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Author Topic: Ethereum Reduces Block Reward | ETH GPU Mining Will No Longer Be Profitable  (Read 2271 times)
Marvell2
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September 12, 2018, 08:40:23 PM
 #61

Already they have copied an idea and claimed to be the first.  Minexcoin has offered this "decentralized staking" for over a year now.
The earliest I recall is a few Scrypt coins that do this from within the wallet since 2014-15

No one is talking about wallet staking thats , super old tech ...

stop buying the fud and do your own research, what BCI does is completely different from a usability
and technical standpoint its like the Ethereum blockchain vs Bitcoin in terms of innovation.


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September 12, 2018, 08:50:22 PM
 #62

No one is talking about wallet staking thats , super old tech ...

stop buying the fud and do your own research, what BCI does is completely different from a usability
and technical standpoint its like the Ethereum blockchain vs Bitcoin in terms of innovation.

What am I missing then? I have done a fair amount of research on BCI. Even in one of the dev videos they stated that eventually they would like the staking ability to happen directly from within the wallet. So what is the difference with this new method of staking? whitepaper isn't clear about that from what I recall.
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September 12, 2018, 10:08:39 PM
 #63

No one is talking about wallet staking thats , super old tech ...

stop buying the fud and do your own research, what BCI does is completely different from a usability
and technical standpoint its like the Ethereum blockchain vs Bitcoin in terms of innovation.

What am I missing then? I have done a fair amount of research on BCI. Even in one of the dev videos they stated that eventually they would like the staking ability to happen directly from within the wallet. So what is the difference with this new method of staking? whitepaper isn't clear about that from what I recall.

Like I said you have to your own research, If it means anything the hash rate has doubled in the last day, and this is with no one able to withdraw to any exhange.


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September 12, 2018, 11:32:47 PM
 #64

....
If you look at this from an economic standpoint though, current annual ETH inflation is 7.4% and this change will bring it down to 4.5%.
...

Which is still pretty high. Bitcoin´s inflation rate will go down to 1.8 % after the next block
reward halving in 2020. 4.5 % inflation implies a lot of sell pressure by miners on top of the sell
pressure by ICOs that are looking to cash out their raised ETH. This will drive the ETH price even lower,
which makes GPU mining even more unprofitable.

....
Once POS is implemented it will be under 1%.  For a frame of reference the current annual Bitcoin inflation is 4.25%.  
...

Many people doubt if PoS is even viable in the long-term. Of course a few obscure altcoins
have implemented PoS and everything seems to work fine, but this is not a guarantee that it would
work equally well for a cryptocurrency with a higher market cap like ETH. ETH is obviously
a much more attractive target for people with nefarious intentions that know how to
exploit weaknesses in PoS.

Besides, I´m still not sure how realistic the change to PoS even is. The ETH developers
are just postponing the switch to PoS all the time, which could be seen as an indication
of intractable problems.

Probably why they keep postponing POS.  Inflation will definitely go down when the difficulty bomb hits.  Either way, ETH miners should prepare for rewards to get lower and lower.  Whether that means lower earnings will depend on price and hashrate.
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September 12, 2018, 11:38:09 PM
 #65

Already they have copied an idea and claimed to be the first.  Minexcoin has offered this "decentralized staking" for over a year now.
The earliest I recall is a few Scrypt coins that do this from within the wallet since 2014-15

No one is talking about wallet staking thats , super old tech ...

stop buying the fud and do your own research, what BCI does is completely different from a usability
and technical standpoint its like the Ethereum blockchain vs Bitcoin in terms of innovation.



Bro:  https://minexbank.com/

"Unlike traditional banks, in MinexBank you do not need to transfer your funds to anyone in order to receive interest on open deposits. All you need is to “freeze” funds on your own wallet without fear of losing funds as the result of unauthorized access to the centralized traditional bank." 

You are in denial if you think BCI is anything more than a shitcoin.  It was forked away from bitcoin in December when prices were through the roof and a new (and pointless) fork was created every week to capitalize.  If you read the first 10 pages of your announcement its obvious they were just making it up as they went along.  They had already secured an exchange before their mainnet even launched!
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September 12, 2018, 11:47:59 PM
 #66

Already they have copied an idea and claimed to be the first.  Minexcoin has offered this "decentralized staking" for over a year now.
The earliest I recall is a few Scrypt coins that do this from within the wallet since 2014-15

No one is talking about wallet staking thats , super old tech ...

stop buying the fud and do your own research, what BCI does is completely different from a usability
and technical standpoint its like the Ethereum blockchain vs Bitcoin in terms of innovation.



Bro:  https://minexbank.com/

"Unlike traditional banks, in MinexBank you do not need to transfer your funds to anyone in order to receive interest on open deposits. All you need is to “freeze” funds on your own wallet without fear of losing funds as the result of unauthorized access to the centralized traditional bank." 

You are in denial if you think BCI is anything more than a shitcoin.  It was forked away from bitcoin in December when prices were through the roof and a new (and pointless) fork was created every week to capitalize.  If you read the first 10 pages of your announcement its obvious they were just making it up as they went along.  They had already secured an exchange before their mainnet even launched!

Im not going to argue with you bro, Do your own damn research , invest in minexbank no one cares ,

what I do know is is if BCI is a shitcoin at 25million cap, so is BTG AND BCC they are both forks of btc and the have caps of 300million and over a billion respectively.

/shrug

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September 13, 2018, 03:22:16 PM
 #67

Already they have copied an idea and claimed to be the first.  Minexcoin has offered this "decentralized staking" for over a year now.
The earliest I recall is a few Scrypt coins that do this from within the wallet since 2014-15

No one is talking about wallet staking thats , super old tech ...

stop buying the fud and do your own research, what BCI does is completely different from a usability
and technical standpoint its like the Ethereum blockchain vs Bitcoin in terms of innovation.



Bro:  https://minexbank.com/

"Unlike traditional banks, in MinexBank you do not need to transfer your funds to anyone in order to receive interest on open deposits. All you need is to “freeze” funds on your own wallet without fear of losing funds as the result of unauthorized access to the centralized traditional bank." 

You are in denial if you think BCI is anything more than a shitcoin.  It was forked away from bitcoin in December when prices were through the roof and a new (and pointless) fork was created every week to capitalize.  If you read the first 10 pages of your announcement its obvious they were just making it up as they went along.  They had already secured an exchange before their mainnet even launched!

Im not going to argue with you bro, Do your own damn research , invest in minexbank no one cares ,

what I do know is is if BCI is a shitcoin at 25million cap, so is BTG AND BCC they are both forks of btc and the have caps of 300million and over a billion respectively.

/shrug

what if. . every coin . . is a shitcoin  Shocked

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September 13, 2018, 03:25:06 PM
 #68

Like I said you have to your own research, If it means anything the hash rate has doubled in the last day, and this is with no one able to withdraw to any exhange.
Hash rate doubling means absolutely nothing on a coin that literally just forked. I've heard all I need to at this point, I'm pretty much now convinced you have no idea what you're talking about. You even yourself admitted you don't know what progpow solves but blindly drink the cool-aid. Even after I told you I did my homework and didn't find many answers you again just say "Do your own research". You're really not helping your case buddy.
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September 13, 2018, 03:28:49 PM
 #69

The people who complain about this, simply don't get it.   Vosk has a channel about mining, so obviously he has to cover things from a miner's point of view.  The miner's point of view is that they want to make money, and as much as possible.  The ETH developers meanwhile are trying to deliver a stable product.  Ethereum is very complex and its ridiculous for the dev team to sit there and work on forking an algo for what? to stop bitmain's "asic" that really doesn't perform that well but is efficient?  This reminds me of the SIA social media guy that finally quit and listed his reasoning.  Granted those guys have a lot of problems with Obelisk, etc, but regardless one of his biggest gripes was that 90% of the people posting could have cared less about SIA getting a working product or improving it.  All they cared about was ROI, making money/

I try to always be fair and unbiased but I do also voice my own personal opinion -- being a big fan of mining . . it is naturally in favor of mining (reasonably) FWIW

Not to start a huge debate but just one point I'd like to make, why would people care about a project they're not invested in?

I wouldn't classify it all as greed, it is more like being a part of something. If I can mine ETH, I can acquire ETH that way, I can support the ETH network, and then as I build more rigs / acquire more ETH, I naturally become more involved in the ETH community / ecosystem / vested interest in ETH success.

If all I have left to do is buy ETH, I would rather
(A) buy BTC a more established / renowned cryptocurrency also a more secure bet
OR
(B) I would invest into projects that are more speculative where I'd be more likely to see 10x returns (hopefully)

Yes of course everyone wants to make money, but not all people are fueled by only self-serving greed. I want to acquire a lot of cryptocurrency, be a part of something, and ultimately be rewarded for seeing the real use case / vision of crypto along w/ being a relatively early adopter

Otherwise if I do not stand to gain anything I am better off spending my time on a different job / business / other investments / hobbies etc -- granted I genuinely enjoy/love/ am passionate about crypto, and the above reasons are why I personally pursue it.

Right, I mean if your channel was focused on coding and developing, you would of course be talking about a different aspect of this change. Grin    Now what you said makes sense, the more ETH you have/mine would naturally make you more invested in the project.  However, I think most people belly-aching about this aren't looking at the long term and instead the short term.  Which makes sense to a degree;  You laid out the earning in your video, and if someone bought a bunch of equipment explicitly to mine Ethereum (read AMD cards) then their cheeks are getting stretched to fissure and are about to apply the burn gel.  

If you look at this from an economic standpoint though, current annual ETH inflation is 7.4% and this change will bring it down to 4.5%.  Once POS is implemented it will be under 1%.  For a frame of reference the current annual Bitcoin inflation is 4.25%.  There is a oversupply of ETH and currently ETH is overpaying miners (not going to be a popular opinion I know).  ETH has 34% of bitcoin's market cap but is paying out 80% of bitcoin's rewards.  Current ETH supply is over 100 million and in the last year $6.6 billion was paid out in mining rewards.  Paying miners is to secure the network, not make people rich.  Last year the reward dropped from 5 to 3 and since then the hash rate has grown to 3X what it used to be.  The hard truth is a lot of people jumped into the mining craze when prices were going up.  Now that they are back to earth there are too many people mining.  Eventually there will be an equilibrium.  The people willing to mine for a smaller profit will continue to do so and a certain part will drop out thus increasing rewards for those who stayed.

I'm not upset about the block reward reduction, it seems sort of centralized -- however that is a different discussion

I'm upset along w/ most other miners because "asic-resistant" was a lie for most projects. It is obviously implied that asic resistance is a stance -- not a well we are asic resistant until we are not. So the #2 crypto that rolled back their blockchain once already for a huge stain on their record, now essentially lied about asic resistance.

If anyone does not understand how that claim from many cryptocurrencies has not been proven to be incredibly bullshit this year, I don't know what else to tell you.
Zooko w/ ZEC has really exemplified this with his statements and actions as all of the public equihash ASICs rolled out.

Profits are disappointing across the board, but what is the hardest to stomach is all of the bullshit that has been exposed this year.

Anyway without going on and on, the argument is less about block reward / earnings and more about asic miners.

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September 13, 2018, 03:51:21 PM
 #70

I agree the ASIC adoption by all these bastards is crazy.
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September 13, 2018, 06:37:07 PM
 #71

Like I said you have to your own research, If it means anything the hash rate has doubled in the last day, and this is with no one able to withdraw to any exhange.
Hash rate doubling means absolutely nothing on a coin that literally just forked. I've heard all I need to at this point, I'm pretty much now convinced you have no idea what you're talking about. You even yourself admitted you don't know what progpow solves but blindly drink the cool-aid. Even after I told you I did my homework and didn't find many answers you again just say "Do your own research". You're really not helping your case buddy.

60 posts and you're an expert on crypto ok buddy lol

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September 13, 2018, 07:09:32 PM
 #72


enjoy
https://www.coindesk.com/a-new-line-of-powerful-asic-miners-is-coming-to-ethereum/


this probably just matches the F3 that Bitmain and their top partners are mining with in secret , I would bet my bottom dollar that when this new Asic launches Bitmain will miraculously launch the
F3 branded under a different name of course lol and you idiots will lap up their scraps again.

The whole thing is hilarious to be honest.

Instead of banding together and support coins like BCI, and EXPANSE ( they are launching progpow on test-net now)  these hires bitmain shills start going off topic

"Um what does the coin DOOOO"  WTF does bitcoin DO , or 80% of the fucking coins out here ?  that's the dumbest argument I have every hear.

OK I'll bite though :

-Its the First coin to truly combat ASICS with the ProgPOW algoritiom
-Its the first coin to work directly with the Minority group who are FPGA and mining software designers , remember the FREE the eth pill ? yeah them.
-It serves as a store of value ( yes just like fucking bitcoin and every other coin out there)
-It provides interest payments to Holders , via a web app or wallet staking
-It is one of very few coins (XMR, EXP) committed and I mean COMMITTED to battling the ASIC plague that is destroying the decentralized nature of crypto and putting up pay walls simialr to existing finacial industry.

I could go on but I'm done with you shills

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September 14, 2018, 04:57:10 AM
 #73


enjoy
https://www.coindesk.com/a-new-line-of-powerful-asic-miners-is-coming-to-ethereum/


this probably just matches the F3 that Bitmain and their top partners are mining with in secret , I would bet my bottom dollar that when this new Asic launches Bitmain will miraculously launch the
F3 branded under a different name of course lol and you idiots will lap up their scraps again.
those fucking ASIC manufacturers will kill the whole crypto miming sphere and GPU mining too.
ETC developers are already bribed by ASIC manufacturers?
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September 14, 2018, 05:37:16 AM
 #74

This is actually a good thing, other companies showing their ethash asics is a very good thing cause now eth devs have no excuses if powerful asics exist for ethash, although eth devs already knew there are very powerful asics, namely f3, and the new g3 in development from bitmain. Also with these powerful asics being announced it means that the difficult will rise 5 to 10x in few months and price will follow.

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September 14, 2018, 05:40:09 AM
 #75

the difficult will rise 5 to 10x in few months and price will follow.
high diff doesn't meant that price will follow
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September 14, 2018, 06:25:37 AM
 #76

the difficult will rise 5 to 10x in few months and price will follow.
high diff doesn't meant that price will follow

It does, nobody will mine for peanuts or at loss other than the ones who support the coin itself and dont forget eth is the altcoin king at moment, all other altcoins follow it.

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September 14, 2018, 02:08:18 PM
 #77

This is actually a good thing, other companies showing their ethash asics is a very good thing cause now eth devs have no excuses if powerful asics exist for ethash, although eth devs already knew there are very powerful asics, namely f3, and the new g3 in development from bitmain. Also with these powerful asics being announced it means that the difficult will rise 5 to 10x in few months and price will follow.

did relatively confirmed numbers ever surface for the f3?

g3 going to be gpu packed like the g2?


Yeah their fake ignorance is ridiculous

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September 14, 2018, 02:09:17 PM
 #78


enjoy
https://www.coindesk.com/a-new-line-of-powerful-asic-miners-is-coming-to-ethereum/


this probably just matches the F3 that Bitmain and their top partners are mining with in secret , I would bet my bottom dollar that when this new Asic launches Bitmain will miraculously launch the
F3 branded under a different name of course lol and you idiots will lap up their scraps again.
those fucking ASIC manufacturers will kill the whole crypto miming sphere and GPU mining too.
ETC developers are already bribed by ASIC manufacturers?


well, last call to dump my rx470/570 4gbs I guess lol

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September 14, 2018, 02:43:42 PM
 #79

I agree the ASIC adoption by all these bastards is crazy.
they've had such a huge negative impact on cryptocurrency as a whole -- its mind-boggling how so many are blind to this.
Maybe they are speeding up pre sales before being blocked.

https://www.coindesk.com/ethereums-asic-rebellion-heats-up-with-new-effort-to-brick-big-miners/

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September 14, 2018, 03:52:17 PM
 #80

the difficult will rise 5 to 10x in few months and price will follow.
high diff doesn't meant that price will follow

It does, nobody will mine for peanuts or at loss other than the ones who support the coin itself and dont forget eth is the altcoin king at moment, all other altcoins follow it.
Gotta say I disagree with this statement. I have an antminer A9 sitting there collecting dust because it would be losing like $3/day if plugged in. Most people who trade don't even mine and therefore don't give a shit what the diff is. In my experience the price seems to influence the difficulty much more than the difficulty influences the price.
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