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Discussion Starter #1
Ethereum is an evolving open source platform for decentralized applications.

It enables advanced programmable digital currencies, but can also compute any application from anywhere. This makes it a novel platform for anything from decentralized financial services to games. You could think of it as a global computer that provides decentralized processing and smart contracts. The practical applications are endless but its blockchain attributes and ability to make smart contracts without an intermediary make it particularly interesting for disruptive financial technology

The more nodes the more robust and responsive the network is therefore an incentive is required to maintain enough nodes. The rewards could be from 20% to 5% depending on the daily transaction value and % of ether that is staked (supply and demand). Here is a very detailed eth2 calculator where you can see probabilistic simulated economics and rewards. I am hoping for 10% as a form of bonus cypto income while I am mostly long ETH (hodling it anyways)

I currently have an old laptop running a validator node in linux on the test nets. I chose the laptop because it will continue running uninterrupted over long power outages. Next I plan to add a UPS for my router and modem for uninterrupted high speed internet (might also add starlink..) Laptops were not designed to run 24/7 for years though so I might consider getting a linux server that is better designed to do this. The server would also be able to run multiple validators

Each validator requires 32 ETH to be staked until phase 2 (timeline uncertain maybe 2 years)
 

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Discussion Starter #2 (Edited)
Step 1 - Beacon chain sync

Installed ubuntu on a 2011 Macbook Pro 2.8GHz 16GB memory and spare 256GB SSD (removed my macOS SSD)
You can use macOS 10.14 but this laptop was only supported up to 10.13 (although Apple was still updating the older versions)
Linux is far better for this anyways because it has live updates and doesn't put the SSD to sleep etc

Connected to 29-31 peers (30 is the default limit)
The CPU threads seem to be cycling at 100% each. Not sure if this will lighten up with time or how long an old laptop could handle that abuse
Memory is stable at 3GB so far

The developers are very active and responsive on discord. They are refining the documents and instructions based on discord questions

So far it's been pretty smooth

 

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Any thoughts about using a raspberry pi for this sort of thing? Processing power isn't as powerful, but decreased electrical requirements.
 

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Discussion Starter #4
On paper the raspberry pi 8GB with usb storage should be able to handle it. That's like $150USD? In a power outage the raspberry pi, router and modem would run well on a UPS

I already had this laptop and SSD so just seeing how the testing goes and what others say about other setups. I doubt it's good to run a laptop 24/7 but I wasn't using it much anymore anyways
 

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Something like that. Canakit has it for $104 CDN for the bare board. Additional addons bring it up to $194. Raspberry Pi 4 8GB

I have a spare pi3 and thought I could play with that, but it only has 1 GB ram.
 

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Discussion Starter #6
I haven't used a pi

If you had an external USB SSD you could maybe partition a slice for ram. I believe you also need a 64 bit Linux

Minimum requirements
  • Operating System: 64-bit Linux, Mac OS X 10.14+, Windows
  • Processor: Intel Core i5–760 or AMD FX-8100 or better
  • Memory: 4GB RAM
  • Storage: 20GB available space SSD
  • Internet: Broadband connection
 

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I haven't used a pi

If you had an external USB SSD you could maybe partition a slice for ram. I believe you also need a 64 bit Linux

I may look at it for a fun little project. I do have a spare SSD with enclosure, so not much needed to try it.
 

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ETH is very cool and I always liked the programmable aspect of the crypto currency.

My issue is that I have trouble getting motivated enough to invest time & energy into this one (ETH) or that one (BTC). There are so many crypto currencies in existence and new ones keep popping up all the time. Why would this one, or that one, still be around in say 5 years? Can it compete with all the newer inventions?

And is it worth investing the time/energy/capital when there is no assurance that ETH or BTC will still be a thing in ~ 5 or 10 years?
 

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Discussion Starter #9
I thought the same way but the more I look into it the more interesting ethereum gets. The light bulb for me was realizing ethereum is the platform that most of the major crypto currencies run on (apparently ethereum serves as a platform for over 260,000 other randoms)

That isn't to say it doesn't run its course and get overtaken with something better. Some of the alts come up with good ideas like proof of stake.. which ethereum is now improving on.. so it has to be something ethereum can't just adopt itself. Most of the alts are just scams, niche use or memes. The internet is very old now as a network but we don't replace it because everyone uses it already. I feel like ethereum is gaining that sort of momentum and has the adaptability

BTC is irrelevant imo. I don't see any advantage besides name recognition for people who just want crypto without knowing any different. It isn't being developed or improved. Its allure is its store of value and that many BTCs were already lost or destroyed. It's very slow and dumb by comparison
 

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BTC is irrelevant imo. I don't see any advantage besides name recognition for people who just want crypto without knowing any different. It isn't being developed or improved. Its allure is its store of value and that many BTCs were already lost or destroyed. It's very slow and dumb by comparison
True, but that demonstrates just how fleeting "crypto currencies" are.

Imagine the people who became convinced by the Bitcoin story and started building massive holdings while it was popular. For a while, BTC was the crypto currency.

What good is an asset which becomes irrelevant within 3 years? The reason people like stocks and gold is that they have been viable asset classes for centuries (millennia in the case of gold).

My worry about jumping on the ETH bandwagon is that, given the track record of these things, it could become irrelevant in a handful of years. That's a big problem if the goal is to accumulate the asset as part of your long term investments and net worth.

In contrast, I have not experienced that problem with stocks, bonds, GICs, and gold.
 

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Discussion Starter #11
Well I'm not here to sell anyone anything. I was never sold on BTC myself.

I like how ethereum has kind of taken ideas from BTC and others to improve on the concepts and become something much more than an asset class. It is a blockchain platform. This is also a very small % side venture of my portfolio. It just happens to be the more exciting one right now.

In the central banker world however it feels like all the doomsday stars are starting to align
 

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I have a Raspberry Pi, so I might play around with this.

Bitcoin development is ongoing behind the scenes. Here's some of the potential upgrades coming down the pipe: Bitcoin’s Potential 2020 Protocol Upgrades - Bitcoin Magazine

I see no problem with buying ETH, but one should be aware that it's a more speculative play. BTC is far safer, relatively speaking. This is reflected in the development, with BTC's devs being far more conservative. That's been a winning strategy so far.

Regardless of what happens with ETH, it's unlikely to replace Bitcoin in any sense. They are two completely different concepts with different goals.
 

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Discussion Starter #14
I have a Raspberry Pi, so I might play around with this.
If interested here's a link to the instructions for the Onyx testnet. However don't jump in now because that net is about to shutdown and new documents will be up soon for the next testnet

I agree ethereum doesn't replace BTC just like the federal reserve didn't replace gold. I think people see them all as BTC which isn't the case. BTC is more like a store of value. Ethereum is very much in active development but I'm getting more interested as theories are getting tested now

It's interesting to see the testing of something this scale going smoothly when it's just random people online. Military/business structure could learn some things from this kind of hive collaboration
 

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What good is an asset which becomes irrelevant within 3 years? The reason people like stocks and gold is that they have been viable asset classes for centuries (millennia in the case of gold).

My worry about jumping on the ETH bandwagon is that, given the track record of these things, it could become irrelevant in a handful of years. That's a big problem if the goal is to accumulate the asset as part of your long term investments and net worth.

In contrast, I have not experienced that problem with stocks, bonds, GICs, and gold.
Gold is useful.
ETH is useful, so it might have value as long as those uses remain.
 

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Discussion Starter #18
My brain sees infinite vague possibilities that I have trouble understanding when people ask what is the use. When computers and smartphones came out people always said what use when I have paper, flip phone etc

Some examples are universities like MIT are now validating degrees with crypto tokens. The use is in everything we currently validate with some ink scribbles on paper or vulnerable computer files online and probably far more than we know

Ethereum happens to be much more versatile and responsive for real world applications. For example in the days of social distancing you can use a Proof of Attendance Protocol instead of using spreadsheets for everything
 

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My brain sees infinite vague possibilities that I have trouble understanding when people ask what is the use. When computers and smartphones came out people always said what use when I have paper, flip phone etc

Some examples are universities like MIT are now validating degrees with crypto tokens. The use is in everything we currently validate with some ink scribbles on paper or vulnerable computer files online and probably far more than we know

Ethereum happens to be much more versatile and responsive for real world applications. For example in the days of social distancing you can use a Proof of Attendance Protocol instead of using spreadsheets for everything
I think the problem with a lot of the non-currency type blockchain applications is the lack of interface to the real world.
I don't get the MIT degree validation or Proof of Attendance.
To be fair I didn't look into it, but it seems that
MIT Degree validation is just that some Crypto authority claiming to be MIT said it's a valid degree, but that's really not conceptually different than a website doing the same thing.
It doesn't even need to be blockchain related, looking at the webpage it just looks like a public key application.

For Proof of attendance, it doesn't prove that person interfaced, just a key interacted with the other keys and blockchain at that time.
 

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Discussion Starter #20 (Edited)
There is no crypto authority. Anyone can verify transactions themselves. That is a core point

It's the exact same discussions I had about computers and smartphones. People would say who cares about some random web pages or apps and come up with all kinds of reasons they feel uncomfortable with change

For something like proof of attendance I think the difference is how the data is recorded rather than issued. Blockchain transactions can't be tampered like a central file on a computer can. You can't retroactively get that token or edit them after the fact.

This is huge for things like supply chain management. Sure there are always ways to mess with the system but let's be honest we are currently working with 19th century records that everyone knows is extremely easy to forge and tamper with

We can't really say exactly how they will be used but we can see there is massive potential.
 
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