Proof of Stake Question To All Of Us Loyal Miners of Ethereum

As an Ethereum 'fan' I have to ask myself a couple of very simple questions.....

Am I utilising my hardware and underlying investment to support the growth, development and expansion of Ethereum only to be dumped if and when Ethereum goes to POS?

If the answer is yes, my short term plan is to switch mining to another coin that I can use my GPU’s to mine, grow, develop and expand. This is not an advert or diversion so I will just say we all know, or should all know what the alternatives are. If you don’t please PM me.

If the answer is No, I will not lose out and be dumped I will continue to mine Ethereum.

My thinking…

It is us, the small hobbyist / home / small business miners who have the power as a collective to decide what goes up and what goes down. This is the beginning.

There are Ethereum, like for like, alternatives that we could mine albeit at the moment with a lesser return, but that would surely change if the support of the collective diverted to the lesser coin.

I think I can speak for all of us by saying that we all share a common goal: To support the growth, development and expansion of something that in return (Fact: we don't do this for love), will give us a steady income based on our hardware investment and most importantly reciprocal loyalty for our participation, investment and backing.

Lastly: I have a bad feeling that the answer is so clear that it’s transparent. If it turns out that Ethereum switches to POS and pulls the ladder up behind it after burning the bridge, it will be a great big smack in the face with a wet fish followed by an endless repeating annoying voice in my head repeating the word….”sucker”. I don’t want to end up sectioning myself!

So my fellow gpu miners, please help me/us to answer these questions as I can’t help thinking that I’m either stupid or blinded by the bright lights.

Cryptka


Comments

  • RabassoRabasso Member Posts: 151 ✭✭
    I feel there is lots of silence, not a single post on this, so let me break the ice. Yes the foundation has to threat lightly in my humble opinion, but not so lightly.

    Right now the network is being supported by miners, hardware guys, buying equip and reselling electricity for a profit. (as a reference the BTC network consumes as much electricity as Iceland, I think, that's just the upkeep, ethereum will scale bigger, needs to)

    Ethereum is a crypto currency but it is not its main goal. Its main goal is to be the platform that will run binding contract between two peers, that is the end goal, and the promise for a better future for humanity (agree on that).

    So yes miners will leave the mining and sell their eth to make the profit they need, and there will be another group of people who will come and put their money in a saving account that will produce them money (PoS), so will mining disappear yes, will miners be involved in the PoS (maybe some) will Ethereum disappear — no, will it be more profitable, don't know. So if you bought equipment thinking your were going to get rich doing this, probably not, can you make a big difference sustaining ethereum yes.

    No need to feel like a sucker, no one said to you we promise this if you do that. More miners are coming online and the dif is increasing at a fast pace now, Eth value is dropping and so our profits are drying up too, so when that happens some miners will also leave, some will stay.

    ride the wave, if you are a miner and believe in coin making you will probably choose other coins that will give you a return, or a gamble to a future return.

    and this is again my humble opinion.

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