Will the ETH 2.0 be the biggest milestone in crypto ever?

  1. Ethereum pro & con arguments and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the

  2. how many times has the ETH crowd already walked back on previous hype points? stop saying X will do Y, then X goes live, nothing happens, and everyone suddenly yells that we never said X would do Y.

  3. Should find out this week if it'll be June/July or August/September based on the results of the mainnet shadow fork.

  4. How many billions are stuck in staking? I don’t think any early staker counted on the “upgrade” to take this long. I’m cautiously optimistic…but I feel like there’s a chance for a huge pull out as soon as people can access their funds again.

  5. Why tho? A successful testnet merge triggered a whole bunch of people to FOMO into staking, the deposit queue has been backed up for weeks. Imagine how much more ETH will flow into staking after the single riskiest event is over and the staking yield doubles. People are okay with 5% now, why would they yeet the moment it becomes 10% lol

  6. I am an early staker and I totally expected it to take this long. When I started staking in December of '20 the only time frame we had was "hopefully in 2022". I can only speak for myself, but I have no intention of pulling the coins I have staked anytime soon. The rewards are a different matter. I likely won't sell the rewards, but it would be nice to be able to move them to another wallet.

  7. Literally every staker knew it will take this long. The steps you had to take in order to start staking made this very clear. There was even a checkbox you had to tick to acknowledge this fact.

  8. If apr and price of ETH goes up then there may be even more ETH staked. Also ETH won't be removable until a while after the merge.

  9. I think how excited you are depends if you are here for the tech or for the money. If you are here for the money it will most probably not affect you much. If you are here for the tech, the importance is similar to the moon landing. In the sense that all the other Ethereum updates were like sending the first satellites, animals or humans into space. Definitely hard and complex problems, but the Merge is another level to complexity:

  10. While I agree that the POS switch is going to be a huge technological milestone, the first part you mentioned is simply wrong

  11. Technically from a software development point of view, I think it IS a major milestone "for Ethereum" imho, migrating from PoW to PoS. It's incredibly difficult in software development to refactor the whole codebase and test everything, not to mention decentralisation nature of this project. It's a major and a difficult but required step for Ethereum's evolution nonetheless.

  12. The thing about the merge is that it does effect price action, while I agree from a solutions point of view, gas fees are the big topic which will be focused on post merge called the "surge" for sharding. The transition in changing the structural system of consensus brings on a different incentive than the way PoW does. Miners are paid in issuance which are then typically sold right away to generate fiat for the energy expenditure and overhead cost of mining. This effectively adds the circulating supply and provides sell pressure. By using a collateralized consensus system (PoS) the incentive to sell issued Eth from providing validation to the network might not necessarily be the same in that continuing to keep the Eth staked could offer better compound returns and the computational costs will be much less significant than PoW so having to sell to cover overhead won't be as strong, so sell pressure may not be as strong. On top of this, the issuance will drop by 90%, which of itself will cause a supply shock to the typical sell pressure (this is where the triple halving comparisons come in). And then, due to bringing the consensus system up off foundation, the initial staked Eth won't be able to sell for the first 6 months, so while there will be typical sell pressure from a buy the rumor sell the news event for everyone jumping in without staking post merge, the supply shock will continue for 6+ months as the consensus system establishes a supply demand equilibrium. Also considering EIP-1559 will continue, and for 6 months sell pressure from staking will be paused, there will certainly be moments the network will be deflationary. So, from a price action standpoint, this event is huge.

  13. Eh, crypto is still in its infancy so i would say no. If this is the biggest milestone then crypto won't have much of a future. Is it big? Yes, but i expect so much more over the next decade.

  14. Vitalak himself has said that staking is not going to fix the ETH gas problems. He is pointing to the skrollup L2 as the future of ethereum.

  15. If you look at how many of the top 100 are ether tokens it's insane. People think of bitcoin as the face of Crypto, but ether IS Crypto. I think ETH 2.0 will kick off another bull market.

  16. The blatant misinformation some people spread about this upgrade is just so frustrating. No, it WONT reduce fees!

  17. It sure will be a major shift. I hope sharding is enabled soon to lower gas fees. After that ETH will be unstoppable!

  18. Will be crazy to see how low rollup fees get if they implement proto-danksharding in Shanghai. Even Arbitrum will be able to do transactions for mere pennies.

  19. If I know anything about following crypto prices for years it's that when a huge leap in price is expected, the opposite always happens. Technology and news is one thing, but human psychology outweighs all that when it comes to buying/selling or buying the hype, selling the news. Just watch

  20. That being said, there is always a better and faster Bitcoin fork than Bitcoin, but Bitcoin is still the King.

  21. I suspect we will see weekly updates on the amount of electricity saved using PoS with compared estimations if PoW was still the law. Comparisons will include hourly breakdowns, per-transaction, and per-contract. It will seem interesting for the first two posts; every post afterwards will increase resentment for having wasted time reading the title every day/week. Six months later these posts will be generated by a bot and blend in like advertising. After a year, the bot will watch for any post where PoS or PoW are mentioned and reply with a realtime energy comparison report.

  22. Actually I don't think it will be that big of a deal. Eth is trying to do what other crypto has already done and it's already delayed by a lot.

  23. In short term: speculators & traders will play same old rulebooks. Institutional investors however are way smarter to keep eyes on all coins / tokens.

  24. So let me get this straight... the new version doesn't actually exist, and continues to get pushed back... is this the most expensive kickstarter campaign in the Universe?

  25. It will be a sad say for Eth, Vitalik and those who value security and decentralisation for their funds. As sad as when Vitalik turned back the blockchain and created ETC: a show of centralisation and abuse of power. Cheering for the merge is cheering for its death.

  26. It’s the switch from old rusty POW to POS for the second biggest blockchain, ignoring the importance from that is just btc maxi bullshit

  27. Lol possibly I think after the merger the price could go up or it might go down ! Going to be huge in either case and yes I’m being sarcastic

  28. There is a lot of potential and a lot of ifs, there will definitely be hype but one knows what else will happen

  29. The merge will be better for ETH in the long term, now the price action during that time? Who knows, and if you're invested for the long term, it shouldn't matter for you either.

  30. I think eth might be considered as one but not 2.0. It is a consensus mechanism change. The core is still going to be doing what it has been doing.

  31. I think so purely due to lower gas fees. I have a ton of eth and eth tokens on exchanges I want to put in my hardware wallets

  32. Just an observation - I have noticed through my exchange that I use ETH 2.0 APR has dropped from 4.5% to 3.675% while ADA staking has increased from 3.675% to 3.75%APY.

  33. I thought vitriolic said there would be no eth 2.0, just rolling improvements towards nirvana. Will locked eth be released?

  34. Are you referring to the move from proof of work to proof of stake? Or Zkrollups? Eth 2.0 is a pretty vague description.

  35. There’s no eth 2.0, it’s just a roadmap of features. Calling it eth 2.0 is setting the wrong expectations.

  36. hey guys a noob here, if ETH is decentralized how is it gonna transition to 2.0 , that means someone is managing it right ? so that would mean that it is centralized some way? sorry, just trying to learn

  37. Literally calling it right now as it is. Set reminders on this comment, call me on this I do not care. Once the move from POW to POS happens (and that’s all „eth 2.0“ is…honestly stop calling it eth 2.0) blody NOTHING will happen with the price. I am calling it now. It’s a gradual move. Jesus Christ. Everybody here expecting the move to make them x100.

  38. It’ll give you some short lived moments where you’ll start day dreaming about which yacht you will buy with your newfound millions if it hits X price … ultimately it’ll end with it being just that… a dream.

  39. Read between the lines and comment on what was asked. Will the switch from pow consensus to PoS consensus be the biggest crypto event? Not everyone follows ethereum closely enough to know 2.0 nomenclature has been dropped

  40. I don't think it will be the biggest milestone ever, honestly I wouldn't be surprised if it goes off with a whimper and not with a bang

  41. I think the biggest things to look forward to in Cyrpto is the ETH Merge and XRP/Ripple winning their fight against the SEC. Once those two thing are done the cryptosphere will be calm once again

  42. I'm just hoping staking will save us from the sweet dump this is setting up to be. Too obvious makes me nervous. Crypto will do that to you I guess.

  43. ITT: No, it wont be a major milestone because its not gonna make me money. That is all anyone cares about. Imagine if people thought like this when Bitcoin was created and had little to no monetary value.

  44. Since I'm not an expert in how Ethereum upgrades itself, when the transition is made from pow to pos, will that be a hard fork like when ETH split from ETC? Are the current holders of ETH going to end up with ETH and ETH 2.0 (or however it ends up being denominated)?

  45. I don't know about biggest ever, but I'm looking forward to the transition. I've been staking since as soon as I was able to, and aside from the ETH I have purely to pay for gas fees, just about 100% of my ETH position is staking ETH2. But I'm under no illusions of some massive paradigm shift, I just want to support what I feel is a better model than what we currently have today. We have to be realistic with our expectations. ETH/ETH2 doesn't need any additional hype, just more efficient transactions.

  46. Or it could be the biggest nothing burger. This is coming from somebody who portfolio has eth as my largest portfolio holding by percentage by a lot.

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