How does Ethereum plan to switch to POS when miners make the decision?

truthtaco (59) in ethereum • 9 years ago

Why would miners vote to remove their best way of making money?

9 years ago by truthtaco (59)

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ash (73) · 9 years ago

excellent question.

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1 vote

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xeroc (70) · 9 years ago

Tough one!

I tried to teach the ethereum community about

community =/= shareholders =/= consensus decision makers

in Ethereum. Nobody cared. For most, already the first inequality is wrong and they think that r/ethereum polls and discussions give a good view of what is going on and what should be done.

They could fix this with POS but only

if they achieve to develop and activate POS in time
have shareholder voting about proposals onchain

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1 vote

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ori (56) · 8 years ago

Upvoted you

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1 vote

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felixa (45) · 9 years ago

Good question.
I guess the important thing is timing. Since in Ethereum GPU mining is used, there are probably still quite a lot of hobby-miners out there. Instead Bitcoin mining shifted from home-mining to highly specialized ASIC-mining already a while ago.

I assume quite a lot of these hobby-miners are yet serious stakeholders who would love to have a gaming-pc for gaming again.
Professional pools could also profit if there is a good altcoin using gpu-mining. Then they could do PoS in ethereum and PoW on the alt-chain.

In that case the switch would be a win-win for most parties. Yet it needs the given conditions imho.

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iamepic (25) · 8 years ago

They would need to do another hard fork. They don't need anyone to vote for it, much like last time ( only 20% voted ), they will just fork. This would essentially create ETC ( Original Blockchain ) - ETH ( PoW BlockChain - ETH-PoS ( PoS Blockchain ). All three will still exist and you would be able to mine on two of them. People might not want to adopt ETH-PoS and the market price might not be glorious.

Here is more information about it:
https://www.reddit.com/r/ethereum/comments/4vsbkg/a_note_on_how_the_latest_casper_poc_accomplishes/

-Epic

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