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Comment by UShouldBWorking | Hacker News Reader

I agree! Ethereum is already to big and too expensive to use. I hold a lot but worry about both BTC and Ethereum. Normal people can no longer use either chain for everyday transactions and at this rate Ethereum will never work as a global computer. To me only Bitcoin Cash and Monero really have their use cases and code sussed out. Sia (and filecoin) work great but both have issues with their insentives, in Sia's case they issue too many coins and it's not profitable to host content.

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ETH has already solved scalability with Zero Knowledge Proofs and Optimistic Rollups. Some dapps are clocking 2000 transactions per second. Also, ETH 2's initial beacon chain has launched and when ETH2 fully rolls out, there will be 64x that available on the network.

Please elaborate.

Also when will ETH2 roll out?

It's already out, but most people are still on the eth1 chain

I think you misunderstand the state that Eth2 is in. It's technically "released", but Eth2 cannot be used to transact. If you move money to Eth2, it must stay in the same wallet/address until more features are rolled out.

Everyone who uses Eth today is still on Eth1 because Eth2 is only good for having your coins sit there and accumulate interest.

And furthermore, it would be years until the actual ETH2 is usable, right?

No, they are making rapid progress on ETH2. The beacon chain is the root chain for the other 63 shards that will be launched. That is the chain that is currently running in parallel with the ETH1 chain.

See Vitalik's blog on rollups: https://vitalik.ca/general/2021/01/05/rollup.html

The official estimate[0] is 2022. Given the general track record of their development pace, I'd be surprised if it goes fully live before 2023.

[0]: https://ethereum.org/en/eth2/

It says shard chains ship in 2021. They are saying the ETH1 chain will be migrated to proof of stake in 2022.

You claim Sia issues too many coins. That is a myth. Inflation in 2021 will be no higher than 7%, declining every year after that. In case you are referring to the total supply, would it make you feel better to move the decimal to the left? Hosts have been saving and serving content since the launch of the Sia network years ago. It is profitable if done at scale. For more information, https://siastats.info/storage_pricing

Hmmm I would backtrack on saying bitcoin cash.. Bitcoin lightning works, is in production and has real usage

Lightning network is a joke tbh. It’s just gonna be a few large payment processors acting as banks (it can’t be decentralised cos the routing will just break.).

As the original post said BCH and Monero are real world ways to transact right now.

Although I figure long term the whole cryptocurrency space will implode (due to greed, infighting, technical problems etc.)

Theres more bitcoin on ethereum than on lightning.

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