Topic: ETH Block Reward will be reduced. Won't be 5 ETH per block anymore. (Read 1196 times)
The sooner the better. So many people obliviously buying mining farms while these GPU's are out of stock and sold at excessive premiums, just so these suckers can all find the profit to suck once ETH drops the mining down AFTER thousands of new mining farms enter the scene. The longer they wait, the closer GPU mining enters bubble territory.
June 30, 2017, 11:37:16 PM
Yup looks like they will probably do a reward reduction but they will also reset the difficulty bomb clock so they have 1.4 years until block times reach 30 sec by the end of 2018.
So if we have 30 sec block time then it gets reset 14-15 sec
if we get a reward reduction then perhaps lost 20% there
After the fork we could be seeing 80% boost in profit, so either way that will be a win.
Eventually the farms will be so bloated with gpus that reductions further in the future won't matter as profit will be slim pickings.
When that time comes, when there is little profit sell off your gpus and put the money into your crypto portfolio.
It will have been an exciting venture and big gains.
So if we have 30 sec block time then it gets reset 14-15 sec
if we get a reward reduction then perhaps lost 20% there
After the fork we could be seeing 80% boost in profit, so either way that will be a win.
Eventually the farms will be so bloated with gpus that reductions further in the future won't matter as profit will be slim pickings.
When that time comes, when there is little profit sell off your gpus and put the money into your crypto portfolio.
It will have been an exciting venture and big gains.
June 30, 2017, 09:33:38 PM
Yes its very centralized. The dev foundation can basically open up a very large long margin position and then announce the reduction of mining fees. Then price will spike up and they'll profit big time.
June 30, 2017, 08:43:24 PM
It looks like EIP-186 is going to become a reality.
https://github.com/ethereum/pm/issues/17
EIP 186 Comments from chat channel
Vitalik: "I want to re-bring up EIP 186; I think we are more than secure enough with ETH at these levels (or even at $50) and wasting more electricity than some countries is tragic so we could use a decrease"
Avsa: "The plan for Casper is to start with a slow transition from PoW, right? Is the idea to have a slowly decreasing reward? Maybe if we set a slowly decreasing schedule now - which then has a slight uptick when PoS comes around, it might be an actual incentive for miners to move to the PoS chain when that is ready"
"I am also tentatively in favor of it with we can justify it in terms of incentiziation. I am against it if it’s heavily dependent on ether price or if it’s about pure economic planning
Maybe what is needed for this conversation to move forward is a clear proposal with numbers backing it up: reduce to X on Y date then changes to N when PoS comes etc. We also need to account for black swans: what if the new ice age comes, Casper isn't ready and ether is under $20?"
Nick: "My own opinion on this has evolved; I'm tentatively in favor of at least a modest reduction.
Exactly because it's a step towards the reduced issuance Casper is likely to have."
https://github.com/ethereum/pm/issues/17
EIP 186 Comments from chat channel
Vitalik: "I want to re-bring up EIP 186; I think we are more than secure enough with ETH at these levels (or even at $50) and wasting more electricity than some countries is tragic so we could use a decrease"
Avsa: "The plan for Casper is to start with a slow transition from PoW, right? Is the idea to have a slowly decreasing reward? Maybe if we set a slowly decreasing schedule now - which then has a slight uptick when PoS comes around, it might be an actual incentive for miners to move to the PoS chain when that is ready"
"I am also tentatively in favor of it with we can justify it in terms of incentiziation. I am against it if it’s heavily dependent on ether price or if it’s about pure economic planning
Maybe what is needed for this conversation to move forward is a clear proposal with numbers backing it up: reduce to X on Y date then changes to N when PoS comes etc. We also need to account for black swans: what if the new ice age comes, Casper isn't ready and ether is under $20?"
Nick: "My own opinion on this has evolved; I'm tentatively in favor of at least a modest reduction.
Exactly because it's a step towards the reduced issuance Casper is likely to have."
With block time increasing, you will have less coins to mine, so they dont need to lower block reward, in a month or so when a block time is 30sec, it is going to be the same thing as lowering block reward at 15sec block time.
I dont think you know where devs want this to go right? They want to kill their coin right at the spot, with all these changes to come, if they happen then it means they want eth to go to $1000 or they want eth go to $0, they are gambling here. If it was me, I would leave the way it is.
June 30, 2017, 08:27:25 PM
It looks like EIP-186 is going to become a reality.
https://github.com/ethereum/pm/issues/17
EIP 186 Comments from chat channel
Vitalik: "I want to re-bring up EIP 186; I think we are more than secure enough with ETH at these levels (or even at $50) and wasting more electricity than some countries is tragic so we could use a decrease"
Avsa: "The plan for Casper is to start with a slow transition from PoW, right? Is the idea to have a slowly decreasing reward? Maybe if we set a slowly decreasing schedule now - which then has a slight uptick when PoS comes around, it might be an actual incentive for miners to move to the PoS chain when that is ready"
"I am also tentatively in favor of it with we can justify it in terms of incentiziation. I am against it if it’s heavily dependent on ether price or if it’s about pure economic planning
Maybe what is needed for this conversation to move forward is a clear proposal with numbers backing it up: reduce to X on Y date then changes to N when PoS comes etc. We also need to account for black swans: what if the new ice age comes, Casper isn't ready and ether is under $20?"
Nick: "My own opinion on this has evolved; I'm tentatively in favor of at least a modest reduction.
Exactly because it's a step towards the reduced issuance Casper is likely to have."
https://github.com/ethereum/pm/issues/17
EIP 186 Comments from chat channel
Vitalik: "I want to re-bring up EIP 186; I think we are more than secure enough with ETH at these levels (or even at $50) and wasting more electricity than some countries is tragic so we could use a decrease"
Avsa: "The plan for Casper is to start with a slow transition from PoW, right? Is the idea to have a slowly decreasing reward? Maybe if we set a slowly decreasing schedule now - which then has a slight uptick when PoS comes around, it might be an actual incentive for miners to move to the PoS chain when that is ready"
"I am also tentatively in favor of it with we can justify it in terms of incentiziation. I am against it if it’s heavily dependent on ether price or if it’s about pure economic planning
Maybe what is needed for this conversation to move forward is a clear proposal with numbers backing it up: reduce to X on Y date then changes to N when PoS comes etc. We also need to account for black swans: what if the new ice age comes, Casper isn't ready and ether is under $20?"
Nick: "My own opinion on this has evolved; I'm tentatively in favor of at least a modest reduction.
Exactly because it's a step towards the reduced issuance Casper is likely to have."
With block time increasing, you will have less coins to mine, so they dont need to lower block reward, in a month or so when a block time is 30sec, it is going to be the same thing as lowering block reward at 15sec block time.
I dont think you know where devs want this to go right? They want to kill their coin right at the spot, with all these changes to come, if they happen then it means they want eth to go to $1000 or they want eth go to $0, they are gambling here. If it was me, I would leave the way it is.
June 30, 2017, 07:41:54 PM
It looks like EIP-186 is going to become a reality.
https://github.com/ethereum/pm/issues/17
EIP 186 Comments from chat channel
Vitalik: "I want to re-bring up EIP 186; I think we are more than secure enough with ETH at these levels (or even at $50) and wasting more electricity than some countries is tragic so we could use a decrease"
Avsa: "The plan for Casper is to start with a slow transition from PoW, right? Is the idea to have a slowly decreasing reward? Maybe if we set a slowly decreasing schedule now - which then has a slight uptick when PoS comes around, it might be an actual incentive for miners to move to the PoS chain when that is ready"
"I am also tentatively in favor of it with we can justify it in terms of incentiziation. I am against it if it’s heavily dependent on ether price or if it’s about pure economic planning
Maybe what is needed for this conversation to move forward is a clear proposal with numbers backing it up: reduce to X on Y date then changes to N when PoS comes etc. We also need to account for black swans: what if the new ice age comes, Casper isn't ready and ether is under $20?"
Nick: "My own opinion on this has evolved; I'm tentatively in favor of at least a modest reduction.
Exactly because it's a step towards the reduced issuance Casper is likely to have."
https://github.com/ethereum/pm/issues/17
EIP 186 Comments from chat channel
Vitalik: "I want to re-bring up EIP 186; I think we are more than secure enough with ETH at these levels (or even at $50) and wasting more electricity than some countries is tragic so we could use a decrease"
Avsa: "The plan for Casper is to start with a slow transition from PoW, right? Is the idea to have a slowly decreasing reward? Maybe if we set a slowly decreasing schedule now - which then has a slight uptick when PoS comes around, it might be an actual incentive for miners to move to the PoS chain when that is ready"
"I am also tentatively in favor of it with we can justify it in terms of incentiziation. I am against it if it’s heavily dependent on ether price or if it’s about pure economic planning
Maybe what is needed for this conversation to move forward is a clear proposal with numbers backing it up: reduce to X on Y date then changes to N when PoS comes etc. We also need to account for black swans: what if the new ice age comes, Casper isn't ready and ether is under $20?"
Nick: "My own opinion on this has evolved; I'm tentatively in favor of at least a modest reduction.
Exactly because it's a step towards the reduced issuance Casper is likely to have."
With block time increasing, you will have less coins to mine, so they dont need to lower block reward, in a month or so when a block time is 30sec, it is going to be the same thing as lowering block reward at 15sec block time.
June 30, 2017, 06:15:04 PM
Yeah, MAYBE it will someday, nobody knows when. There's no date, there's no final decision.
Its next month.
June 30, 2017, 03:01:59 PM
Yeah, MAYBE it will someday, nobody knows when. There's no date, there's no final decision.
June 30, 2017, 03:01:41 PM
watch this.. hold my beer... 
June 30, 2017, 01:53:06 PM
It looks like EIP-186 is going to become a reality.
https://github.com/ethereum/pm/issues/17
EIP 186 Comments from chat channel
Vitalik: "I want to re-bring up EIP 186; I think we are more than secure enough with ETH at these levels (or even at $50) and wasting more electricity than some countries is tragic so we could use a decrease"
Avsa: "The plan for Casper is to start with a slow transition from PoW, right? Is the idea to have a slowly decreasing reward? Maybe if we set a slowly decreasing schedule now - which then has a slight uptick when PoS comes around, it might be an actual incentive for miners to move to the PoS chain when that is ready"
"I am also tentatively in favor of it with we can justify it in terms of incentiziation. I am against it if it’s heavily dependent on ether price or if it’s about pure economic planning
Maybe what is needed for this conversation to move forward is a clear proposal with numbers backing it up: reduce to X on Y date then changes to N when PoS comes etc. We also need to account for black swans: what if the new ice age comes, Casper isn't ready and ether is under $20?"
Nick: "My own opinion on this has evolved; I'm tentatively in favor of at least a modest reduction.
Exactly because it's a step towards the reduced issuance Casper is likely to have."
https://github.com/ethereum/pm/issues/17
EIP 186 Comments from chat channel
Vitalik: "I want to re-bring up EIP 186; I think we are more than secure enough with ETH at these levels (or even at $50) and wasting more electricity than some countries is tragic so we could use a decrease"
Avsa: "The plan for Casper is to start with a slow transition from PoW, right? Is the idea to have a slowly decreasing reward? Maybe if we set a slowly decreasing schedule now - which then has a slight uptick when PoS comes around, it might be an actual incentive for miners to move to the PoS chain when that is ready"
"I am also tentatively in favor of it with we can justify it in terms of incentiziation. I am against it if it’s heavily dependent on ether price or if it’s about pure economic planning
Maybe what is needed for this conversation to move forward is a clear proposal with numbers backing it up: reduce to X on Y date then changes to N when PoS comes etc. We also need to account for black swans: what if the new ice age comes, Casper isn't ready and ether is under $20?"
Nick: "My own opinion on this has evolved; I'm tentatively in favor of at least a modest reduction.
Exactly because it's a step towards the reduced issuance Casper is likely to have."
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