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The Community calls didn't reach agreement with miners, and the fact that they kept protesting it is why the Ethereum Foundation decided to move the ETH 2 timel

by Tenoke 5y ago

The Community calls didn't reach agreement with miners, and the fact that they kept protesting it is why the Ethereum Foundation decided to move the ETH 2 timeline forward. https://cryptobriefing.com/ethereum-miners-protesting-eip-1559-has-accelerated-upgrade-eth-2-0/ https://cryptobriefing.com/ethereum-miners-protesting-eip-15... >As a very large miner, I was always for 1559 because I understand the underlying mechanics. I don't know what mechanics you think others didn't understand. Your profitability has dropped and the move is basically moving miners' profit to the largest holders (e.g. everyone who pushed for the change). It's not like the fees have dropped since EIP-1559 if that's something you thought the change will bring for some reason.

latchkey 5y ago
LOL! Pretty sure those community calls did not include ALL miners. With regards to the rest, it is all political theater. The mechanics I'm referring to are in the 50+ page document that I read, that I'm sure most people (miners) are not even aware of: https://hackmd.io/@timbeiko/1559-updates/https%3A%2F%2Fhackmd.io%2F%40timbeiko%2F1559-update-004#Economic-Analysis-%F0%9F%93%91 https://hackmd.io/@timbeiko/1559-updates/https%3A%2F%2Fhackm... As for profitability changes, that's almost impossible to measure right now. There is too many variables. One is that there isn't any wallet support for 1559 yet (MM came out today and is apparently, um, lacking). People are still over paying for transactions. Difficulty + price changes + pool luck + changes in hardware stability also make things nearly impossible to track accurately. I have a margin of error, but it doesn't look too bad right now actually.
- Tenoke 5y ago
  >LOL! Pretty sure those community calls did not include ALL miners. They included the biggest miners and overall > 50% of the mining power as far as I could tell. >The mechanics I'm referring to are in the 50+ page document that I read, I wish you'd specify what mechanic in particular you think others misunderstood and you didn't, as I included the main ones from their arguments.
  - latchkey 5y ago
    Exactly. 50% isn't enough to reach consensus. I also know pools that voted against it, which kind of regret that now that they understand things better. A big issue is that miners and some of the pools were still raw over progpow. Point #1 is a big one. A huge number of people thought that fees would go down.

by Tenoke 5y ago

latchkey 5y ago

LOL! Pretty sure those community calls did not include ALL miners. With regards to the rest, it is all political theater. The mechanics I'm referring to are in the 50+ page document that I read, that I'm sure most people (miners) are not even aware of: https://hackmd.io/@timbeiko/1559-updates/https%3A%2F%2Fhackmd.io%2F%40timbeiko%2F1559-update-004#Economic-Analysis-%F0%9F%93%91 https://hackmd.io/@timbeiko/1559-updates/https%3A%2F%2Fhackm... As for profitability changes, that's almost impossible to measure right now. There is too many variables. One is that there isn't any wallet support for 1559 yet (MM came out today and is apparently, um, lacking). People are still over paying for transactions. Difficulty + price changes + pool luck + changes in hardware stability also make things nearly impossible to track accurately. I have a margin of error, but it doesn't look too bad right now actually.

Tenoke 5y ago
>LOL! Pretty sure those community calls did not include ALL miners. They included the biggest miners and overall > 50% of the mining power as far as I could tell. >The mechanics I'm referring to are in the 50+ page document that I read, I wish you'd specify what mechanic in particular you think others misunderstood and you didn't, as I included the main ones from their arguments.
- latchkey 5y ago
  Exactly. 50% isn't enough to reach consensus. I also know pools that voted against it, which kind of regret that now that they understand things better. A big issue is that miners and some of the pools were still raw over progpow. Point #1 is a big one. A huge number of people thought that fees would go down.