Hi all, this thread is to discuss about EIP-3143
I support this 100%. Without this the network hashrate looks to drop by 40-50% once EIP1559 Is implemented.
That will cause hashrate to centralize where electricity is cheapest (CHINA)
I oppose this on the basis that our social contract of minimally viable issuance, while leaving room for minor changes to the plus side, is very clear that it does not enable arbitrary issuance increases without an ability to demonstrate a clear and present threat to the network itself. Hard forks at the time of PoW sunset / ETH 1 > ETH2 merge do not represent a threat at all, but a natural freedom to oppose any change in the protocol. We should not fear hard forks, even if the result is an Ethereum PoW chain remaining with the Ethereum full PoS chain in place. The market is and should be the ultimate arbiter there.
Since there is no clear threat to the network presented by the author as of today to warrant this change, this EIP should not be merged until such time as a demonstrable threat exists.
Further, the network is regularly paying in excess of $5m (exceeding $10m multiple times now as well) a day in fees alone to miners, which hardly warrants any consideration for an issuance increase. 1559 aims to fix the asymmetric benefit from usage and the fee market from just miners to the entirety of the ecosystem via fee burns, while committing to still provide a portion and the current block subsidy while Ethereum remains reliant on miners to provide security.
Time to bring this back to the forefront in light of 1559 community split.
Exactly. And centralize in the pools, especially sparkpool.
I support this EIP
I do support a block increase in combination with EIP-1559 where the burn rate still exceeds the additional block reward by x% to give it some margin.
So, if block rewards were increased to 2.5 ETH/block and the additional 0.5 ETH adds up to 1000 ETH per day, but we burn more than that per day. It would still be a win for the hodler community.
In the Eth R&D discord, someone raised the question about whether the paying the bare minimum for security is even preferable. With block chain security, you won’t find out that you’ve made a mistake until an attack has occurred, and at that point it is far too late to slap a band-aid on it and say “oops.”
Social contracts also serve as a method for the powerful to maintain control over those less powerful. When the social contract actively harms one of the participants, there is no incentive for them to maintain it. Especially when the people with power feel safe enough to disregard the concerns of others.
In response to the statement about fixing the asymmetric benefits of the fee market, that is factually wrong. An 11% decrease in miner revenues in exchange for the retention of 0.34% more fiat value of Ethereum is the very definition of an asymmetric benefit. Any reduction in issuance through miner revenues will have a disproportionate impact on miners because that is just how reducing inflation works.
Furthermore, the threat of miner unionization has been growing rapidly during the past 2 weeks due to the blatant disregard of miner interests in the community. If a 5.8% reduction in the value of Ethereum too much to pay to help resolve the issues that were created by freezing miners out of the community for the past 3 years, then maybe you should reconsider your stance on these issues because you aren’t even willing to give up half of what you’re asking the miners to sacrifice.
Time to raise this up again since the value of ETH has tripled since the EIP was created, making it much more harder to directly buy the 32ETH needed due to the extreme cost ($64.8k USD as of 20/2/21)
Although the first objective to retain miners to continue mining ethereum is now moot due to the hugely increased profitability compared to when the EIP is first created, the second objective to allow POW miners to have an easier way to reach the 32ETH staking requirement still stands
I agree with this eip. The core devs use deception to decrease the reward. Both from 5 to 3 and the 3 to 2. Considering that along with the blatant disrespect Progpow is the only eip i know that has been approved but never implemented. At that time it was clearly stated that miners were members of the community. Now when it fits the core devs agenda to further manipulate price the miner are just service provides. The 5 block reward would decrease price and therefore lower transaction fees. Some devs and many holder have enjoyed a 5x growth within the last months. They fail to realize the security that miners have provided is a major contributor to the continued growth. Not only that but they are more than willing to cut rewards again.
miners just straight up asking for handouts now. and you don’t need 32 ETH to join a staking pool. but you’re right in the sense that if block reward goes back to 5, ETH will become affordable overnight. time for a correction!