this post was submitted on 19 Jun 2023
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Technology

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Is Crypto Finally Dead? (beehaw.org)
submitted 1 year ago by peanuts4life@beehaw.org to c/technology@beehaw.org
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Yes, I know that it still exist, and yes, decentralized currency which utilizes distributed, cryptographic validation is not actually a strictly bad idea, but...

Is the speculative investment scam, which crypto substantially represented, finally dead? Can we go back to buying gold bars and Pokemon cards?

I feel like it is, but I'm having a hard time putting my finger on why it lost its sheen. Maybe crypto scammers moved on to selling LLM "prompts?" Maybe the rug just got pulled enough times that everyone lost trust.

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[–] liminis@beehaw.org 11 points 1 year ago (2 children)

Correct me if I'm wrong, but since ETH moved to a proof of stake model rather than proof of work (i.e. "mining"), isn't its environmental footprint now a fraction of the wasteful behemoth it was previously?

(Though I 100% agree given the 'gas fees' (transaction costs), it's still absolutely useless as an actual currency.)

[–] Zetaphor@zemmy.cc 5 points 1 year ago (1 children)

Yes, you can now run an Ethereum validator from a Raspberry Pi

[–] nii236@lemmy.jtmn.dev 1 points 1 year ago* (last edited 1 year ago) (1 children)

Not recommended though, RPIs aren't really suited for production, plus I think only Nimbus runs well on RPIs/

[–] Schooner@lemmy.ml 0 points 1 year ago (1 children)

I think he's confusing a validator with a node. You can easily run a node on a Pi.

[–] nii236@lemmy.jtmn.dev 1 points 1 year ago

Ah that would be make sense, but most people wouldn't see the point in running a node. People automatically think of "mining" or "validator"

[–] xenos@kbin.social 1 points 1 year ago

You're right about the environmental footprint - proof of stake dropped the energy consumption by 99.95%

Ether (ETH) was never intended to serve as a digital currency. it was only meant to be the fuel or incentive for computational tasks on the Ethereum network. An L2 like Optimism or Arbitrum runs on top of Ethereum and facilitates transactions that are significantly faster (tens of thousands of transactions per second), for a fraction of the cost (pennies or fractions of pennies)