastic.

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August 26, 2017, 02:45:30 PM
 #33

after swithing to POS we will lose momentum on Ethereum. need sometime to POS miners jump in for ETH.
I am planning to stop mining and investing on ETH until POS dump.

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