ETH Proof of Work (ETHW): The Next Big Thing?

[jaberwock]

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.

[1714552938]

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[Jackl87]

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.

[Abiky]

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

[Tessyb]

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.

[Invester]

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.

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.

[Abiky]

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.

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

[cryptodoraemon]

ethereum pow / ETHW now be traded on several exchanges https://coinmarketcap.com/currencies/ethereum-pow/markets/

[Invester]

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?

[Piesel]

 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.

[SafuBTC]

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.

[CryptoYar]

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 community is split into two parts, one part of the community that wanted/wants to use the Proof of work (POW) and the other part that has high hopes for the POS For that reason I believe dapps will support both chains and try to cover both communities.

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.

[libert19]

It's free money either way and Chinese communities can pump the coins well 

[Abiky]

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?

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

[Dave1]

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.

[theskillzdatklls]

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.

[Dubai-Industry]

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?

Profit coins for mining after Ethereum leaves for POS

• Ergo
• Ethereum Classic
• Ravencoin
• Neoxa

and ETHPoW.

[Rizzrack]

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

[Abiky]

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