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29241745 No.29241745 [Reply] [Original]

Does /biz/ anticipate eip 1559 actually happening? Eth price would skyrocket just purely out of speculation, not to mention deflationary fee burning

>> No.29241852

>>29241745
yes, it's going to happen. miners have no way to stop it. they are free to fork away into a "ethereum classic classic" minority chain if they want to.

>> No.29241905
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29241905

>>29241745
the miners would be retarded to cockblock it. If they block it, it'd be suicide for the ethereum network as growth stunts, transaction volume plummets, and price falls. Allowing it would mean they collect lower fees, but it'd allow network growth and higher prices, which would more than make up for it.

>> No.29242096

>>29241905
>allowing it would mean they collect lower fees
But the fees would be worth more, also
>tipping system
They’d still be making money. Even if a lot of miners packed up their warehouses, the remaining amount of transactions would allow the remaining miners to swim in money. I’m thinking of buying a shit ton of ethereum after reading about this more

>> No.29242188

>>29242096
That's exactly my point, and why I said it'd be retarded/suicidal for them to block it.

>> No.29242587

>>29241745
Is it just me, or is this cycle fucking stressful? So many meaningful events happening all the time

>> No.29242681

>>29242587
yes, it's 2017 all over again. i don't get sleep anymore. plus i have to risk manage high 6-figures now

>> No.29243268

The miners are gonna block it. remember the bcash fork. these kikes would kill their own mother if it meant higher tx fees

>> No.29243648

Can someone explain to me why they don't just make the block bigger if their concern is transaction fees?

>> No.29243718

>>29243268
they can't block it. the consensus will be on the eip-1559 fork no matter what since all devs, users, and the majority of hashpower is. like i said above, they are free to create a minority chain and mine on that. except that would end pretty badly for them

>> No.29243879

Sounds like a massive ETH pump is coming

>> No.29243962

>>29243648
it creates instability in the blockchain. eip-1559 will allow the block size to increase by 2x for very short periods of time to help control congestion but the majority nodes won't be able to sustain large blocks for that long. im pretty sure that's also the reason BNB/BSC went offline yesterday too

>> No.29244110
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29244110

>>29241745
Miners won't try to block EIP 1559 anymore. They backed them into a corner and were made to look like its their greed that keeps gas fees high.

Instead, most miner pools (and especially smaller pools) will push for approval of EIP 1559 and EIP 969 which will remove ASIC miners from the ecosystem.

From the site:
>>>There are companies who currently have dedicated hardware based ethereum miners in production, and may be actively mining. This EIP aims to “poison the well” by modifying the block mining algorithm in a low risk manner that may “break” these miners if they are in-fact built as traditional ASICs.

>> No.29244357

>>29244110
that is absolutely wonderful news, fuck asics

>> No.29244456
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29244456

>>29244110
china about to get btfo

>> No.29244636
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29244636

>>29243268
Apples and bowling balls. Nobody gives a shit about transaction fees/times with BTC because nobody cares about using it for buying cups of coffee. But ethereum is supposed to be a global supercomputer network, so it matters much more.

>> No.29245086

>>29243962
>the majority nodes won't be able to sustain large blocks for that long
why not?

>> No.29245368

>>29245086
you'll need to get the details from someone smarter than me, all i know is the geth team is not comfortable doubling the gas limit outright

>> No.29245695

>>29244110
new to mining, i thougth EIP 1559 removed ALL mining as it was a move from PoW to PoS? am i rarted?

>> No.29245873

>>29245695
eip-1559 is not related to the PoS move at all, it aims to make gas fees predictable again, has some dynamic block size increases, and implements a deflationary fee burn. ETH2 won't be here for a year or two at least

>> No.29246144
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29246144

>>29245368
They are setting retarted node minimums like 2mbps internet, they will be just fine with block increases. It could 10x block size right now with a snap and everything would hum along fine.
Don't be a raspberry pi node maxi.

>> No.29246264

So why would this pump the price?

>> No.29246388

>>29246144
the eip does increase blocksize. i think it's a good idea. im sure they're just implementing it in a way that's meant to phase out PoW for PoS. bitcoin needs larger blocks because bitcoin will always be PoW and needs to scale, but that will lead to more centralization also. the ethereum network runs half the entire crypto world, they can't make drastic untested changes

>> No.29246586

>>29246388
Its a smart move. They know everyone is tired of the gas fees, but they don't want to flip the switch on ETH 2.0 entirely. Leads me to believe ETH 2.0 was ALWAYS 3-6 years out and they're just buying time.

>> No.29246713
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29246713

>>29246388
Checked hh, but full nodes are allready terabytes. Miners don't give a shit as they run a cluster of full nodes and everything else is a fast or light node. At this point arguing about block size is a moot point as they are allready way beyond the point of no return and have excellent light node solutions.