As you all know ASIC resistance is a key feature in the white paper, and what made Ethereum grow back in the day and cause widespread adoption. It allowed regular everyday people to generate and access the coin which increased its value.
Well unfortunately there have been developments by large ASIC manufacturing companies which have destroyed Ethereum’s ASIC resistance.
Ethereum is no longer functioning properly, and as a result its value has decreased every single day since the creation of ASICS because only fringe nerdy people have the coin.
I hope we can get this bug fixed ASAP. It should be a top priority to fix bugs in existing vision rather than trying to create something new otherwise there truly is no vision or foundation to this entire thing.
Hey there, thanks for your concern. I tried mining myself and is absolute loss using GPUs. I agree with your overall narrative but your post seems a bit trollish, however you might just be misinformed of the current situation.
There is a proposal for fixing that, which seems to be effective but there is some fear (might be artificially induced by ASIC manufacturer puppets) that ProgPOW https://eips.ethereum.org/EIPS/eip-1057 could give advantage to someone in special.
Seems like this is true, it would give advantage to people that hold actual GPUs, and not ASIC owners designed for Ethash.
There is also the argument of Proof-of-Stake, which claims ProgPOW effort would waste resources in something that would be replaced. This argument seems to be failed because ProgPOW seems ready to be implemented, fully tested audited, while I don’t see Proof-of-Stake completly replacing PoW.
There is also the argument that current ASIC is not that bad, which is based on ASIC on market, however this argument is bad because it ignores that there might be ASIC not on market with better performance.
In regards of this being a big security concern, I am not sure how bad is as I have no clue on how to know how much % hashrate is from ASIC, and I guess no one is able to tell it aswell.
What makes you think the post is trollish? I think we should approach Ethereum with an open mind.
It is true that ASIC resistance will hurt ASIC owners. That is the function, and the goal.
It’s also why Ethereum became wildly popular among the general public, but is now only used by fringe coders and hackers.
Proof of Stake is even worse for Ethereum, irrespective of implementation concerns, than an ASIC algorithm.
If we want Ethereum to get big, we need to put it in the hands of the general public. Allow anyone earth to be able to generate the coin.
So ASICs are incredibly bad for four reasons. 1) It puts the entire means of production within the control of a few ASIC manufacturing companies. 2) It means that general people will never use Ethereum 3) Reasons 2 and 3 compound to mean that architectural attacks like 51% attacks are also possible. 4) It proves that Ethereum has absolutely no vision, and can’t even execute on the things it originally intended to do.
Ethereum is down 90% of overall value. Markets aren’t down. Ethereum is down. Bitcoin has not received anywhere near the same damage as Ethereum despite being a technologically inferior coin.
I am open minded, it seems a bit trollish because the assumptions that this is “critical”. I agree that this is bad, but I am not sure it’s critical.
I am all for ProgPOW, but I disagree Poof of Stake is worse.
Everyone knew Proof of Stake was coming since beginning and GPU miners should hold some ether to later participate on PoS, or sell the GPUs for Ether and stake it. What is the difference?
I run a full node right now and I am working in improving my uptime to be ready for PoS, to be one of the validators, and if I don’t get slashed I will put more on stake. Right now mining is horrible because of electricity and ASIC stealing profits, with PoS will be fair for me. I care about Ethereum.
Regarding price, I don’t see it as a bad thing being cheaper, I am ok with bearish market even being all in, the more gas, the better.
If ethereum stop paying my bills as developer I will simply do what I did in past or try other thing, the experience I got with ethereum is priceless. And I don’t have time to care about exchanging, leave that for traders and their predict powers. Ether is gas I need anyways, and is what I need to work and to earn more ether.
The price being 90% down don’t seems reality for me, but I have no clue to be honest, but if suddenly the price goes 90% probably the only thing that would change in my life is the GPU cards and CPUs of my computers
I think the risk of a 51% attack would certainly be critical.
If not the risk of the entire thing become a bunch of software, with no users to back it being critical as well.
I don’t want to get side tracked here regarding PoS, because the #1 priority should be getting ASIC resistance ASAP - but regarding POS. The problem with POS is that it will succeed in its goal, which is a terrible one for adoption; giving people who already have coins more coins. Ethereum is worth nothing if someone else does not value it. To increase the value of Ethereum the #1 way is to get people using it. Having the issuance of new coins go to those with Ethereum and even worse; proportionally is the opposite of what’s good for adoption inherently.
It’s not a bearish market. It’s a lack of users. A lack of value.
The price is a product of Ethereum’s value so yes 100% whether or not you intend to make money off of Ethereum the value of Ethereum is key.
I promise everyone reading this that if Ethereum doesn’t fix the hashing problem, someone will create a new better version of Ethereum that does and this thing will go to $0.
