Interestingly enough I will be on the 1559 panel in two weeks so if anyone has some good talking points let me know. As a miner I am definitely against lowering my income so my intent is to push for a compromise. We likely will have to give a little but I think they are open to compromise to avoid a large backlash. I think the EF is shocked that miners are speaking up as they are probably used to us being silent.
I do find it amazing that a lot of people are talking about how miners are making a lot right after ETH holders are experiencing a 20x+ return on investment in 1 year. I'm not even at a 2x return on my equipment purchase from July-Oct 2020. Its also pretty sad that a lot of saying miners are being greedy and we need 1599 to reduce fees or ETH prices will collapse despite one of the EF devs making a post stating that "1559 will not decrease fees".
My technical knowledge is lacking so I will be cramming everything in for the next two weeks.
The youtube link to the panel is below.
https://youtu.be/EdXhL6VR0mUI'm in agreement that something needs to be done about the tx fees on the network and EIP-1559 is a good solution to that
with a compromise. Allow EIP-1559 to go through but raise the block reward to at least 3 ETH and delay the diff bomb until the network is ready to transition to POS without mining. Until then they need miners, if they ignore us and shove it through as is I hope the network forks and causes havoc.
Another thing to bring up, this was always a GPU minable coin and a large number of miners aren't running huge farms to just dump the coin on the market. Many miners are investors. I may never have gotten into crypto if it weren't for ETH. I'm not selling, instead hodling long term because I believe in ETH. I'm just eating the electric, infrastructure, and equipment costs I have incurred.
Personally I don't see 1559 as a "good" solution to the increased network usage and the gas fees that accompany it. I think we need to widen the road to allow more transactions either through more blocks or bigger blocks. As a miner I obviously would benefit from more transactions even if the gas was less and so would other stakeholders, I can't think of one good reason why we wouldn't want to expand eth's capacity.
I hope vitalik can see this right now, abandoning proof of work algorithm is not cool, the PoW algorithm is a part of why Ethereum is this big today, many old projects switched to PoS along the line and it doesn't favour them marely looking at how things turned out for the projects
Indeed and focusing on POS has led to a lot of POW improvements being dumped by the wayside. POS is likely 2-3 years away, we need to update POW now so that it remain popular and stay competitive. The ETH network is a service and that service can't just keep jacking up its fees.
