Show Posts
I'm more optimistic than this. The crash of Crypto is complicated. Common sense tells us a decentralized non fiat coin should weather an economic downturn... but instead all crypto has taken a dive along with the bad inflation numbers, declining stock market etc. Its the fear factor. Investors can't predict what Crypto will do so there has simply been a lot of profit taking... and a resistance to keep investing or buying. The big buyers are moving into less risky assets like bonds, munis, physical assets. Crypto prices will rebound but the question is when? Confidence needs to be regained. I think it will be slow and come in the form of POS finally happening and other altcoins emerging to replace ETH POS. All of which combined will be worth way less than what ETH alone was worth on POS at the end of 2021. If Vitalik and company understood economics and ETH's actual customers (he forgets he has a product and customers) they never would have taken this difficulty bomb force POW miners to die off and switch to POS method. A smarter way to build ETH on POS would have allowed for a transparent dual path course where ETH POW would remain but have a side by side entry of ETH POS. Then the confidence in ETH POW would not have to be destroyed like it has been. You get the benefit of the mining community, continue to offer value to them in gas fees and create additional wealth with ETH POS rather than destroy the former wealth of ETH POW. The stakers of 2021 have now lost 2/3rds of their investment. Does anyone like their investments shrinking by 2/3rds? The Vitalik and company elites tried to deceive the world with their fake propaganda claiming altruism around energy consumption when the reality was always greed for the devs. Align with some large investors to take more for themselves is all POS really is. The worst part about the sham is they have literally made the ETH ecosystem less resilient, less capable, and less viable to build business systems with. Will a fully implemented POS in 2024 be better than what ETH POW was in late 2021? Maybe, but we won't see ETH worth $4800K until 2025. This was a huge mistake that destroyed the wealth of many many people.
I'm rooting for the crypto community to succeed... but trying to consolidate wealth in the hands of a few all while pretending to be doing so for the planet has been exposed for what it is. It is a fraud and always has been. Free markets really do work... and Vitalik and company are learning that every day with the current suck prices of ETH.
Right now Ethereum Classic is holding very well in the profitability for the same hash rate as the ETH as ETC just gives you a couple of dollars less.
Not anymore if/when ETH were to go PoS. Millions of video cards will be flocking to the remaining 5% of the available GPU revenue. Profitability of ETC, FLUX, ERG, etc. will be near zero for weeks or months. ETC will be strictly an ASIC coin anyway. So we'll actually be left with 2% of the revenue.I think since the beginning of mining PoW has always worked and has always been the winner in mining,I think this is not going to change even if Ethereum goes PoS,it will be a loss for Ethereum and not for the miners and PoW algorithm.I think Ethereum Classic has the capacity to accommodate the miners for the short term span until a new coin like Ethereum comes out.I believe in the win of miners so Ethereum and the people following it after moving to PoS will be the only losers.
I was talking about Ethereum specifically. Of course I believe PoW on GPUs will win in the long run, but when it comes to ETH, we shouldn't celebrate/wish for a failure of PoS, because that would hurt confidence in the coin as a whole, therefore mining profit would go to zero on ETH even if it reverted to PoW.Miners will look for other coins, but they will not be happy with the profit.
This is exactly what will happen. There will be no profit on the other GPU coins until enough miners capitulate and sell their rigs. Once hashrate comes down, profit will improve.
