{"id":503841,"date":"2022-09-27T09:57:54","date_gmt":"2022-09-27T09:57:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=503841"},"modified":"2022-09-27T10:06:33","modified_gmt":"2022-09-27T10:06:33","slug":"arthur-hayes-questions-pos-ethereums-decentralization-suggests-rising-price","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/arthur-hayes-questions-pos-ethereums-decentralization-suggests-rising-price\/","title":{"rendered":"Arthur Hayes Questions PoS Ethereum\u2019s Decentralization, Suggests Rising Price"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The controversial Arthur Hayes asks a burning question in <\/span><a href=\"https:\/\/entrepreneurshandbook.co\/snippets-6eebdee2b069\" rel=\"nofollow\"><span style=\"font-weight: 400\">his latest blog post<\/span><\/a><span style=\"font-weight: 400\">. Is the PoS Ethereum prone to centralization? The former BitMEX CEO compares it to the Binance Smart Chain, that\u2019s <\/span><a href=\"https:\/\/bitcoinist.com\/get-educated-on-binance-smart-chain-decentralized-or-centralized\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">famously<\/span><\/a><span style=\"font-weight: 400\"> and admittedly centralized. Arthur Hayes also describes how the validator\u2019s disagreements with the majority are going to go, and predicts disaster for the dApps that build over a platform that doesn\u2019t prioritize censorship resistance. In the short term, though, he\u2019s bullish on Ethereum.<\/span><\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/former-bitmex-ceo-arthur-hayes-says-prepare-for-a-massive-bitcoin-rally\/\"> Former BitMEX CEO Arthur Hayes Says \u201cPrepare\u201d For A Massive Bitcoin Rally<\/a><\/div>\n<p><span style=\"font-weight: 400\">Before getting into all of that, Artur Hayes describes a concerning reality that many people in crypto Twitter have noticed and discussed. It has to do with the validators:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cAs of 21 September, Lido Finance, Coinbase, and Kraken together control slightly over 50% of all ETH staked on the beacon chain. This means they are the most powerful validators and, in essence, they could censor what sorts of transactions are processed. What do all three of these centralized entities have in common? They are all US-owned companies or DAOs with major investments from US venture capitalists.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">For those keeping score, that\u2019s a centralizing factor and a few single points of failure. All of those companies are under US jurisdiction, one of the most restrictive in the world. And of course, Arthur Hayes recognizes\u00a0 \u201cprotections in place to help ensure decentralization\u201d and that the system punishes validators that censor transactions. Nevertheless, the PoS system seems fragile. Big institutions that the government can sue are the validators. And the biggest validators will control the whole system.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Arthur Hayes Sees Centralization\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">How will the slashing mechanism that punishes unruly validators play out? According to Arthur Hayes, this is how the system will deal with rebels:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cThere is a way to slowly lose your ETH if &lt; 33% of the network refuses to attest to blocks. Slowly losing your ETH means that a validator is punished by reducing the deposit on a node. Should the deposit drop below 16 ETH, that validation node is removed from the network. This capital becomes dead capital as for the foreseeable future you cannot unstake ETH.\u201d<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cThere is a fast way to lose your ETH if &gt; 33% of the network refuses to attest to blocks. The penalties get exponentially worse quickly such that opposing validators quickly fall below the 16 ETH threshold and are booted from the network.\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Hayes predicts that everyone will let that happen again and again, and compares it to the original DAO story. Ethereum\u2019s developers decided to fork and \u201ceveryone at the time tacitly went along with the devs who forked the protocol so that folks could get their money back, rather than staying true to Ethereum\u2019s supposed \u201ccode is law\u201d ethos.\u201d<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-503843 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/ETHUSD_2022-09-27_02-33-30.png?resize=460%2C256\" alt=\"ETHUSD price chart for 09\/27\/2022 - TradingView\" width=\"460\" height=\"256\"><\/p>\n<pre style=\"text-align: center\">ETH price chart on OkCoin | Source: ETH\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">Bullish On Ethereum Short-Term<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Don\u2019t get Arthur Hayes wrong, despite the criticism of the platform and PoS systems, he still thinks Ethereum will do well in relation to the dollar.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cETH as a financial asset \u2014 fully tethered to the US-led financial system and under the pretense of \u201cdecentralization\u201d \u2014 could still do extremely well in the near future. The issue that I wrestle with is whether truly decentralized financial and social dApps can exist at scale (i.e., with hundreds of millions of users)\u201d<\/span><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/altcoin\/bitmex-mastermind-arthur-hayes-pleads-guilty-avoids-jail-time\/\"> BitMEX Mastermind Arthur Hayes Pleads Guilty, Avoids Jail Time<\/a><\/div>\n<p><span style=\"font-weight: 400\">In the end, it all goes back to the most important factor: scarcity. According to Hayes, the only thing that matters in the next three to six months is \u201chow ETH issuance per block falls under the new Proof-of-Stake model. In the few days post-merge, the rate of ETH emissions has dropped on average from a +13,000 ETH per day to -100 ETH.\u201d If this continues, Arthur Hayes is optimistic:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cThe price of ETH continues to get smoked due to deteriorating USD liquidity, but give the changes in the supply and demand dynamics time to percolate. Check back in a few months, and I suspect you\u2019ll see that the dramatic reduction in supply has created a strong and rising floor on the price.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Is the former BitMEX CEO right about this? We\u2019ll find out soon enough.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image by <a href=\"https:\/\/unsplash.com\/@theshubhamdhage?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">GuerrillaBuzz Crypto PR<\/a> on <a href=\"https:\/\/unsplash.com\/es\/s\/fotos\/ethereum?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a>  | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The controversial Arthur Hayes asks a burning question in his latest blog post. Is the PoS Ethereum prone to centralization? The former BitMEX CEO compares it to the Binance Smart Chain, that\u2019s famously and admittedly centralized. Arthur Hayes also describes how the validator\u2019s disagreements with the majority are going to go, and predicts disaster for the dApps that build over a platform that doesn\u2019t prioritize censorship resistance. In the short term, though, he\u2019s bullish on Ethereum. Related Reading: Former BitMEX CEO Arthur Hayes Says \u201cPrepare\u201d For A Massive Bitcoin Rally Before getting into all of that, Artur Hayes describes a concerning reality that many people in crypto Twitter have noticed and discussed. It has to do with the validators: \u201cAs of 21 September, Lido Finance, Coinbase, and Kraken together control slightly over 50% of all ETH staked on the beacon chain. This means they are the most powerful validators and, in essence, they could censor what sorts of transactions are processed. What do all three of these centralized entities have in common? They are all US-owned companies or DAOs with major investments from US venture capitalists.\u201d For those keeping score, that\u2019s a centralizing factor and a few single points of failure. All of those companies are under US jurisdiction, one of the most restrictive in the world. And of course, Arthur Hayes recognizes\u00a0 \u201cprotections in place to help ensure decentralization\u201d and that the system punishes validators that censor transactions. Nevertheless, the PoS system seems fragile. Big institutions that the government can sue are the validators. And the biggest validators will control the whole system.\u00a0 Arthur Hayes Sees Centralization\u00a0 How will the slashing mechanism that punishes unruly validators play out? According to Arthur Hayes, this is how the system will deal with rebels:\u00a0 \u201cThere is a way to slowly lose your ETH if &lt; 33% of the network refuses to attest to blocks. Slowly losing your ETH means that a validator is punished by reducing the deposit on a node. Should the deposit drop below 16 ETH, that validation node is removed from the network. This capital becomes dead capital as for the foreseeable future you cannot unstake ETH.\u201d \u201cThere is a fast way to lose your ETH if &gt; 33% of the network refuses to attest to blocks. The penalties get exponentially worse quickly such that opposing validators quickly fall below the 16 ETH threshold and are booted from the network.\u201d Hayes predicts that everyone will let that happen again and again, and compares it to the original DAO story. Ethereum\u2019s developers decided to fork and \u201ceveryone at the time tacitly went along with the devs who forked the protocol so that folks could get their money back, rather than staying true to Ethereum\u2019s supposed \u201ccode is law\u201d ethos.\u201d ETH price chart on OkCoin | Source: ETH\/USD on TradingView.com Bullish On Ethereum Short-Term Don\u2019t get Arthur Hayes wrong, despite the criticism of the platform and PoS systems, he still thinks Ethereum will do well in relation to the dollar.\u00a0 \u201cETH as a financial asset \u2014 fully tethered to the US-led financial system and under the pretense of \u201cdecentralization\u201d \u2014 could still do extremely well in the near future. The issue that I wrestle with is whether truly decentralized financial and social dApps can exist at scale (i.e., with hundreds of millions of users)\u201d Related Reading: BitMEX Mastermind Arthur Hayes Pleads Guilty, Avoids Jail Time In the end, it all goes back to the most important factor: scarcity. According to Hayes, the only thing that matters in the next three to six months is \u201chow ETH issuance per block falls under the new Proof-of-Stake model. In the few days post-merge, the rate of ETH emissions has dropped on average from a +13,000 ETH per day to -100 ETH.\u201d If this continues, Arthur Hayes is optimistic:\u00a0 \u201cThe price of ETH continues to get smoked due to deteriorating USD liquidity, but give the changes in the supply and demand dynamics time to percolate. Check back in a few months, and I suspect you\u2019ll see that the dramatic reduction in supply has created a strong and rising floor on the price.\u201d Is the former BitMEX CEO right about this? We\u2019ll find out soon enough. Featured Image by GuerrillaBuzz Crypto PR on Unsplash | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":503842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[230,83421,956,15875,86985,23546,1946,8686,47288,86984,86987,86986,86904,8748,84832,14273],"class_list":["post-503841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-arthur-hayes","tag-binance-smart-chain","tag-bitmex","tag-bitmex-ceo","tag-eth-issuance","tag-ether-issuance","tag-ethereum","tag-ethusd","tag-issuance","tag-pos-ethereum","tag-pos-possible-problems","tag-pos-problems","tag-post-merge","tag-scarcity","tag-the-merge","tag-validators"],"acf":[],"yoast_head":"\n<title>Arthur Hayes Questions PoS Ethereum\u2019s Decentralization, Suggests Rising Price<\/title>\n<meta name=\"description\" content=\"The controversial Arthur Hayes asks a burning question in his latest blog post. 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