ETH going PoS is a huge mistake

[vanesha]

Well that's all a big mistake but however Ethereum definitely wants to try a new atmosphere,
it's possible that the mining system with the concept of Rig mining is an Ancient concept that will soon be abandoned.
Now we are using a more modern concept with staking, such as evolving into DeFi, in which there are staking and farming features that look simpler.

[Eternad]

Well that's all a big mistake but however Ethereum definitely wants to try a new atmosphere,
it's possible that the mining system with the concept of Rig mining is an Ancient concept that will soon be abandoned.
Now we are using a more modern concept with staking, such as evolving into DeFi, in which there are staking and farming features that look simpler.

I don’t understand what’s the big mistake there. PoS requires validators to own a huge amount of ETH to run there own node and it’s same the with PoW mining because miners invest on mining rigs to dedicate there computing power to solve the blocks. A huge PoW mining company is same with Validators on node. They just differ on the method of there protocol. I’m in favor with PoS since PoW consumed a lot of energy even though it has same function of PoS that don’t require that much power.

[slaman29]

Hard to say what the effect of bad decisions on market. Personally I definitely agree PoS is a bad idea but I guess the way they're doing it is slightly more different/complicated than regular PoS so maybe it's not as big a concern as we think.

Then again, market also doesn't care so much in the short term. People still buying up ETH waiting to get into PoS.

[evichi]

PoW is designed as a way to assure the security of the blockchain network. In PoW, otherwise mining, the creation of the next block relies on solving a very complex computer equation - thousands of nodes compete with computing power for the next block, it becomes very expensive to attack the network. PoS system favors entities with a higher amount of tokens, above those with lower amounts. That is why it may lead to centralization because is now concentrated on fewer hands (central authority). PoW and PoS has its pros and cons. IMO, Ethereum team will decide the best way forward without ignoring the security of the blockchain. They have to arrive at a compromise between high gas fees and the security of the blockchain.

[X-ray]

you gonna see this things unfold very soon, I think i have really no problems with ETH switching over using POS because it could save bunch of energies instead of being wasted and it’s for betterment of the planet and i’m sure that im all in if a platform like ETH are gonna go green.
sure POS maybe seems a lot more centralized than POW but you should also consider that maybe in the future this POS gonna be improving overtime if it’s being implemented from right and left and surely this could mean that maybe in the future POS just gonna be as secure and decentralized as POW today.
regardless thats just my 2 cents and I’m myself definitely just average joe in this field, I think the reasoning behind ETH switching over using POS already sufficient.

[Wiwo]

Well, many projects choose to option of proof of stake rather than proof of work because the operational and scalability of the 1st POS is more flexible since it is seen as the less energy and eco-friendly way of processing the transaction.

[ningrum]

I don't know if I'm the only person feeling this way right now, Ethereum going PoS is a high mistake, its no deny that PoS always leads to centralization and the whole idea and points of crypto is decentralization, or am I wrong? What do you crypto guru think?

no problem with Ethereum moving to the POS Algorithm, in fact I can fully support if Ethereum is faster to POS,
because the POS algorithm has the advantage of reducing Gas Fees and minimizing pollution due to mining,
don't worry, because the PoS algorithm is also decentralized, not centralized, because Ethereum is not a token

[fzkto]

I don't think it's a mistake, but a smart move to make rich people even richer. Especially without the influence of miners it will become easy for those who have a lot of coins. I think Ethereum's move to POS algorithm is the scam of the century. It's a game for the big whales that all the miners will fall away from. There has been talk of centralisation or decentralisation between POW or POS for a long time and so far many are in favour of POW projects which are more decentralised.

[XUR_TIP]

Eth is and will remain decentralized the pos change will benefit all those who do not have expensive gpu to be able to mine it people will be able to join pools to reach the 32 eth necessary for a node and start earning interest

This comment is pointless, its cheaper to buy GPU to mine Ethereum, have you checked the ETH PoS requirement? It costs thousands of dollars, I heard you need 10 ETH or more to stake ETH whereas a GPU costs 340$ (GTX 1660 ), do your own research.

[Fivestar4everMVP]

I don't know if I'm the only person feeling this way right now, Ethereum going PoS is a high mistake, its no deny that PoS always leads to centralization and the whole idea and points of crypto is decentralization, or am I wrong? What do you crypto guru think?

Well, I don't think you really understand what PoS mean, and yes, cryptocurrencies are built to be a decentralized form of money and payment for goods and services,  and from my own perspective, Ethereum going PoS doesn't not deter it from its decentralized nature, it doesn't mean the Ethereum ecosystem is now centralized, going PoS I personally believe will benefit the network alot as this will help to take power away from miners and hand it over to users/holders/stakes, this will in turn help to drastically bring down the high transaction fees which have plagued the network since the rise of crypto kitties(if anyone still remember that project).

[RealMalatesta]

The moment you say "there is no deny" about something that can be denied, you are wrong, and its not even just about this topic, its about any topic in the entire history of the world. There IS  a deny that PoS leads to centralization, which means that you are not looking at it the right way. This isn't some validator that BNB has type of situation, thisi s proof of stake which means that any person in the entire world that can buy 32 ETH could end up doing this. So it doesn't eliminate anyone for any reason at all and if you want to keep "mining" just sell the GPU and buy ETH with it and you will still earn.

The 32 ETH part could be the one that gets people. It means that only the rich people can validate because 32 ETH means over 100k dollars total, and that is why people are worried they would not become a part of it. However, what people are forgetting is that there are staking pools, which means that thousands of people can get together and pay only a tiny bit of money and then pool that money together to start earning.

If it is 5% then you get 5% that way as well. It is really not a big deal. Proof of Stake is also not a new thing, it has existed for a long time in the crypto world and we can see how it succeeded and failed all the same, it only matters who does it, not how.

[Abiky]

How come POS will centralize ETH? I don't get your point. Rather I feel POS will actually make ETH more accessible to the common mass. You won't need expensive graphics card to mine it. Rather you can just buy some ETH from the market and pool stake with others. POS is effectively removing the barriers that bars the common mass to enter into mining of crypto due to high entry price. Also it will address the high gas fees which ETH users are facing since a long time now. The current gas fee is not sustainable and POW is unable to solve the issue so far. POS will help to distribute the gas fees across network through their algorithm which will reduce it to a great level.

Overall, I have seen positivity around this movement. Not sure what made you think it will end decentralization in ETH.

POS can centralize ETH as big exchanges will be able to dominate the Blockchain with customers' stakes. In case you weren't aware, something similar happened a few years ago with the STEEM/HIVE hard fork. Big exchanges like Huobi and Binance used their customers' holdings to "vote" in favor of the controversial STEEM hard fork which "stripped" away witnesses' (validators) balances on the Blockchain. Imagine if something like that happened with ETH. It would be disastrous!

Despite POW's downsides, I think it's still a better option for decentralization than POS. Critics may say POW is energy-intensive and all, but the fact is there's no other consensus algorithm which prioritizes decentralization above all else. It's no wonder why Bitcoin is still a POW coin, despite many other cryptocurrencies going towards an alternate route (POS). At least, there's hope for ETH's decentralization as the community can create a new fork that would not be subject to the likes of POS. As long as decentralization and censorship-resistance wins in the long run, nothing else matters. Just my thoughts

[cabron]

With the ETH price today, a regular person couldn't afford to have 32 ETH. Is it even worth than holding BTC?

How come POS will centralize ETH? I don't get your point. Rather I feel POS will actually make ETH more accessible to the common mass. You won't need expensive graphics card to mine it. Rather you can just buy some ETH from the market and pool stake with others. POS is effectively removing the barriers that bars the common mass to enter into mining of crypto due to high entry price. Also it will address the high gas fees which ETH users are facing since a long time now. The current gas fee is not sustainable and POW is unable to solve the issue so far. POS will help to distribute the gas fees across network through their algorithm which will reduce it to a great level.

Overall, I have seen positivity around this movement. Not sure what made you think it will end decentralization in ETH.

POS can centralize ETH as big exchanges will be able to dominate the Blockchain with customers' stakes. In case you weren't aware, something similar happened a few years ago with the STEEM/HIVE hard fork. Big exchanges like Huobi and Binance used their customers' holdings to "vote" in favor of the controversial STEEM hard fork which "stripped" away witnesses' (validators) balances on the Blockchain. Imagine if something like that happened with ETH. It would be disastrous!

Despite POW's downsides, I think it's still a better option for decentralization than POS. Critics may say POW is energy-intensive and all, but the fact is there's no other consensus algorithm which prioritizes decentralization above all else. It's no wonder why Bitcoin is still a POW coin, despite many other cryptocurrencies going towards an alternate route (POS). At least, there's hope for ETH's decentralization as the community can create a new fork that would not be subject to the likes of POS. As long as decentralization and censorship-resistance wins in the long run, nothing else matters. Just my thoughts

Steem can't be forgotten by the ones who were ripped. Some of those users think Binance has something to do with it actaully. It could once again happen to other POS tokens today which investors also thought it's decentralized.

It's hard to counter the information for these investors to move out of the exchange because it's convenient for them to stay on exchanges even with the locking period.

[asyakashi]

I don't know if I'm the only person feeling this way right now, Ethereum going PoS is a high mistake, its no deny that PoS always leads to centralization and the whole idea and points of crypto is decentralization, or am I wrong? What do you crypto guru think?

I'm not a cryptocurrency guru, but what you say is not wrong, basically
cryptocurrencies are more decentralized if they are mined using mining rig machines.
However, Ethereum instead chose to make the project change it from a Mining Concept with Rig Mining to a POS System, the basis is indeed centralized but I'm sure they want to dive further with the current development of cryptocurrencies.
You know what DeFi looks like? DeFi has something in common with PoS systems they have staking and farming features, I think Ethereum wants to keep up with that so it can adapt to future trends.

[aprilnot]

I don't know if I'm the only person feeling this way right now, Ethereum going PoS is a high mistake, its no deny that PoS always leads to centralization and the whole idea and points of crypto is decentralization, or am I wrong? What do you crypto guru think?

is centralization really bad for you? although it is a solution for scalability?
right now that's all ethereum can think of to solve the problem. and why only ethereum are you looking down on, when there are a lot of blockchains out there that use POS. anyway the ethereum community doesn't completely reject this system, most support this system being implemented as soon as possible.

[Kunnu]

I think Ethereum developers are going to take an important and positive step to replace their network from pow to pos and it's obviously necessary to them to make Ethereum network more progressive in future as we know the high transaction fees are a big problem on Ethereum network which may leave negative impact on it sooner or later that's why the developers of Ethereum network finds pos algorithm much capable for the network and it will definitely boost its further progress.

[shinratensei_]

I think that the ethereum developers have been thinking about this before it was trying to implement it. There are two chains that will be merged soon. Being POS will not always become negative as it will be less decentralized compared when ethereum was using POW. Being a hybrid blockchain can be also a solution but this is not stable for the long term of ethereum.
There would always be dis and advantage from the implementation of POS and i think that this was also coming from so many process.

[Abiky]

With the ETH price today, a regular person couldn't afford to have 32 ETH. Is it even worth than holding BTC?

That is true but ETH devs said something about staking less than 32 ETH after "Sharding" is implemented on the Blockchain. If I'm not mistaken, it'll be possible to stake 32 ETH through the use of staking pools. The 32 ETH requirement is only for validators who want to stake coins by themselves without relying on a third party (in this case, a staking pool service). At today's price, that's a hefty amount of money. But DASH is on the same boat with a requirement of 1,000 DASH just to become a masternode. All I care about is decentralization so as long as decentralization is prioritized, nothing else matters.

Steem can't be forgotten by the ones who were ripped. Some of those users think Binance has something to do with it actaully. It could once again happen to other POS tokens today which investors also thought it's decentralized.

It's hard to counter the information for these investors to move out of the exchange because it's convenient for them to stay on exchanges even with the locking period.

Money talks so whenever there's money involved, you can expect the unexpected. I was astonished to see Binance supporting the centralization of the STEEM blockchain via the use of customer's funds. For a decentralization proponent like CZ himself, I'd say such a move greatly contradicts him. Even Huobi did the same thing as Binance. What makes you think something similar will happen with ETH when big money is involved?

With PoS, big exchanges will have all of the power to roll back transactions and do whatever they want with the Blockchain. Most people won't care about the situation because they prefer convenience on top of decentralization. But for some, this will mark the end of Ethereum as the "King of Altcoins". At least, we'll have Ethereum Classic as a decentralized alternative to the standard ETH blockchain. Just my thoughts

[mildmanneredsuffering]

hopefully they will just stay hybrid and not go full pos. if they go to only pos, I think it wont be as popular

[FairUser]

...the whole idea and points of crypto is decentralization...

Your perspective is one-sided and it is not compatible with what is currently happening in this space. Decentralization is clearly a fundamental thing in this market, but in essence, centralization is not lost, it is being built out of decentralization. So don't be tied down by your narrow understanding. When PoS is considered an urgent solution for ETH these days, its ecosystem is getting bigger and bigger, so it will be outdated if you still keep your privacy. Today, new platforms are appearing that meet the criteria that users need, and ETH is still in the process of change, despite many problems, but it is always the top thing in the market.