[ANN] Ethereum: Welcome to the Beginning

[zasad@]

"... and it's merged

Expect client releases end of this week / early next week, and a proper announcement early / mid next week"
https://twitter.com/TimBeiko/status/1412762432079007748


"Yep, unless someone objects in the next 24h, London should land on August 4th.

A few client teams have "Oтличнo!'d" it already, but we want to be sure no one has a serious objection. "
https://twitter.com/TimBeiko/status/1412451814935433220

[Max_Headroom]

Shitcoin

[JollyGood]

16 posts so far in one day including trash one-liners? Obvious alt-account trying to build up posting history.

Can you think of any reason why your account should not be tagged?

I think somebody should start a joke shit coin called "shitcoin"

ticker 'shtc'.

The propose of that shitcoin is to finance a campaign to bring awareness to the issue started at the historic 2010 discussion on potential “shitcoins”, scams, ponzis and how people will lose lots of money buying into them.  

https://bitcointalk.org/index.php?topic=1647.msg20646#msg20646

ps-> if you guys announce it at "Announcements (Altcoins)" please let me know I will send a msg to the Bitcoin maximalist
Max Keiser  

Imitation is the most sincere form of flattery.
Bitcoin will adopt the best of the finance tech.

Alt and air coins push technology and innovation further. There are many more problems to solve than finance. Satoshi once suggested miners have a DNS service, f.x.

It's fine, except for the scams by air conns.

DNS is an important topic indeed .. to not mention namecoin and recently handshake

MIT Bitcoin Expo 2019 - Handshake: An Experimental, Peer-to-Peer Root DNS
https://youtu.be/h505L7A_Z8g

Economy is a Social Sciences.

"Economics is a social science because it examines the social behavior of human beings with regards to allocation of scarce resources in order to meet the needs of each individual in the society. Economics does not only involve production and distribution of goods and services, but also the human factor."

--Web Bot Crawlers

I trusted banks before, but not again

Now I can only trust a bank if I can physically punch the bank owner in a face in case of misconduct on my account...

P2P Rulez

This is like playing music. Every performer already has a different personality and personality background. Some people want to how to play in heart, but the actual control on hand is inconsistent.
--KevinRosa

Biting Elbows - The Stampede (Official Music Video)
https://youtu.be/QYm-dT24iRY

Sounds like an AI made text. In case it stand to the 'Turin Test' so Satoshi is a AI.

Thanks!!!

sometimes I like more indy music and rising stars ..

Griff - Black Hole (Live from The BRIT Awards 2021) [Amazon Original]
https://youtu.be/s-iXGLtbZRQ

In England we also got a more "check the community in the corner" approach to solve problems

https://london.hackspace.org.uk/

promo video

https://youtu.be/s7_7HKSyub8



 

wait what>?

in Macau Casino >Hong Kong > Schengen

In fact, we should not expect any positive changes in the price. Perhaps even the opposite .

SHTC neutral

Again? the answer is YES its our electricity bill  

First-Ever Mention of ‘Shitcoin’

https://beincrypto.com/first-ever-mention-of-shtcoin-a-historic-discussion-from-2010/

YES, I am maximalist .  

Shitcoin

Sound's promisor
 
https://bitcointalk.org/index.php?topic=428589.new#new

I wonder how can I buy that STHC called ethereum  

https://bitcointalk.org/index.php?topic=428589.0

Shitcoin

[developeron29]

$ETH price trend chart- https://everycoinprice.com/?symbol=ETH

[hd49728]

Ethereum will have another era in its development history. Ethereum's London upgrade deployed to final testnet ahead of August 4 fork.

One more month for Ethereum to complete the London fork and four more months for Bitcoin finish its Taproot activation. We are in an amazing period of 2021.

[zasad@]

https://worldpublicityblog.com/index.php/2021/07/08/ethereum-may-surpass-bitcoin-says-goldman-sachs/
Ethereum may surpass Bitcoin, says Goldman Sachs
"In a note to investors on Tuesday, Goldman Sachs outlined its reasoning behind the claim that Ethereum will eventually become a better store of value than Bitcoin.

According to the note, the investment bank believes Ethereum currently looks like the cryptocurrency with the highest real use potential. It added that it is the most popular development platform for smart contract applications, according to reports."

[percy_tc]

What exactly  "time bandit attack"? Can someone explain?

[Mrpumperitis]

Ethereum itself can be used as a decentralized storage system, and in fact it is when it comes to code storage in all the smart contracts.
When it comes to large amounts of data, however, that isn't what the system is designed for.
At the time of writing, the Ethereum chain is around 350GB, and every node on the network needs to be able to store all 350GB of data.
If the chain were to expand to large amounts of data (say 5TBs) it wouldn't be feasible for all nodes to continue to run.
Also, this can get incredibly expensive to deploy new data due to the size.

Due to these constraints, we need a different chain or methodology to storing large amounts of data in a decentralized manner.

When looking at decentralized storage (dStorage) options, there are a few things a user must keep in mind.

Persistence mechanism / incentive structure
Data retention enforcement
Decentrality
Consensus

Arweave is mentioned in all 4 areas...
https://ethereum.org/fi/developers/docs/storage/



Also, when ETH2 does eventually release, im 100% confident Arweave will play a vital role for ETH'S data storage.

[zasad@]

Official Announcement
London Mainnet Announcement
Posted by Tim Beiko(C) on July 15, 2021
https://blog.ethereum.org/2021/07/15/london-mainnet-announcement/

What exactly  "time bandit attack"? Can someone explain?

https://research.paradigm.xyz/MEV

MEV Can Harm Ethereum
MEV inherently encourages consensus instability.

Imagine there are two miners, Sam and Dan, who are paid a $100 reward for each block they find. Sam has found 3 blocks, the first of which contained our $10,000 Uniswap arbitrage.

Now, Dan has a choice: he can either mine on top of Sam’s 3 blocks, or he can attempt to re-mine the first block in order to take the Uniswap arbitrage for himself. The $10,000 is much more lucrative than the $100 block reward, and Dan is more rational than honest, so he decides to re-mine the first block.

While Dan’s at it, since the current longest chain is height 3, he also re-mines the second and third blocks (and captures any MEV that was in those, too). After the re-org, Dan owns the longest chain and he and Sam can progress from the third block.

This is known as a “time-bandit” attack: if block rewards are small enough compared to MEV, it can be rational for miners to destabilize consensus.

Our example was a two-party system. In the real multiplayer world, it is possible that every rational miner would attempt to re-org the third block and essentially halt progress. However, this could destroy the value of the miners’ hashrate investments. If we see this behavior at all, it will more likely be in the form of shorter, more frequent re-orgs that do not halt progress entirely.

[becoin]

At the time of writing, the Ethereum chain is around 350GB, and every node on the network needs to be able to store all 350GB of data.

You're kidding, right?

If serious then, probably, what you mean is:
A pruned node?
Infura coin node?
Keeping txs only since the last hard fork?

[DBX CRYPTO]

[Daltonik]

Hmm, the epidemic of disappointments in the crypt is growing, no sooner did Doge co-founder Jackson Palmer announce his withdrawal from projects related to cryptocurrencies, than his example was followed by Ethereum co-founder Anthony Di Iorio, who told bloomberg about the sale of the Decentral software development company and the transition to work on projects not related to cryptocurrencies. https://www.bloomberg.com/news/articles/2021-07-16/ethereum-co-founder-says-safety-concern-has-him-quitting-crypto

[pienetwork]

transaction fees are much cheaper than before, it's important to burn transaction fees for no more manipulation 

[ivomm]

And again for 100th time. Burning fee does not reduce supply! Hence there will be no effect on the price as some hope. The fees are not new minted ethers issued as a mining reward. This is a fee that users pay on top of the issued ethers as a mining reward. In this sense, the new fork will reduce miners income, which is 40% from the fees and 60% from the new ethers rewarded for each block. I'm not sure, however, that the miners income will be affected by 40% since there will be a difficulty bomb delay, which will probably lower the difficulty by 30%. I won't be surprised if the miner's revenue gets higher after the fork, like it did with every previous fork which reduced the mining reward but delayed the difficulty bomb as well.

[tbct_mt2]

And again for 100th time. Burning fee does not reduce supply! Hence there will be no effect on the price as some hope. The fees are not new minted ethers issued as a mining reward. This is a fee that users pay on top of the issued ethers as a mining reward.

Fee is fee and it is not block reward or do I fail to realize that simple fact?

In this sense, the new fork will reduce miners income, which is 40% from the fees and 60% from the new ethers rewarded for each block. I'm not sure, however, that the miners income will be affected by 40% since there will be a difficulty bomb delay, which will probably lower the difficulty by 30%. I won't be surprised if the miner's revenue gets higher after the fork, like it did with every previous fork which reduced the mining reward but delayed the difficulty bomb as well.

Many miners will be panic and I think price will be manipulated on the market. Mining is not a game for newbies and weak hands. Weak and retail miners will shut their rigs down, and leave more space, more mining rewards to strong miners.

Difficulty adjustment usually bring more benefits to whale miners.

[davide72]

transaction fees are much cheaper than before, it's important to burn transaction fees for no more manipulation 

i don't understand why burning fees. already much eth coin and locked or burned but the price is still falling in current market bearish move but i consider that price is stable then other altcoins
burning fees will reduce the circulating supply in that result will be only hype. i mean price will sudden all the way up and sudden price up means pump and then dump

Well sorry i am not an expert but i think is falling due the btc drop, when btc it will start to go up again you will see ethereum going up again too!

[zasad@]

https://twitter.com/trent_vanepps/status/1416039650393788416?s=20
"I was asked how quickly the EIP-1559 baseFeePerGas rises / falls, & didn't know of an accessible resource..

..so I made this http://docs.google.com/spreadsheets/d/1Ld4JSyaz-gvTx-4xIaxe4qU2wlaG1XAQfMiKl9CKCY0/edit?usp=sharing

Hopefully this helps to estimate how quickly we stabilize depending on congestion around London (~Aug 4)"

[Daltonik]

Ethereum must go beyond the wild, speculative financial movement known as DeFi, Ethereum founder Vitalik Buterin said in a speech at the Paris EthCC conference. https://decrypt.co/76545/vitalik-buterin-beseeches-ethcc-ethereum-crowd-move-beyond-defi

He also co-authored with Georgios Konstantopoulos publishes a large article on the reorganization of blocks after the transition to ETH2 https://www.paradigm.xyz/2021/07/ethereum-reorgs-after-the-merge/

[zasad@]

https://decrypt.co/76683/ethereum-transition-eth2-gets-formal-improvement-proposal

"Ethereum Transition to ETH2 Gets a Formal Improvement Proposal
EIP-3675 puts the network one step closer to Ethereum 2.0. That doesn't mean it's coming right away.

In brief
EIP-3675 is a proposal to officially transition Ethereum to proof of stake.
The network currently uses proof of work.
A functioning proof-of-stake network is still months away."

A new graphic for Ethereum's Upgrade Path: leading to the Merge and beyond 👩‍🚀

https://twitter.com/trent_vanepps/status/1415741658067517441

[STT]

Many miners will be panic and I think price will be manipulated on the market.

I expect volatility from the differences to monetary flow of ETH

ETH is going up if they pass the POS contract though it should also mean ETH tied up are now also available which could mean short term weakness and a buying opportuinity for anyone who understands that and has faith in POS being of benefit long term.   I think POS makes price double if it enables lower transaction fees that utility will be described within the price like a share vs dividends.

POS for #ethereum is years away. Keep your money in your pocket for now

somebodys comment on twitter, I thought much sooner then that