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this post was submitted on 09 Aug 2023
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They have complete control. They can just ban the account who owns the coins, or block them from using it because they are the some platform that it's used on. Even if a user gets banned and gives their coins to someone else, it's trivial to track the blockchain transaction to see which account it goes into and ban that one.
They have just as much control as the old coins, except now it burns 1000x the amount of trees and is crypto scam shit.
You can transfer it to a wallet that is not linked to reddit.
And Ethereum is not like Bitcoin anymore, so the environmental concerns are reduced.
That doesn't matter. Transactions are easily visible and can just be followed to a new account.
Yes, but they can't be linked to a reddit account, which was your whole point.
...yes they can
No, they can't. How would an EOA created in any standard wallet be linked to a Reddit vault?
Much of this thread seems to be a case of blind leading the blind for the sake of hate.
The crypto community has more than its share of scams, memes, hype-driven projects, and speculations which give it a bad and unprofessional perception, but that's just the surface.
Ethereum/cryptocurrency has the power for great change and is actually a pretty complex topic under the hood, the details of which most people will never need to understand, just like the Internet.
Time will tell I guess!
It's trivial to see if they give you dumb reddit coins, that the wallet it's going into is yours. If they ban you and see that wallet to connect to your account, clearly it's the same person.
That's not what was said. You said even if the coins are transferred to another wallet, it could be tracked to a new reddit account. It can't.
User 1 has Wallet A. User 1 gets banned. Wallet A funds all gets transfered to Wallet B. User 2 now has all the funds and can be assumed to be User 1.
As @schooner said ethereum uses POS which is environmentally friendly as it uses 99% less energy than the old POW mechanism.
Also yes the account could be blocked but the crypto wallet can't be. As far as tracking goes nothing stops as user selling on am exchange amd then purchasing more from another. Tracking is effectively stopped at that point.
Proof of stake might conserve power but it is the final evolution of cryptocurrency into a pure pyramid scheme.
I don't see how anyone is ok with the value of their currency being validated and effectively controlled by the people that have the most of said currency. I can't imagine people with more clear conflicts of interest in mantaining an honest value of the currency.
I think you need to read more about the technical aspects of how POW actually operates.
It has nothing to do with controlling value, a person who holds a large amount of that crypto can use it as a "stake" think collateral to operate as a consensus node, if they are caught cheating the stake is burned.
It's in their interest to operate efficiently and fairly or lose there stake and overall network value.
Define "caught cheating" and how accountability is maintained or else this means very little. Why wouldn't they constantly collaberate with other stake holders to manipulate the value of the currency to their advantage? How would they get caught if they do it carefully?
Also I had deleted my previous comment because it looked like it had failed to federate properly. Now I recieved a response to it. Idk what happened.
Cheating is a catch all term and there are various factors that play into it. Ultimately its not in the interest of holders to even try and mess with the system because the only thing it would do is cost them money.
I am going to leave you with this article as it talks about some attack vectors and compares POW to POS, it explains it better than I can: https://vitalik.ca/general/2020/11/06/pos2020.html
It's interesting how I am being down voted for relaying facts about the Ethereum blockchain, come on people you may not like what I am saying but what I'm saying is truth.
You are being downvoted because crypto is volatile, untrustworthy, and the favorite tool in the last 30 years of scammers and swindlers. Even if you described it perfectly, talking about it like it like it isn't a reprehensible thing will and should draw negative attention from people who know better than to tolerate con artists and their enthusiastic marks.
But again, exactly like how the big players happily maniuplate the stock market willfully for furthering their own goals and increasing their value, how does any of what you said provide any confidence for me or anyone else that people with dominant amounts of the currency can't cooperatively and subtly push it's value up or down as it suits their needs? I don't care either way personally, I wouldn't get involved with crypto with someone else's money if I was paid to do it. But idk why crypto people would trust this after the whole point was supposed to be a trustless system
Idc about the value of Ether itself. If it maintains a healthy valuation in real world terms, that's all that is needed to secure Ethereum. I don't need to trust validators to know they are doing their job, that's how the system is designed. Validators should make sure that state integrity is preserved and that's about it. If they don't, their stake gets reduced and can even go to zero. This is exactly what it means to be trustless. The valuation of Ether is only relevant to the point that it retains enough value that attacking the network becomes prohibitively expensive.
Market manipulation is a function of people and non-transparent dealings. If anything, fully onchain finance would allow information asymmetry to be reduced so that regular people can beware of such frauds.
Are there con artists? Of course. Why would that make me not try to build a better system than "regulated finance" which is the same, if not worse, deal but where I am not allowed to participate by regulators who act as gatekeepers.
Ether by itself is useless, its value is determined by how much demand blockspace on Ethereum has. This is a better system than my government imposing capital controls and taxing the shit out of me without even giving me a good bus to ride on to work.
Anyway, like it was said, if you don't get it, it's not really my job to convince you, but I hope you don't go around spreading misinformation like you are doing right now.
I couldn't have said it better myself.
The only thing I'd add is that through the rise of the interent and email scammers hopped on the train to exploit the technology as much as they could. That doesn't mean we shouldn't use the Internet or that it's inheritently bad, we just have to be aware of the possible dangers when using it.
The Internet had its neigh sayers but I'm sure noone here would disagree that it is overall a useful and beneficial tool.
Which is still 100% more than needed