Someone rightly said, Ethereum can replace Bitcoin but Bitcoin can’t replace Ethereum. It just looks like Adoption is happening and people are interested. Mining will be officially over once the ETHv1 chain merges with the new V2 chain.
There are lot of criticisms like: Ethereums proof of stake will cut energy consumption by 99%. It doesn’t matter where the energy comes from. It’s a big waste.
Ethereum is pre-mined, Ethereum is changing the rules constantly. Therefore how can I trust it won’t change the rules again? It will. Bitcoin for maximum “trust” and certainty in “sound” money.
If ETH changes in the wrong direction. It will be forked.
ETH solves no issue, serves no purpose which isn’t already facilitated by something better. ETH and DOGE are for the Serfs, they don’t get sound money. It can be inflated and deflated and printed, just like fiat. They might as well be CBDCs. No fork needed.
Well, not all critics are well informed about what they are talking about. However, this is a mix of opinions.
Meanwhile a tweet read: To all Ethereum miners: plan conservatively for an end to mining EOY 2021.
This just means ETH are positive about the merge. However, one of the developers stated, “What I have said many times is that if I was a miner, I would plan to break even at least by EOY 2021. I much prefer to be too conservative in these predictions than not, but it’s absolutely not a guarantee for a merge date. If I was a miner, I’d also be following these channels closely and updating my estimates based on actual progress.”
One of the Follow up read: EIP 1559 (live ~July 14) should also be heavily considered when calculating ROI projections. Expect significant income reductions. If you still want to participate in the Ethereum consensus, learn about PoS staking.
For those who do not understand: it’s a potential timeline for removing Proof of Work from Ethereum and replacing it with Proof of Stake.
One user stated, I already switched. Vitalik burnt a bridge with myself that can’t be repaired with current mining profitability. My hashrate is with RVN. I have a lot of belief that their network will be a serious space for change.
Those who are new should read some material to understand the technical stuff. As always puritan investors are like should we invest in ETH at this time or wait for some correction.
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