Ethereum update: An ethereum miner, Atlantic Crypto, is threatening the network!!
Brian Venturo, CEO of Atlantic Crypto, was among the speakers during the #45 Ethereum conf call last week that discussed block rewards reduction (inflation reduction) as well as ASIC resistance for the upcoming Constantinople update. If you listen to the youtube video, you’ll see how full of himself he was. But that’s not the point. The point is that he agreed that as long as ASIC resistance would be implemented into the update, he would support EIP-1234 that reduces block reward from 3 to 2 ETH i.e. a 33% reduction in inflation which would meet everyone’s interest as middle ground from the community interest to reduce block reward to 1 ETH to the miners interest to keep it as is i.e. 3 ETH per block (11% reduction is a farce!).
But GREED is a powerful force and this same Brian just released this: [https://medium.com/@brianventuro/eth-issuance-part-1-dd6e9acc00b7](https://medium.com/@brianventuro/eth-issuance-part-1-dd6e9acc00b7)
which in essence is a flagrant threat that if he doesn’t get what he wants, the network dies.
That’s not how things work. Looking at Bitcoin and ETC, everybody can see that Ethereum is way overpaying for security in comparison to these chains that function very well without paying so much. Paying so much for security means that the overall value per ETH gets massively diluted therefore bringing down the value for the entire community of devs, investors, holders, dapp entrepreneurs, network users, etc…
We will not be intimidated by these empty threats. I say let’s put EIP-858 (block reward at 1 ETH) back on the negotiation table and see how this greedy group of miners react. I say let them mine some other chain if they don’t show reason in their actions, there’ll always be miners, even ASICs, looking to mine Ethereum. With POS around the corner, we’ll finally be able to realign interests of holders and validators being the same and only security-enabling entity. Can’t wait for POS!!!
About Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Author: Nico9111
Score: 4
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