Well 2018 has not been a very good year for cryptocurrency miners and you can see that just by looking at how the prices of graphics cards have reacted to the slump in pricing.
With difficulty of mining almost all chains going up across the board and prices continuing to decrease. People are left wondering, is there a future for cryptocurrency mining?
Interesting point is that if the Ethereum blockchain collapses due to it's inability of self regulate it's monetary protocol, due to it's lack of ability to incentivize miners to continue to produce blocks on the blockchain not only does the Ethereum chain collapse but all of the initial coin offerings that raised money contained within the Ethereum ecosystem lose out on that as well. So the investors get burned, the new companies get burned, the new cryptocurrencies get burned. It's really just a loose loose loose for everyone involved.
The biggest holders of Ether are some of the people who are most heavily involved in the project and you have to wonder if they will look out for the best interests of the community of ethereum as a whole or if they will act in their own financial best interests and whether or not proof of stake will ever actually be a superior consensus model to proof of work, is still up in the air.
And this is where the question really starts to com in with this protocol if they choose to make these types of changes in scaling, why do we need a decentralized protocol if we are increasing the amount of data that's passing over the blockchain and completely reducing the ability to keep the blockchain decentralized and adding these huge completely off chain solutions to solve ethereum primary chain issues.
Why does Ethereum need to be on a blockchian to begin with? It's a question that needs to be asked.
And again we are running into the exact same problem where we are wondering why is the system decentralized to being with, if we are unable to make it scale and it has to become more centralized as it continues to get bigger and bigger, whereas ideally a system like this would get more and more decentralized as it continues to scale.
In one opinion, Ethereum is on it's way out the door and is set to be replaced by more robust protocols with a more developed scaling solution built from the ground up in mind.
You hear a lot of these people talking about, oh bitcoin is the myspace of internet, which is just first of all is completely ridiculous because bitcoin is the protocol which the entire cryptocurrency ecosystem is built upon. Ethereum is more like an application that will go away with time, it's life-cycle is coming to an end, unless Vitalik can find a way for people to cling to the proof of cat consensus model out of their love for their future companions.
OTHER READS
- Ethereum Futures Becoming a Reality? What to Expect
- South Korean Province to Issue Own Coin
- Robinhood Plans Launching IPO Seeking to Ensure Regulatory Compliance
- Top Four Cases for Ripple XRP
- Why Would the Top 50 Universities offer Blockchain if it's a SCAM and it's not Going to be Around very Long?
- Open Source Crypto Exchange : Setting Up a crypto Exchange in an Hour or Less?
- Upward: You must Check this Out
- Why Biggest Messaging App Line Decided To Create its Own Crypto
- Ripple's Convergence Rumors : Where is the Company Going?
- Can Blockchain Help Win the War Against Corruption in Pakistan? Interesting Recommendations
God I hope not. The space is so new it's possible.
Posted using Partiko Android
We hope not
I sold all my ETH, I have a little bit for gas so I can get tokens, the death of ethereum would be really bad for crypto
Hmm this might effect the crypto market as a whole
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
introduction post or the other great posts I already resteemed.Resteemed by @resteembot! Good Luck! Check @resteembot's
Hi @aftabkhan10!
Your UA account score is currently 3.117 which ranks you at #9032 across all Steem accounts.
Your rank has not changed in the last three days.Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
In our last Algorithmic Curation Round, consisting of 516 contributions, your post is ranked at #391.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server