I also think that the switch from POW to POS has a huge impact not only on Ethereum itself but on other coins as well.
I don't know exactly how much computing power is currently directed at mining ETH but once the switch to proof of stake happens, i think more miners will switch to another coin than stop mining completely
This could increase the price of the other mineable coins because you need to be way more hashpower to generate the same amount of coins.
Topic: Ethereum Casper - End of Ethereum era? (Read 265 times)
What will happen after the transition of eth from Pow to Pos? According to my scenario this would mean the demise of ethereum. Because? well, let's start with the fact that pow is based on millions of mining rigs around the world validating blocks. These resell the earned and when they have paid off the machines and the electricity, they set aside a little ethereum to buy more performing machines or optimize consumption. With the pos these will become useless with the consequence that ethereum will also become useless for them. It will be a much more centralized cryptocurrency for the rich few. Just my opinion.
Edit1 The effect of the miners (and therefore of the economic empires of Nvidia and Amd which have an interest in increasing the values of some crypto to sell more cards) will be felt just as it was felt on the various litecoin then dash etc?
Edit1 The effect of the miners (and therefore of the economic empires of Nvidia and Amd which have an interest in increasing the values of some crypto to sell more cards) will be felt just as it was felt on the various litecoin then dash etc?
It will be a great thing for hodlers but will be a bad thing for miners as they cannot mine anymore.. Its has bad and good thing too as like me not a miner i would love to stake this coin as it was a definitely a good coin to stake for a long term. Even without a miner i did not scared at all for the price to be drop as ethereum was a well known coin out there. Still got a world wide supporter that will back ethereum.
Eth 2.0 is infact the real start of the eth era because of the solutions of the long standing scalability issues eth was struggling but with the launch of eth 2.0 we can finally see adoption and increase in real world usage of ethereum in coming months and years.
A lot of hopes actually with this coming eth upgrade. With this scalability issues, there's a hope that it could resolve in the future. In my opinion, Eth will still be useful by many it will not end rather there will be an improvement for sure. I don't think that the transition to POS means the end of ethereum. Ethereum already has a very strong infrastructure and many projects are running on the etereum blockchain, it is clear that alternatives already exist today, but etherium still has the highest priority
I do not think so either but they are taking a major risk, there has always been discussions about which protocol is safer but now ethereum is taking the major decision of changing from PoW to PoS if everything goes right then we will see miners leaving for other coins which is not bad, however if there is a single mistake in the process the price of the coin could crash in a matter of hours and that is never a good thing since it could really kill the coin.The other problem is that after they make this transition then it will be impossible for them to go back to PoW, even if it s possible what will they tell to the long term holders of ethereum, that they made a mistake? That will not fly with them, so while I do not think this will kill ethereum it is really a very important moment in its history that will define how it is seen for the next few years.
Eth 2.0 is infact the real start of the eth era because of the solutions of the long standing scalability issues eth was struggling but with the launch of eth 2.0 we can finally see adoption and increase in real world usage of ethereum in coming months and years.
A lot of hopes actually with this coming eth upgrade. With this scalability issues, there's a hope that it could resolve in the future. In my opinion, Eth will still be useful by many it will not end rather there will be an improvement for sure. I don't think that the transition to POS means the end of ethereum. Ethereum already has a very strong infrastructure and many projects are running on the etereum blockchain, it is clear that alternatives already exist today, but etherium still has the highest priority
I do not think so either but they are taking a major risk, there has always been discussions about which protocol is safer but now ethereum is taking the major decision of changing from PoW to PoS if everything goes right then we will see miners leaving for other coins which is not bad, however if there is a single mistake in the process the price of the coin could crash in a matter of hours and that is never a good thing since it could really kill the coin.The other problem is that after they make this transition then it will be impossible for them to go back to PoW, even if it s possible what will they tell to the long term holders of ethereum, that they made a mistake? That will not fly with them, so while I do not think this will kill ethereum it is really a very important moment in its history that will define how it is seen for the next few years.
Eth 2.0 is infact the real start of the eth era because of the solutions of the long standing scalability issues eth was struggling but with the launch of eth 2.0 we can finally see adoption and increase in real world usage of ethereum in coming months and years.
What will happen after the transition of eth from Pow to Pos? According to my scenario this would mean the demise of ethereum. Because? well, let's start with the fact that pow is based on millions of mining rigs around the world validating blocks. These resell the earned and when they have paid off the machines and the electricity, they set aside a little ethereum to buy more performing machines or optimize consumption. With the pos these will become useless with the consequence that ethereum will also become useless for them. It will be a much more centralized cryptocurrency for the rich few. Just my opinion.
Edit1 The effect of the miners (and therefore of the economic empires of Nvidia and Amd which have an interest in increasing the values of some crypto to sell more cards) will be felt just as it was felt on the various litecoin then dash etc?
It is not a good argument just read about the disadvantages of pow as well which consumes a lot of electricity and carbon output is huge alongwith expensive equipment the model is something that was not sustainable for long so it was the right option selected by the largest altcoin to move to a sustainable model. Edit1 The effect of the miners (and therefore of the economic empires of Nvidia and Amd which have an interest in increasing the values of some crypto to sell more cards) will be felt just as it was felt on the various litecoin then dash etc?
Can you mention a PoS coin that was a success? The answer is no. And this is because PoS kills decentralization. To understand who will have the mining power, you need to ask yourself who are holding the ETH's because those ones will be the ones who have the network control, and the answer to this is 'Exchanges', those will rule the mining. So, it sounds to me as a slow death.
Another issue will be the tons of people getting scammed with staking pools, mark my words guys, this will be a big problem.
perfectly agree! The miners are workers. They must rule the mining.otherwise we will return to the traditional economy Another issue will be the tons of people getting scammed with staking pools, mark my words guys, this will be a big problem.
Can you mention a PoS coin that was a success? The answer is no. And this is because PoS kills decentralization. To understand who will have the mining power, you need to ask yourself who are holding the ETH's because those ones will be the ones who have the network control, and the answer to this is 'Exchanges', those will rule the mining. So, it sounds to me as a slow death.
Another issue will be the tons of people getting scammed with staking pools, mark my words guys, this will be a big problem.
Another issue will be the tons of people getting scammed with staking pools, mark my words guys, this will be a big problem.
I think the switch from ETH to ETH 2.0 will not lead to the end of ETH but instead will help it to improve the scalability and therefore make it usable for higher network traffic.
If you look at the current state of the ETH network with all the defi yiel farming going on you can see that that it's already close to it's limit which results in very high gas fees.
If it becomes normal that you have to pay 10$ gas fee for an 100$ transaction than this will lead to the demise of ETH.
If you look at the current state of the ETH network with all the defi yiel farming going on you can see that that it's already close to it's limit which results in very high gas fees.
If it becomes normal that you have to pay 10$ gas fee for an 100$ transaction than this will lead to the demise of ETH.
Do not worry about miners they will find alternative coins to mine or they can sell the miners and instead buy ethereum or other pos coins to stake and make decent annual returns.
I do not think that Eth era is going to end rather things are just heating up to and big bull run is due which is expected to be dominating and personally i will keep hodling my eth.
I do not think that Eth era is going to end rather things are just heating up to and big bull run is due which is expected to be dominating and personally i will keep hodling my eth.
The power that owned by the miners will be distributed to the stakers.
it will not be centralized.
it will be another ripple.https://medalla.launchpad.ethereum.org/
That's an official site to the ethereum POS testnet launch pad. You will see the total goETH (testing coin) that already staked in the network.
It will not become another ripple. Basically, there was no a lot of different between POS and POW but in POS it will much more conservative as it didn't consume a lot of energy to run the mining rig.
ETC, LTC, DASH, ZEC might be their next target, I suspect after miners leave ETH, will the value of ETH decline?
Miners made a lot of money in the years 2016-2017 because the price of ETH has risen so many times.
Miners made a lot of money in the years 2016-2017 because the price of ETH has risen so many times.
Maybe millions of mining rigs but it is probably less than a few hundred actual miners who own all these rigs, if they can resell the rigs or turn it to mine other coins, while staking their ETH to earn, they not?
Maybe the chipmakers just have to learn to diversify,,,
Maybe the chipmakers just have to learn to diversify,,,
There's so many people willing to stake their coin and replace these miners. like it or not I think the miners are rather more centralized now as I see small individual mining just doesn't cut it and not profitable anymore. Also, with mining rigs you need to renew it every year to compete with other miners.
In my opinion there are many miners that willingly to sell their mining rigs and switch over to staking coin and one of many advantage is that they don't need to think about maintenance and other things.
The ethereum casper will make the ethereum blockchain become a hybrid chain that will not eliminate the reward for the miners who will be mining ethereum and secure the block and at the same time it will also let holders to be able earn the staking yield from the network. You should not worry about this and you can see the detail here https://eips.ethereum.org/EIPS/eip-1011
I think if that EIP will be implemented into the ethereum network and the final block reward will be around 0.6 eth/block.
with a today reward of? I think if that EIP will be implemented into the ethereum network and the final block reward will be around 0.6 eth/block.
The ethereum casper will make the ethereum blockchain become a hybrid chain that will not eliminate the reward for the miners who will be mining ethereum and secure the block and at the same time it will also let holders to be able earn the staking yield from the network. You should not worry about this and you can see the detail here https://eips.ethereum.org/EIPS/eip-1011
I think if that EIP will be implemented into the ethereum network and the final block reward will be around 0.6 eth/block.
I think if that EIP will be implemented into the ethereum network and the final block reward will be around 0.6 eth/block.
After reading this it's a big relief. Haha.
So does it mean it is gonna be more productive for miners since they will be earning regular block rewards as well as from the stakes that will be under holding? I'm sure this has been also thought through by ETH founder since there is already huge miner farms are out there. If they are turned down due to this shift then it could create chaos and panic selling of ETH.
Literally it will turn the ETH world upside down!!
The ethereum casper will make the ethereum blockchain become a hybrid chain that will not eliminate the reward for the miners who will be mining ethereum and secure the block and at the same time it will also let holders to be able earn the staking yield from the network. You should not worry about this and you can see the detail here https://eips.ethereum.org/EIPS/eip-1011
I think if that EIP will be implemented into the ethereum network and the final block reward will be around 0.6 eth/block.
I think if that EIP will be implemented into the ethereum network and the final block reward will be around 0.6 eth/block.
I don't think that the transition to POS means the end of ethereum. Ethereum already has a very strong infrastructure and many projects are running on the etereum blockchain, it is clear that alternatives already exist today, but etherium still has the highest priority
Same here. I don't think the eth team didn't do any assessment before thinking this big change to their network. They surely have discussion and in depth analysis on what's to come with their future platform. As the competition is getting tougher everyday, definitely, they consider those factors and may have already contingency plans to address possible issues. But we can't deny the fact that they are one of the trusted and popular crypto platforms here.
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