Topic: ETH Proof of Work (ETHW): The Next Big Thing? (Read 458 times)
A few days ETHW often becomes the top trending on Twitter and Coinmarketcap, in my opinion ETHW is worth buying because the potential to skyrocket is very large, moreover the next plan is immediately available at top exchanges such as binance and kucoin so that it will make the transaction volume increase significantly.
But how is Ethereum able to remain decentralized when it is fully moved to the Pos network? I like the idea that ethereum might move to POS , as this could be a first step towards expanding further and reducing gas fees when other updates are rolled out in the near future. But what I'm still a bit worried about is that it will become more centralized than the decentralized network it used to be. What are the ethereum developers planning in this regard?
Ethereum sacrificed its decentralization in favor of high transaction throughput and cost-efficiency. While the PoS upgrade did nothing regarding the scalability of the Blockchain, it has made the network 99.9% energy efficient. Subsequent upgrades will address the network's scaling issues, putting high gas fees and slow TX confirmation times to rest. With big exchanges controlling most of ETH's supply, the future of the project doesn't seem as bright as we thought it would be. There will be high levels of centralization, effectively making ETH another banking system empowered by the wealthy.
Most recently, the SEC began discussing the possibility of treating PoS cryptocurrencies as securities. If that happens, then ETH would be nothing but doomed. At least, it was fun while it lasted. I don't think forks will be any successful (except ETC) simply because they have no substance to them. Who knows what the future holds for the Ethereum ecosystem? Just my opinion
If you had some ETH in your wallet at the time of launch you can claim the equivalent ETHW https://www.youtube.com/watch?v=QEHBDxZxU_M
ethereum pow / ETHW now be traded on several exchanges https://coinmarketcap.com/currencies/ethereum-pow/markets/
Which coin is more reasonable to mine now using today's price? Mining ETHW has slight edge?
- Ergo
- Ethereum Classic
- Ravencoin
- Neoxa
ETHW is a great way to add some pennies to your ETH stack. That's about all it's good for. Being on the buy side of this coin would be the biggest joke exit liquidity for others possible.
What ultimately matters is decentralization. As long as ETH remains decentralized, there should be nothing to worry about. Just my thoughts 
But how is Ethereum able to remain decentralized when it is fully moved to the Pos network? I like the idea that ethereum might move to POS , as this could be a first step towards expanding further and reducing gas fees when other updates are rolled out in the near future. But what I'm still a bit worried about is that it will become more centralized than the decentralized network it used to be. What are the ethereum developers planning in this regard?
They are very clear though that it won't solved or reduced the gas fees and this is the common misconception that they want to clear. For sure it will be more centralized, the validators will have more control of the network.
And so with that, I believed that they will be more centralized as you have said. But it will only time can tell if they make a good move or not, giving so much power to the validators and those who have their 32 ETH stake.
From $100 last month down to $30. Poloniex volume is over half a million dollars already which is good enough to hype a fork. It is early to judge the price and it's only IOU, there is always the chance for it to bounce back and increase if it can gather enough support. But if we base its today's price, Ethereum Classic is at $37.
Which coin is more reasonable to mine now using today's price? Mining ETHW has slight edge?
Which coin is more reasonable to mine now using today's price? Mining ETHW has slight edge?
I don't think mining ETHW would be better than mining ETC, since the former has minimal support from the miners. The vast majority of miners are "sticking" with ETC, so it's likely the new fork will die faster than you could imagine. It's only good for cashing out quickly after the launch of the mainnet. But for serious use, it's best to look elsewhere. Everything's about money these days, so I wouldn't be surprised if other forks emerge with the purpose of enriching developers themselves. What ultimately matters is decentralization. As long as ETH remains decentralized, there should be nothing to worry about. Just my thoughts
It's free money either way and Chinese communities can pump the coins well 
I think the two chains will work in parallel, but how this will affect prices is really unclear.
Yes after the merge there will be 2 separate chains 1) Ethereum POS and second will Ethereum POW.
I don't care about what happens to mining after Ethereum because there are still few other coins you can mine and hold for long term like Flux and Kadena or Ergo and Ravencoin, these are all good altcoins that miners can mine and hold through the bear market, they will bring huge return when the market turn bullish after a new Bitcoin Halving.
just like Bitcoin cash, it can't be like the original coin just take as a copycat of the original coin and can not equal in price because their network is not the same even though it will be forked out of the original coin.
Ehtereuhasof of work algorithm have been beneficial to the miner that has the computing power to process transactions and get rewarded for their work and even though there have been several agitations for change of network due to power consumption and other environmental hazards from mining using through proof of work it is obvious Proof of stake may not solve that problem in tan totality and you can take example from Bitcoin cash ever since there has been initiated there has not been significant progress in any of its aspect that prompted it development except for the rewarded holders of the original Bitcoin receiving free coins.
Ehtereuhasof of work algorithm have been beneficial to the miner that has the computing power to process transactions and get rewarded for their work and even though there have been several agitations for change of network due to power consumption and other environmental hazards from mining using through proof of work it is obvious Proof of stake may not solve that problem in tan totality and you can take example from Bitcoin cash ever since there has been initiated there has not been significant progress in any of its aspect that prompted it development except for the rewarded holders of the original Bitcoin receiving free coins.
ethereum pow / ETHW now be traded on several exchanges https://coinmarketcap.com/currencies/ethereum-pow/markets/
From $100 last month down to $30. Poloniex volume is over half a million dollars already which is good enough to hype a fork. It is early to judge the price and it's only IOU, there is always the chance for it to bounce back and increase if it can gather enough support. But if we base its today's price, Ethereum Classic is at $37. Which coin is more reasonable to mine now using today's price? Mining ETHW has slight edge?
ethereum pow / ETHW now be traded on several exchanges https://coinmarketcap.com/currencies/ethereum-pow/markets/
You get it wrong fella. My statement was an appreciation to the Chinese miners and investors that continued to purchase, HODL and secretly mine cryptocurrencies even if their government are against it. And the Chinese continues to become influential in the market considering the hardships and struggles to keep them away from Chinese authorities.
And back to ETH mining. ETC is of very little value and this is also a good reason why the miners will choose to fork.
And back to ETH mining. ETC is of very little value and this is also a good reason why the miners will choose to fork.
Miners decided to fork ETH just to fill their pockets with money. They didn't choose to switch to ETC altogether because that won't leave them with "free" coins in the process. By creating a new fork, existing ETH holders will be able to gain the same number of coins on the forked blockchain. How much will ETHW be worth in Fiat terms (USD), will greatly depend on mainstream demand. I don't think the fork will sustain its price for long, especially if the project doesn't come up with new and innovative ideas that will help attract investors into it.
I believe ETC will be the only fork (or should I say original ETH chain) that will retain its price for a very long time. Maybe ETH's switch to PoS will make ETC more valuable in the future? Just my thoughts
Cryptocurrencies are illegal in China and even more mining them. But here we are, still influenced by Chinese miners. These miners will try their very best to continue using their GPUs. It is also very difficult for them to mine Bitcoins and other coins.
Merge is well supported by majority but I cannot say ETHW can't have room for success. There are also people that are not happy with POS. The staking and issues of the system turning like centralized.
Merge is well supported by majority but I cannot say ETHW can't have room for success. There are also people that are not happy with POS. The staking and issues of the system turning like centralized.
I don't see anything wrong here because miners are Chinese, cryptocurrency is for everyone, visionaries in the future have the right to own cryptocurrency. It's not because the Chinese government bans cryptocurrencies, it's that we have a bias against Chinese investors. I'm also not entirely interested in ETH upgrading to POS but I don't think ETHW is needed since we already have ETC. If miners can't close their doors and don't want to sell their miners, they still have an ETC option.
You get it wrong fella. My statement was an appreciation to the Chinese miners and investors that continued to purchase, HODL and secretly mine cryptocurrencies even if their government are against it. And the Chinese continues to become influential in the market considering the hardships and struggles to keep them away from Chinese authorities.
And back to ETH mining. ETC is of very little value and this is also a good reason why the miners will choose to fork.
It would be awesome to have a forked coin from ethereum as holders as well as miners would gain from the exercise. Though I have my doubts on the forked version of ethereum coming to play, but I'll love the initiative, if implemented because it would be beneficial to several persons including myself.
All the developers will move to PoS version so i don't understand who would use the old one anymore, except miners who need their rigs to do something. Imho the whole PoS fud is coming from these miners in the first place, they are the ones actually losing something in this. And funny enough they are claiming that eth will be more centralized and only rich people will get to vote. That doesn't even make sense as this same thinking applies centralized in PoW. And in PoS holders actually get something from holding. Miners making the decisions was always kinda weird mindset to begin with but maybe i am not getting the idea.
Miners don't want to lose their business, so they've resorted to create a new fork with the hopes of getting as much money as possible from it. I don't get why they'd want to make a new ETH fork, when we already have ETC. The latter already "diffused" the difficulty bomb, so it will stay a PoW cryptocurrency forever. Instead of making a new fork, miners should switch to ETC preserve their business. Considering that we already have a PoW version of Ethereum (Ethereum Classic), I think the new hard fork (Ethereum Proof of Work) will eventually die.
For anyone who's been holding ETH right now, I'd suggest to sell the coins on the forked chain (ETHW) as quickly as possible before it goes all the way down the drain. Everything in crypto is about money these days, so don't be surprised to see several new forks of ETH emerge after "The Merge". Ultimately, there can be only one winner. I think ETH will solidify its position as the leading smart contracts platform (even though it will be less-decentralized), while the rest will fade away into oblivion. Who knows what changes this will bring to the entire crypto market? Just my opinion
Some Chinese miners announced they will be forking the ETH blockchain after "The Merge" in order to continue with the PoW consensus algorithm. If the fork goes full speed ahead, this means existing ETH holders will obtain "free" coins on the forked chain (ETHW). It'll be just like Bitcoin Cash (BCH) where Bitcoin (BTC) holders received the exact amount of coins on the other Blockchain network. While I believe making another ETH fork based on PoW is highly unnecessary (especially when we already have Ethereum Classic (ETC)), this could prove to be a profitable opportunity for those who cash out during the initial days of the fork. That is assuming ETHW will be worth some money after it's listed across major cryptocurrency exchanges. If it goes to zero, then why bother?
Like others in this thread already said, it is no big surprise that there are people out there that are already planning to fork from Ethereum in order to keep it their fork as a proof of work coin. Also it is not surprising that chinese miners are one of the main driving forces behind that because in the end the majority of the world wide hash power is located in China as far as i know.
I am not so sure though, if that ETH fork will be the next big thing because in the end there already is a Ethereum fork out there that is still proof of work and that is Ethereum classic. So the new ETH already has an opponent that is already established. We will see.
This probably an extra profit not that huge since the company behind it is surely aiming for just a quick profit from the hype same with BTG and other fork coins of Bitcoin and Ethereum that only have a high value initially then dump later on. This fork coin can only be successful if these chinese miners will manage to get private investors to fund all there initial expenses and to reward developers of dapps to stay developing on there blockchain because most of the dapps will migrate too on new Eth blockchain which will leave the fork blockchain abandoned.
The profit will depend on your eth hodling. If you have a lot of eth balances then you can also get a lot of fork coins which you can sell for profits but I think the use of forked coins isn't only limited to that but we might use the coin later on for paying on some stores, betting on a gambling site and many more like what happened with other forked coins like bch.If the adoption for them grows huge, their value can also rise so they can be best for a long term hodling. It's true that ethw can be the next big thing because many people now are waiting for its release but I think it was mostly about hype and later on this can coin become silent.
it's very hard to predict. we know that BCH as a forked coin from btc is indeed good until now, but all coins cannot be equated. if ethereum forks and goes back to POW some people might benefit, but those who follow ethereum actually go with the POW system. Will these two communities coexist with each other?
I doubt it will be the next big thing, the ETHW will only offer proof of work, no other utility, this coin will be exactly like Bitcoin cash unless it's blessed with teams that are ready to take this project to another level, I don't see this happening anyway.
You have a point but we can’t deny that since this the old Ethereum blockchain there’s still a lot of developer that’s interested to build on it especially those new team that wants to build there reputation. Maintaining the blockchain to run is a good start to build this abandoned blockchain alive since there’s still a hype on its name. I agree that this almost ambitious speculation but there’s no risk on holding few tokens since this just free from the airdrop.
I doubt it will be the next big thing, the ETHW will only offer proof of work, no other utility, this coin will be exactly like Bitcoin cash unless it's blessed with teams that are ready to take this project to another level, I don't see this happening anyway.
Cryptocurrencies are illegal in China and even more mining them. But here we are, still influenced by Chinese miners. These miners will try their very best to continue using their GPUs. It is also very difficult for them to mine Bitcoins and other coins.
Merge is well supported by majority but I cannot say ETHW can't have room for success. There are also people that are not happy with POS. The staking and issues of the system turning like centralized.
Merge is well supported by majority but I cannot say ETHW can't have room for success. There are also people that are not happy with POS. The staking and issues of the system turning like centralized.
I don't see anything wrong here because miners are Chinese, cryptocurrency is for everyone, visionaries in the future have the right to own cryptocurrency. It's not because the Chinese government bans cryptocurrencies, it's that we have a bias against Chinese investors. I'm also not entirely interested in ETH upgrading to POS but I don't think ETHW is needed since we already have ETC. If miners can't close their doors and don't want to sell their miners, they still have an ETC option.
Cryptocurrencies are illegal in China and even more mining them. But here we are, still influenced by Chinese miners. These miners will try their very best to continue using their GPUs. It is also very difficult for them to mine Bitcoins and other coins.
Merge is well supported by majority but I cannot say ETHW can't have room for success. There are also people that are not happy with POS. The staking and issues of the system turning like centralized.
Merge is well supported by majority but I cannot say ETHW can't have room for success. There are also people that are not happy with POS. The staking and issues of the system turning like centralized.
Some Chinese miners announced they will be forking the ETH blockchain after "The Merge" in order to continue with the PoW consensus algorithm. If the fork goes full speed ahead, this means existing ETH holders will obtain "free" coins on the forked chain (ETHW). It'll be just like Bitcoin Cash (BCH) where Bitcoin (BTC) holders received the exact amount of coins on the other Blockchain network. While I believe making another ETH fork based on PoW is highly unnecessary (especially when we already have Ethereum Classic (ETC)), this could prove to be a profitable opportunity for those who cash out during the initial days of the fork. That is assuming ETHW will be worth some money after it's listed across major cryptocurrency exchanges. If it goes to zero, then why bother?
And just like what happen when Bitcoin fork to Bitcoin Cash, the fork coin price surge ahead in the beginning and then just tapered as the hype goes down.
I guess the Chinese miners doesn't want to have their machines obsolete or at least doesn't want to mine ETC because it has no value. But it will be just the same for ETHW. For sure the consensus will still be with ETH until those miners died down or sold off their gear because it's not worth to mine their ETHW.
So maybe in the beginning they will have a success, but once those who have received the airdrop free coins then there will be huge dump of ETHW.
This is much much needed and the next big thing or not but miners who lost the power to PoS will surely get to work on this and who knows the response could be tremendous than that. The reason is simple, many of them started mining recently, many of them had huge set up whose ROI isn’t achieved and thus making them loose lot of investment. Selling off the coins isn’t option since it would be in loss and won’t be enough to recover hardwares cost too.
By the way my second question (I might not be Updated), chinese miners are still doing the mining operations after the strict bans? Is that true or the whole thing is running under the sink?
By the way my second question (I might not be Updated), chinese miners are still doing the mining operations after the strict bans? Is that true or the whole thing is running under the sink?
This probably an extra profit not that huge since the company behind it is surely aiming for just a quick profit from the hype same with BTG and other fork coins of Bitcoin and Ethereum that only have a high value initially then dump later on. This fork coin can only be successful if these chinese miners will manage to get private investors to fund all there initial expenses and to reward developers of dapps to stay developing on there blockchain because most of the dapps will migrate too on new Eth blockchain which will leave the fork blockchain abandoned.
No one knows if that will be a success or not. But these forks have been always a free money mostly to the developers that would like to do it. There's a bunch of free money that they'll be taking on this one.
Then, if not, you'll have ETH and the chance of it going up for its price is very much high. It's due to the lesser reward and as well as the limitation of its supply.
Is now a good time to buy ETH before "The Merge" happens? Your input will be greatly appreciated. Thank you very much.
I've always want to have ETH before the merge so yes, it's a good time to buy before the merge happens. If these forks happen, then you get some free coins that you would like to dump.Then, if not, you'll have ETH and the chance of it going up for its price is very much high. It's due to the lesser reward and as well as the limitation of its supply.
Damn, fork again, I dont see any good from that plan, but just the free fork tokens, there are too many fork coins in the market already, and what do we observe? are they successful already? the answer is obvious there are not, Ethereum has to adopt the need to be a more friendly for the planet, thats why they have done it so why do these people need to add more mining? thats what greed is all about! Anyway, I don't think miners will continue to mine unprofitable coins Im sure they abandon it.
That was very much expected! A lot of people have invested huge amount of money in setting up their ETH mining rigs, they won't let that money go down to drain so a good amount of miners will continue to enjoy the best of both world. They can continue mining the forked coin and at the same time make use of POS algorithm.
I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!
I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!
I agree that many people have invested by buying ETH mining rigs, and the transition from ETH POW to PoS will certainly be a separate issue for miners, with ETHW there will certainly be a solution, but of course they have to take into account whether ETHW mining is worth the operational costs they spend, otherwise they will switch to mining other, more profitable coins.
if this is the same as BCH and ETC, I think there is nothing wrong with holding ETH if later ETH holders will get the same amount of ETHW, well that's the same as getting free money, but I've seen this ETHW on any exchange and I don't want to buy it too This ETHW because I think it has a fairly high risk should buy ETH and save it to get free money, but right now I'm more interested in being a spectator for ETH merging later
If the only purpose of the purchase is to get a free ETHW coin, then we should not specifically buy ETH just because of this, since we cannot know exactly how the price will react to the merger. In my opinion, the best solution in this case is not buying, but borrowing coins on DEX or CEX. In this case, you only pay a commission, which will surely be compensated by the profit from the sale of ETHW.
if this is the same as BCH and ETC, I think there is nothing wrong with holding ETH if later ETH holders will get the same amount of ETHW, well that's the same as getting free money, but I've seen this ETHW on any exchange and I don't want to buy it too This ETHW because I think it has a fairly high risk should buy ETH and save it to get free money, but right now I'm more interested in being a spectator for ETH merging later
For miner perspective, they will be at loss when ETH going to Proof of Stake because they still haven't ROI from ASIC miners they bought.
Some miners may already started to mine other ethash coin such as ETC, thus the mining hash rate will moving from ETH to ETC, resulting spiking hash rate on ETC.
Some miners may already started to mine other ethash coin such as ETC, thus the mining hash rate will moving from ETH to ETC, resulting spiking hash rate on ETC.
After the hashrate increases, the difficulty of mining new coins will increase. And this will entail a decrease in mining profits if the ETC price remains at the same level. ETHW mining will remain the most optimal for miners if the price of the coin remains in approximately this niche, which ETH currently has, but it is hardly worth counting on.
That is a good idea, i believe miners will be happy to hear that.
For miner perspective, they will be at loss when ETH going to Proof of Stake because they still haven't ROI from ASIC miners they bought.
Some miners may already started to mine other ethash coin such as ETC, thus the mining hash rate will moving from ETH to ETC, resulting spiking hash rate on ETC.
For miner perspective, they will be at loss when ETH going to Proof of Stake because they still haven't ROI from ASIC miners they bought.
Some miners may already started to mine other ethash coin such as ETC, thus the mining hash rate will moving from ETH to ETC, resulting spiking hash rate on ETC.
The thing that determines ETHPoW longevity is the userbase, majority of Ethereum communities doesn't care enough about decentralization and anything related to it. It will be hard for the PoW communities to thrift with the brand new Ethereum.
After all, judging by ETH histories that resulted in ETC inception. I believe the current condition won't be much different.
After all, judging by ETH histories that resulted in ETC inception. I believe the current condition won't be much different.
All the developers will move to PoS version so i don't understand who would use the old one anymore, except miners who need their rigs to do something. Imho the whole PoS fud is coming from these miners in the first place, they are the ones actually losing something in this. And funny enough they are claiming that eth will be more centralized and only rich people will get to vote. That doesn't even make sense as this same thinking applies centralized in PoW. And in PoS holders actually get something from holding. Miners making the decisions was always kinda weird mindset to begin with but maybe i am not getting the idea.
That was very much expected! A lot of people have invested huge amount of money in setting up their ETH mining rigs, they won't let that money go down to drain so a good amount of miners will continue to enjoy the best of both world. They can continue mining the forked coin and at the same time make use of POS algorithm.
I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!
I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!
Everything will depend on the value of the new coin that appeared as a result of the fork. But it is safe to say that the price of ETHW will be lower than ETH. Accordingly, if there is another coin, the profit from which will exceed ETHW, then the miners will switch to the network in which the profit is higher.
That was very much expected! A lot of people have invested huge amount of money in setting up their ETH mining rigs, they won't let that money go down to drain so a good amount of miners will continue to enjoy the best of both world. They can continue mining the forked coin and at the same time make use of POS algorithm.
I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!
I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!
Some Chinese miners announced they will be forking the ETH blockchain after "The Merge" in order to continue with the PoW consensus algorithm. If the fork goes full speed ahead, this means existing ETH holders will obtain "free" coins on the forked chain (ETHW). It'll be just like Bitcoin Cash (BCH) where Bitcoin (BTC) holders received the exact amount of coins on the other Blockchain network. While I believe making another ETH fork based on PoW is highly unnecessary (especially when we already have Ethereum Classic (ETC)), this could prove to be a profitable opportunity for those who cash out during the initial days of the fork. That is assuming ETHW will be worth some money after it's listed across major cryptocurrency exchanges. If it goes to zero, then why bother?
What do you think about the new fork? Will it be a success or a failure? Is now a good time to buy ETH before "The Merge" happens? Your input will be greatly appreciated. Thank you very much.
What do you think about the new fork? Will it be a success or a failure? Is now a good time to buy ETH before "The Merge" happens? Your input will be greatly appreciated. Thank you very much.
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