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re: Official CryptoTalk Thread
Posted on 2/27/21 at 11:01 am to Vols&Shaft83
Posted on 2/27/21 at 11:01 am to Vols&Shaft83
quote:
School me, as I am new, how are they pissing off miners?
So EIP 1559 is basically a protocol update to reduce "gas fees" It does this by limiting miner fees they get paid (block rewards). (this is a very high level explanation).
Currently, 2/3rds of the major miners are against this protocol.
So currently, when you want to make a transaction on the ETH network, miners are what is used to get you there.
These miners have enough hash-power to split off.... No telling what they do. If the people over at ETH dont get these guys to play nice, ETH 2.0 could be in real trouble.
In theory they can split off.
The overall goal of ETH 2.0 is to not even have miners and move to Proof of Stake vs its current form, Proof of Work. (which needs miners).
This post was edited on 2/27/21 at 11:03 am
2
Posted on 2/27/21 at 11:04 am to JayDeerTay84
Is there not already something like 100k validators on the network?
Posted on 2/27/21 at 11:07 am to jimbeam
quote:
Is there not already something like 100k validators on the network?
If they had enough they wouldn't be an issue. Also, ETH 2.0 isn't finished. IMO, validators are more like Alpha/beta testing.
This post was edited on 2/27/21 at 11:08 am
Posted on 2/27/21 at 11:08 am to JayDeerTay84
quote:
So EIP 1559 is basically a protocol update to reduce "gas fees" It does this by limiting miner fees they get paid (block rewards). (this is a very high level explanation).
Currently, 2/3rds of the major miners are against this protocol.
So they essentially fricked their producers out of their paychecks? Ummmm, as someone who knows next to nothing about mining and crypto currency, but has run a successful business for 17 years...this is a terrible decision.
Posted on 2/27/21 at 11:10 am to Vols&Shaft83
quote:
So they essentially fricked their producers out of their paychecks? Ummmm, as someone who knows next to nothing about mining and crypto currency, but has run a successful business for 17 years...this is a terrible decision.
In a way. The proposal is said to reduce miner profits by 30-40%.
And here is the big issue IMO, the fees dont really change, they are effectively capping what miners get paid and BURNING the remaining ETH. IMO, this is deflationary. Seems like a $$ grab by ETH developers as they hold majority of the ETH.
This post was edited on 2/27/21 at 11:12 am
Posted on 2/27/21 at 11:17 am to JayDeerTay84
I now have a moral objection to ETH, I'll hold my measly .12 ETH and not buy any more 
Posted on 2/27/21 at 11:18 am to Vols&Shaft83
quote:
I now have a moral objection to ETH, I'll hold my measly .12 ETH and not buy any more
Im indifferent. Still has time to shake out.
I have a small mining operation in my garage. :rotflmao: :rotflmao:
Posted on 2/27/21 at 11:37 am to JayDeerTay84
quote:
I have a small mining operation in my garage.
Lol, can I take your mining operation public?
Posted on 2/27/21 at 11:47 am to jimbeam
quote:
Is there not already something like 100k validators on the network?
The number of validators is probably not as important as getting the network concept to function as intended. I don't have a lot of confidence in their design idea, personally.
Posted on 2/27/21 at 11:55 am to Vols&Shaft83
quote:
Official CryptoTalk Thread
quote:
So EIP 1559 is basically a protocol update to reduce "gas fees" It does this by limiting miner fees they get paid (block rewards). (this is a very high level explanation).
Currently, 2/3rds of the major miners are against this protocol.
So they essentially fricked their producers out of their paychecks? Ummmm, as someone who knows next to nothing about mining and crypto currency, but has run a successful business for 17 years...this is a terrible decision.
It's more complicated than that. The network needs developers to build useful applications on top of the network. The miners need compensation to pay for their expenses and risk. The potential users, which developers need to use the apps, need low cost transactions for any application built by the developers.
Right now, the miner have no immediate incentive to lower their fees, and destroying the "user" advantage that ETH seemingly had. The playing field is quickly leveling.
The developers can (and are) leave the ETH network for a better on (of which there are many), and the Users are starting to reap the benefits of the developer exodus by using the various bridges that allow ETH tokenization on other, more functional networks in order to bypass the absurd transaction fees on the ETH network.
ETH is basically in the same position that Bitcoin is in. It's a "first mover" with enormous recognition but it's incapable of producing the value it was intended to produce. If 2.0 actually works, which is by no means a guaranteed outcome, then they will still have to contend with competitors which have produced better alternatives. Should be interesting to see it play out.
Posted on 2/27/21 at 12:33 pm to ChuckO1975
Back in 2017/2018, I remember vitalek buterin saying ETH currently wasn’t worth the price it was selling at which was around $1200 if I remember. Sounds like that’s still the case.
This post was edited on 2/27/21 at 12:34 pm
Posted on 2/27/21 at 12:45 pm to finchmeister08
Yeah, it's definitely not worth it to me. There are many other projects with equal or better chances of achieving the goal of becoming a viable smart contract platform, and they aren't nearly as blown out as ETH.
we will see more balance once these DEX technologies are sufficient to handle the demands of the market.
we will see more balance once these DEX technologies are sufficient to handle the demands of the market.
Posted on 2/27/21 at 2:19 pm to ChuckO1975
quote:
but it's incapable of producing the value it was intended to produce.
This is fricking hilarious. You know why Gas is so much? It’s because a shite frick ton of people are using Ethereum. Smart contracts and DeFi are exploding and they are being done on Ethereum. Point me to the Cardano Enterprise Alliance where Fortune 500 companies are building on their platform... oh wait it doesn’t exist.
Posted on 2/27/21 at 2:25 pm to CE Tiger
quote:
Point me to the Cardano Enterprise Alliance where Fortune 500 companies are building on their platform... oh wait it doesn’t exist.
Are you saying that after March 1 when Cardano has smart contracts no-one will build on it?
The poster was right. ETH was not able to deliver on their promise which is why they are pushing for ETH 2.0. You know, to fix their design flaws.
This post was edited on 2/27/21 at 2:27 pm
Posted on 2/27/21 at 2:31 pm to JayDeerTay84
quote:
Are you saying that after March 1 when Cardano has smart contracts no-one will build on it?
Nothing about Cardano in the past 4 years has given me any confidence that it is a platform that will have users . I’d put it in the same level as Tron
This post was edited on 2/27/21 at 2:32 pm
Posted on 2/27/21 at 3:09 pm to CE Tiger
quote:
I’d put it in the same level as Tron
Now that it is $50B vaporware it might be even worse
Posted on 2/27/21 at 3:39 pm to DallasTiger11
it seems people I follow are indicating that the miners have stopped dumping BTC.
Combined with movement on the stimulus has to be bullish for the market
Combined with movement on the stimulus has to be bullish for the market
Posted on 2/27/21 at 6:03 pm to Ross
Do we think ADA retraces a little after main net?
Posted on 2/27/21 at 6:14 pm to Ross
We may see <$45k BTC by tomorrow...
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