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It's HUMP DAY! Granted it's a short week for us Americans, but I'll take it all the same. #Ethereum users have reason to celebrate as EIP-1559 has a tentative launch date of August 4th (block 12,965,000). Miners will take it in the shorts as they see their tips literally burned in front of them. Shame on you #ethereumcouncil. Yes, I am a (former) #ETH miner and therefore, biased. More on this later.
What is motivating for you in the #crypto market this week? The new EIP should be a boost for ETH prices as supply is cut down a bit. Will there be trickle-down effects to other altcoins?
Today in History (07July):
1930 - Construction on the Hoover Dam begins
2019 - Women's soccer team wins its record 4th World Cup Title
1976 - Female cadets enrolled at West Point
Quote of the day:
Keep your face always towards the sunshine - and shadows will always be behind you. - Walt Whitman
Things that may only interest me:
EIP-1559. While I agree with the need for #eth2 , I cannot agree with the method they are rolling it out. The mining and pool community has been the backbone and engine that maintains this blockchain protocol. I just can't believe the Councill decided to punish those who have invested so heavily in this manner. Look at it like this (and forgive me for reiterating this scenario): you have a nice dinner and paid the bill, leaving a nice tip for your server. Now the restaurant owner has made his way to the table and intercepted that tip. Do they split the tip amongst the serving crew? No, he pulls out a lighter and literally burns it in front of his serving crew. This is exactly what will happen post-1559. All of the miners will get a lot less when they have made the investment in hardware and electricity to keep #ethereum alive. I have accepted this and moved my hashing power to #ETC instead. I make less now, but it will equal out next month. Either way, eth2 will make mining a thing of the past.
Now that the eth supply will be reduced, will it increase in price? Basic economics say yes, but stranger things have happened. I am more interested to see what happens to the #altcoins that run on the eth blockchain. There could be some clear winners.
My crypto pics:
#ethereum2 #ada #matic #ALGO
Upcoming reviews:
Hedgehog
Forth Frontier X
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