That same person also seems to have a gross misunderstanding of how hashpower relates to scaling - or more accurately doesn't relate to it at all. Faster, more efficient mining has nothing to do with more transactions.
\> In her mind, because ASICs will be able to mine ethereum faster and more efficiently, they will be able to process more transactions at a faster pace. "If we have a fast enough physical layer," the community won't have to rely on complex software scaling solutions, such as [sharding](https://www.coindesk.com/tag/sharding/), she argued.
To be fair, that paragraph isn't a quote from Chen. It's a paraphrase by the author of what they understood Chen as saying.
If a ton of hashrate comes onto the network rapidly (within a few minutes), then yes, blocks will be mined faster for a few minutes and more transactions will go through for a few minutes, but then difficulty will adjust and block times will stabilize around the 15 second mark, meaning the added hash power is just using more electricity with no other gains.
If they ignore the work that has been done and switch to proof-of-stake, maybe later they can also ignore your stake and switch to proof-of-some other idea
This is so obvious fearmongering. This is a group of people with lots invested in the current system, trying to fight change. I get it, and I'll listen to what they have to say, but it's easy to see through their claims.
We're gonna get contentious forks out of this shitstorm, that's for sure. Well not that they hurt Bitcoin too much, so I guess that's okay. And we'll get some free "ETH Gold" and "ETH Cash" and "ETH Wtfelse" for all our Ether, lol.
Lol at the guy arguing for Asics on Ethereum. It's like asking a company that produces sweets whether sugar is good for you. And as it turns out asics are bad for decentralization as sugar is for human health.
Their efficiency exactly is what allows them to be produced in insane numbers which in turn end up in gigantic mining factories controlling most of the hashrate. You want PoW to be as inefficient and taxing as possible. Let's hope that ETH delays Constantinople so that to include ProgPow and throw out those central miners.
In a way this is smart and bad depends on how you look at it. Let other companies test full POS and what it offers before it takes off. IMO waiting to see what happens with ADA. Which I do support my boy Charles.
seb400_86 months old | 42 cmnt karma | Karma CC: 403 months ago
I prefer to see a really well built system than to see what happen with the dao all over again.