Ethereum EIP 1234 accepted

[yuzuak]

EIPs to delay the difficulty bomb and reduce/maintain the block reward:

b. EIP-1234 - Delay bomb and reduce block reward to 2 ETH.

https://eips.ethereum.org/EIPS/eip-1234

Thoughts on the Ethereum Core Devs Meeting Constantinople Session #1 [08/31/18]

Meeting just ended.

All EIPs currently slated for Constantinople confirmed.

Next HF tentatively slated for 8 months after Constantinople.Difficulty Bomb delayed for 12mo(?).

There was a lot of discussion on Issuance Reduction and ProgPow/ASIC resistance.

In the end EIP-1234 prevailed(and thanks to Souptacular & Piper for recognizing the issue as time-sensitive and that while consensus on the issue hasn't coalesced around a specific EIP the broad intent of the community is clear in wanting a reduction).

It's expected that in the next two weeks or so EIP-1234 will be moved from Draft as Final and the be accepted to be included in the Constantinople HF (ETA is around Devcon4,possibly later).

​

What really surprised me was the absence of /u/ohgodagirl or someone else from the ProgPOW team to champion their proposal.

There seemed to be a very ambivalent attitude toward ProgPOW and that some core devs we're not that familiar with it.

I can understand the skepticism surrounding a fairly invasive change to the algo,some technical and the need to give the entire ecosystem some time to build mining tools/infrastructure to properly adopt it .It's also to be expected that some core devs are wary of devoting precious time working on altering the PoW stuff when PoS is the clear direction forward.

With that being said i think there should be no questions regarding the detrimental effect of having a large part of the network hashrate being provided by ASICS. ETH specifically adopted Ethash as the PoW algo to stave off asics for as long as possible.

Imho the the eth devs have a clear mandate to keep intact the original vision and to keep ETH ASIC-resilient.

I understand PoS is the holy grail and i do agree but since the timeline for Casper FFG has shifted significantly in the last year i think ProgPOW should be STRONGLY evaluated and, barring any technical showstopping issues , be adopted.

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[FloppyPurpleGherkin]

Gameover for GPU miners mining ETH then, Its borderline making any profit at all now anyway, Once this hits Gameover for you ETH  

[ThePunisher49X]

ETH block reward reduction to 2 ETH/Block confirmed and accepted for Constantinople.

[Iamtutut]

Since ETH/EThash ASIC already exist, i doubt this EIP would be useful since GPU miners will be kicked because ASIC, just like with Bitcoin in the past.
Even if ProgPOW proposal is accepted and used, i'm sure people will make an FPGA for EThash since it's specification/limit is known.

FPGAs would be much less interesting to mine with, especially with the new gen of GPUs.

[swogerino]

Even if Ethereum mining dies, just keep in mind that Monero is well alive and the profitability is almost the same if you exchange the coins in bitcoin or if you mine through mining software like Nicehash which pays you in bitcoin.

This is just a common meeting between the devs and I doubt it will have any game over effect on mining Ethereum.

[badbart]

Even if Ethereum mining dies, just keep in mind that Monero is well alive and the profitability is almost the same if you exchange the coins in bitcoin or if you mine through mining software like Nicehash which pays you in bitcoin.

This is just a common meeting between the devs and I doubt it will have any game over effect on mining Ethereum.

You think it will profitable after a lot of hashing power moves from eth to xmr?

[pachuchon]

Even if Ethereum mining dies, just keep in mind that Monero is well alive and the profitability is almost the same if you exchange the coins in bitcoin or if you mine through mining software like Nicehash which pays you in bitcoin.

This is just a common meeting between the devs and I doubt it will have any game over effect on mining Ethereum.

You think it will profitable after a lot of hashing power moves from eth to xmr?

What about ETC?

[badbart]

Even if Ethereum mining dies, just keep in mind that Monero is well alive and the profitability is almost the same if you exchange the coins in bitcoin or if you mine through mining software like Nicehash which pays you in bitcoin.

This is just a common meeting between the devs and I doubt it will have any game over effect on mining Ethereum.

You think it will profitable after a lot of hashing power moves from eth to xmr?

What about ETC?

I would think profits go down for everything.  What we need is a rally only way to stave off lower profits when eth craps on us.

[Iamtutut]

One interesting point, well see to what extent the network is infested by ASICs and FPGAs.

[Metroid]

if progpow was rejected then it only reinforces that changing the algo would only bring more problems to eth devs in the long term, a reduction to 2 eth from 3 currently is also conservative, so basically they chose to be conservative because probably eth could crash further if there was any damage from changing the algo. Anyway, my vote would go to reduce eth block reward to 1 and add progpow.

Also, fpgas are not a threat to ethash, asics like the f3 1.5 mhs and the incoming g3 7.5 mhs from bitmain are.

[yuzuak]

if progpow was rejected then it only reinforces that changing the algo would only bring more problems to eth devs in the long term, a reduction to 2 eth from 3 currently is also conservative, so basically they chose to be conservative because probably eth could crash further if there was any damage from changing the algo. Anyway, my vote would go to reduce eth block reward to 1 and add progpow.

Also, fpgas are not a threat to ethash, asics like the f3 1.5 mhs and the incoming g3 7.5 mhs from bitmain are.

I agree with you exactly

[Regulater]

What really surprised me was the absence of /u/ohgodagirl or someone else from the ProgPOW team to champion their proposal.

There seemed to be a very ambivalent attitude toward ProgPOW and that some core devs we're not that familiar with it.

What i find funny about this, is that they were very much for ProgPOW before they started selling FPGAs. I doubt they are much for ProgPOW anymore now that all they sell and advertise is FPGAs.

[adaseb]

Well at least they didn't reduce it to 1 ETH.

In my opinion, reducing it is fine however they should of made this clear much earlier like a year ago. A lot of people are upset and its not only the miners but many think this is a stunt to raise the market value of ETH by reducing the supply.

The ETH devs have too much governance power unlike BTC. 

People will still mine the coin, just like they did when it was reduced from 5 ETH.

[huntingthesnark]

What really surprised me was the absence of /u/ohgodagirl or someone else from the ProgPOW team to champion their proposal.

There seemed to be a very ambivalent attitude toward ProgPOW and that some core devs we're not that familiar with it.

What i find funny about this, is that they were very much for ProgPOW before they started selling FPGAs. I doubt they are much for ProgPOW anymore now that all they sell and advertise is FPGAs.

Don't think any Fpga has claimed to be effective on eth. Memory seems to be an issue.

[0ethereum0]

ETH  is busy with hardforking
https://www.coindesk.com/ethereum-is-testing-code-for-its-next-hard-fork/

[x8664amd]

Reducing the block reward will help solve inflation problem in the ETH blockchain. However, this will NOT be friendly to miners at all and may backfire.

[GGurol]

No need to be related emotionally with a spesific coin.
We miners (specially GPU), always will found a way to make some profit, less or more, but It will be.
ETH goes, HTE comes, LTC goes, CTL comes.
It doesnt matter, Important is to making profit.

[SirNeo]

We should drop ETH.
Since ETH dev don't give a shit about GPU miners we should leave them with ASIC miners and find new coins.
It seems Vitalik doesn't care anymore about decentralization

[Piskeante]

just a few ideas / facts

1º Constantinople will be applied in winter 2019. So still 1 year and 2 months away more or less. Many things can happen

2º Reward per block reduced to 2 ETH. If in 1 year ETH is at the same price, it will be an absolute NO GO for miners (although it's already a NO GO).

3º i don't think ETH will survive that long. Technical analysis shows that it's the worst top 10 performing coin. Huge resistances to break 20 day EMA. Many investors are dropping support on ETH and there is a very big lack of investment on ETH right now.

4º this can actually be good news for actual miners. Since this news will discourage people from investing on mining ETH. We have already seen the hashrate reduction from 268.000 GH/s to 252.000GH/s average. In the actual conditions, you have to be really mad, silly and stupid to invest a lot of money in mining a coin that will go unprofitable in 1 year. You´ll not even ROI at current conditions.

5º They obviously want to reduce the amount of coins generated, and begin to take away from the coin those miners, so that the migration to total PoS is done without many people complaining too much.

6º it's to be seen how PoS will reward people. Vitalik has never given numbers of how much money ETH is making out of Smart contracts. If ETH cap is around 20 billion $ and smart contracts have 30 billion, would be the migration to PoS a good idea?? My guess is that the money ETH is getting over smart contracts does not even get close to the value of the coin in the current manipulated market.

7º the real question: will it be worth to stock ETH so that, when PoS is implemented, you get a % of the money in smart contracts?? I think it will be a total NO. Specially when people begin to realise the huge problems ETH has with Scalability and amount of operations per second. Visa can do around 1700 operations per second. ETH only 20 and BTC only 4. If we want crypto to force real money away, ETH and BTC cannot do it.



Someone said, what about other coins?? When ETH goes PoS, a huge amount of GPU will have to search a place to go. There is currently NO PLACE TO GO THAT IS PROFITABLE. And if there is a profitable coin, it will go un profitable once those GPU collapse the pool, or even ASICS and FPGA collapse the market.

Tough days are coming.

[pachuchon]

just a few ideas / facts

1º Constantinople will be applied in winter 2019. So still 1 year and 2 months away more or less. Many things can happen

2º Reward per block reduced to 2 ETH. If in 1 year ETH is at the same price, it will be an absolute NO GO for miners (although it's already a NO GO).

3º i don't think ETH will survive that long. Technical analysis shows that it's the worst top 10 performing coin. Huge resistances to break 20 day EMA. Many investors are dropping support on ETH and there is a very big lack of investment on ETH right now.

4º this can actually be good news for actual miners. Since this news will discourage people from investing on mining ETH. We have already seen the hashrate reduction from 268.000 GH/s to 252.000GH/s average. In the actual conditions, you have to be really mad, silly and stupid to invest a lot of money in mining a coin that will go unprofitable in 1 year. You´ll not even ROI at current conditions.

5º They obviously want to reduce the amount of coins generated, and begin to take away from the coin those miners, so that the migration to total PoS is done without many people complaining too much.

6º it's to be seen how PoS will reward people. Vitalik has never given numbers of how much money ETH is making out of Smart contracts. If ETH cap is around 20 billion $ and smart contracts have 30 billion, would be the migration to PoS a good idea?? My guess is that the money ETH is getting over smart contracts does not even get close to the value of the coin in the current manipulated market.

7º the real question: will it be worth to stock ETH so that, when PoS is implemented, you get a % of the money in smart contracts?? I think it will be a total NO. Specially when people begin to realise the huge problems ETH has with Scalability and amount of operations per second. Visa can do around 1700 operations per second. ETH only 20 and BTC only 4. If we want crypto to force real money away, ETH and BTC cannot do it.



Someone said, what about other coins?? When ETH goes PoS, a huge amount of GPU will have to search a place to go. There is currently NO PLACE TO GO THAT IS PROFITABLE. And if there is a profitable coin, it will go un profitable once those GPU collapse the pool, or even ASICS and FPGA collapse the market.

Tough days are coming.

Miners will just find another coin to mine.

they are plenty of them, also most miners do eth because is the most ez one.