It’ll just be the vote of the whales now. Miners are not holders as they have to pay power bills. Especially in this down market. Miners are the ones keeping the network secure. Holders need security and without that, their held value is worthless. Such a chicken/egg problem.
The best thing will be for ProgPoW to have independent analysis to determine if it is sound technology or not. No poll or vote can answer that most important question.
Sorry, I think you're missing the point. Hopefully I can try to explain. There is one single person who voted no who has a massive amount of ETH (a whale). They voted no because the concept of this sort of vote is actually really questionable. All anyone needs is another single whale to vote yes. In essence, anyone with a lot of coin can influence the vote, but that doesn't mean the technology isn't sound or needed. It is really a shame this vote was created at all. It effectively serves no real purpose other than to split the community down a line that is arbitrary.
The fact is that ethash (the current PoW) has worked well for 4+ years, but chip technology has caught up and the threat of ASICs are real. If ETH wants to stay GPU centric, then something will need to change in order to ensure that. Having ASICs control the network is something that the ETH community has been fighting against since day one.
There is a major issue on the network right now. The amount of hashrate going to ETH is dropping. So much so that it lower than 51% of its all time high. This means that there is potentially enough hashrate out there to attack the network. It is an edge case, but stranger things have happened in the crypto world. With the lowered price of ETH, there is also lower profitability. When Constantinople hits, it will magnify this issue because profitability will be cut by 1/3. Unless the price goes up, there is a real risk of enough GPUs leaving the network that ASICs will be the only thing left.
PoS isn't coming to mainnet for years. It is just taking an extra ordinate amount of time to complete because it is extremely complicated and nobody wants to risk the billions of $'s of value on the network today. PoW isn't going away for years after that as they will both run in parallel. PoS is not going to magically fix everything over night, so it isn't really even part of the discussion at this point.
Holders of coin should really be voting to protect their investment, not influence the vote because they feel the vote itself is invalid. ProgPoW, is the best hope at doing that right now. Assuming it passes all the technical analysis. Remember that unless someone spends another year coming up with something else, there isn't much else out there to solve the issue. Not to be dire, because we probably have 6-12 months, but time is running out and that can't be ignored. It would be irresponsible to not try to do something.
> There is a major issue on the network right now. The amount of hashrate going to ETH is dropping. So much so that it lower than 51% of its all time high. This means that there is potentially enough hashrate out there to attack the network.
Good thing that ASICs are coming online then to protect Ethereum from 51% attacks. ASIC coins have shown to be a lot more resistant to 51% attacks.
\> ASIC coins have shown to be a lot more resistant to 51% attacks.
ETH hasn't had a successful 51% attack against it and it is the largest GPU coin out there. It doesn't need ASICs to protect it.
In fact, ASICs would be harmful because there isn't any companies publicly making an ASIC for it right now. You can't buy any from Bitmain or Inno from their websites. Both companies are in financial troubles right now. The future of any ethash ASICs is unclear.
You're cancer;not because of your opinion as to why ProgPow is harmful to eth but for the tactics you use.
You are knowingly disseminating misleading or incomplete information.
First,the vote is not over,second you omitted the fact that Martin Koppelmann of Gnosis just voted with two multisig wallets belonging to Gnosis and his vote accounts for the vast majority of the No camp(it his his right and prerogative to vote ofc but i still think his explanation as tho why he did it, eg:to prove that this method for signalling sentiment and gauge the community opinion is spurious and unreliable - is naive at best as we already knew that).
In my case I'm also not a fan of carbonvote in general, I consider it to be a pretty terrible way of gauging a meaningful opinion about anything. It's basically "what do a couple of anonymous whales want us to think their opinion is?"
Yeah it's kinda fishy especially since i didn't present it in a partisan way.i literally said just vote.
And as of now the actual website is also down,probably being DDoSed.
nvm it was maintenance