As stated in my previous blog posts, Ethereum is not decentralized. No crypto currency is as of late.
Putting that fact to the side, Ethereum miners are completely against the EIP-1559 upgrade in July.
Once again, I stated in my previous blog post, there is a LOT of time between now and July of this year.
So what's the problem? Apparently, in a show of force to really remind us of whose really in charge, Ethereum miners are going to redirect their hashpower to a mining pool "etermine".
What implications and explications does this really? Explicit- It would open the doors for what's referred to as a 51% attack on the ethereum network. Implicit- It would slow down the network enough that either GAS fees would moon, OR TXs just wouldn't be processed in a "timely" fashion. Think hours vs minutes. Also - if this did happen, it would cause a panic the likes of which we've never seen.
Successful or not, attack or not, hasrate being redirected or not, this proposition has only one real reason. To remind the entire ETH community, how much the community depends on Ethereum miners for the ecosystem to exist.
And IF crypto had stayed true to its promise of DECENTRALIZATION, then they wouldn't have such a power period.
In one of my previous blogs, I also spoke about the "immutability" of cryptos being a myth, just like the decrentrazliation factor.
Well, here is proof of my thesis. If miners decided to shut down machines, the network is muted. If the network doesn't reach consensus and transitions smoothly, it is muted in a sense.
Now all the info from above, and my analysis is from this article.
FYI- the above link states that if shit hits the fan and things get really nasty, ETH can drop to $782. I don't much care for the technical analysis about it, as I rely more on human nature. And it is greedy, it is fast, and it is unforgiving. If they actually do, exercise this show of force in July....Brace for impact.
That's one scenario. I read about another one this morning, and it's even worse.
I can't quite recall where I read another article this morning, so forgive my lack of sourcing. I read that if the miners and other ETH interest bearing parties can not come to an agreement, ETH may actually undergo a split as well. That means, the chain splits in two separate chains. And for every ETH you own, you'll be given ETH(X) for example. The last time this happened was when Ethereum split and became Ethereum (ETH) and Ethereum Classic (ETC).
This my nightmare scenario. Not only will basically ALL DeFi project tokens who are sitting on the ethereum block chain be affected indirectly, but they'll have to decide if they're moving to the new split chain, or staying on the old chain. If they're moving, well their devs are basically going to either commit suicide or ask for WAY more compensation. And of course, all those "relocation" costs will be absorbed by the end users. Us, the clients. When was the last time any company's costs increased, and you got a discount?
And also, will you be able to migrate your ETH chain tokens to a split chain? or will you have to sell your ETH tokens, for base currency (ETH itself), sell the ETH for USDT (or some other base currency) and then rebuy new ethereum / new tokens?
Can you see how fees will cascade? And what about L2 solutions like Polygon (formally matic), ZKS, Loopring, etc.
I may make my decision on what to do, and since I don't want to influence anybody, or have them blame me if they miss gains. I'm keeping that to myself. But before April, and way before July, my ETH positions will be changing.
This is why I dislike the entire ETH chain, some of its community, and projects. They just irk me to my core. Gas fees included.
April 1st is 17 days away. Let's see where this goes. Who controls the blockchain?
The people who use the crypto networks? or the people who RUN the crypto networks?
Your watcher of all things crypto,
Old Grey Fox
As always : THIS IS NOT INVESTING ADVICE. DO YOUR OWN DUE DILIGENCE AND RESEARCH. THIS IS JUST ME SHARING MY STORIES AND views / news updates.
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Alphanova.crypto
Above is the .crypto address for anyone who wants to shoot me some cheddar for my thoughts. Please no BTC or ETH. Network fees are killer. Stick to LTC, XRP, ADA, or TRX. The last 3 are almost free in terms of network fees. Remember - no matter how much you send anywhere, choose a coin that's low in network fees. Anything besides ETH / BTC really...
And if you happen to be a Publish0X admin reading this, PLEASE CAN YOU GIVE US THE OPTION OF BEING REWARDED IN TRC-20 tokens vs only ERC-20 tokens? It's going to cost me $5+ to send the $1 which I have yet to earn from eth wallet to anywhere else.
PLEASE IMPLEMENT NON-ERC-20 tokens as rewards. THANKS!
