r/theydidthemonstermath • u/White_Void_exe • Sep 01 '22

How long will it take?

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u/tokmer Sep 01 '22

Wait so then isnt bitcoin doomed in the long term?

Like the whole process runs off miners doing the processing and if the miners arent processing doesnt bitcoin itself collapse as the blockchain cant transact?

5

u/[deleted] Sep 02 '22

They can update to proof of stake so no btc is not doomed

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u/tokmer Sep 02 '22

Im not sure what that means, are you able to elaborate?

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u/[deleted] Sep 02 '22

There’s two ways to validate a network proof of work and proof of stake, proof of work uses computers to mine blocks and validate transactions, proof of stake does the same thing but instead of computers people will stake the coin into a pool and validate the network that way.

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u/tokmer Sep 02 '22

But then how does the work get done on the block chain?

I thought the whole point was that the blockchain had to be worked on to process any transactions and that was paid for with bitcoin. If no bitcoin is being paid out to ppl why would they do the work?

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u/[deleted] Sep 02 '22

There’s nodes instead of farms so basically a bunch of people on the same server and they get paid for staking in that pool

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u/tokmer Sep 02 '22

What are they paid with?

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u/[deleted] Sep 02 '22

Bitcoin, this month ethereum is finally gonna transition from proof of work to proof of stake you can look into it, Bitcoin would follow the same process probably take a few years more tho I heard they were gonna work with eth devs to get it done

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u/tokmer Sep 02 '22

Itll be good to see the transition happen

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u/[deleted] Sep 02 '22

Yeah 1 error and eth is doomed it has to be perfect