At GenesisBlockNews we love to roast shitcoins in nuclear hellfire, but Ethereum is not a shitcoin. I actually like Ethereum. Its smart contract capabilities, ease of creating tokens, and streamlined integration into Firefox via MetaMask are all really cool and useful. However, it saddens me to see Ethereum walking down the plank towards an obvious suicide. The Ethereum developers are preparing to get rid of their miners. They are ‘softening’ the transition from Proof of Work (PoW) to Proof of Stake (PoS) via kicking their miners in the nuts, by slashing block rewards from 3 Ether to 2 Ether, and blocking ASICs via ProgPoW.
If the Ethereum developers really want to get rid of the miners that secure their network, they shouldn’t kick their miners in the nuts and then expect everything to run smoothly until PoS is implemented. They should just implement PoS instantly without a transition, even though it is an awful decision to get rid of the mining community.
These miners are going to be angry. Already the miners feel robbed, before anything has happened, since Ethereum has declined from USD 1,400 to less than USD 90, ruining mining profitability. Miners are dumping their rigs for scrap metal. A pawn shop probably would give miners $2, enough to buy a pack of clippers, for the best Ethereum mining rig, since all Ethereum rigs are unprofitable. The mining hash rate has declined from 300,000 GH/s to 175,000 GH/s, and it is a miracle it is still that high.
So a bunch of miners that already feel very pissed off are about to have block rewards slashed by 1/3. The most idiotic thing about the fork is the banning of ASIC miners via ProgPoW. Most of Ethereum’s hash rate is ASICs, and these ASIC miners will probably all split off and make a new version of Ethereum. They have nothing to lose by doing this, their survival depends on it actually.
Satoshi Nakamoto knows that miners are the lifeblood of a cryptocurrency, and he designed Bitcoin around the mining aspect. Ethereum is about to slit its wrists and drain all of its lifeblood. Ethereum is already at USD 88, about a month before the fork. An internal war in the Ethereum community, plus the devastating loss of its mining community when the fork happens, could turn Ethereum into a single digit shitcoin. Arthur Hayes is perhaps infamous for saying Ethereum will be a double digit shitcoin, back when it was USD 300, and he has verified, but he did not expect single digits. It could easily happen, and the Ethereum war could be more violent than the Bitcoin Cash war.