“Within 24h of launch a majority of miners are already on strike” Consequences?
1–10 of 41 posts
Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#2This is hard for me to follow, but this is what I was able to gather: Filecoin developers have set expensive hardware requirements to be a Filecoin miner, as well as expensive staking requirements. The mining is also highly centralized with insiders. Third party miners are disappointed because they can't mine despite costly investments.
Is this summary correct?
My take on possible consequences: no one likes excessive centralization in a crypto commodity. This hurts the adoption and value of Filecoin. Filecoin miners and investors may also dump Filecoin holdings.
Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#3But how come this issue didn't come up in the calibration/testnet?
Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#4This is hard for me to follow, but this is what I was able to gather: Filecoin developers have set expensive hardware requirements to be a Filecoin miner, as well as expensive staking requirements. The mining is also highly centralized with insiders. Third party miners are disappointed because they can't mine despite costly investments. Is this summary correct? My take on possible consequences: no one likes excessive…
Centralization of Filecoin is an issue, but not the point of these tweets. The tweets focus on rekt Filecoin miners, they have spent more than $200M on hardware, but seems impossible to get back that with FIL mining, and since most miners are from China, no west media report this thing yet.
Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#5But how come this issue didn't come up in the calibration/testnet?
Found a very relevant thread here: https://twitter.com/NicoDeva_/status/1317689811046522880
Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#6But how come this issue didn't come up in the calibration/testnet?
Yeah, if these numbers are correct I'm not sure why Protocol Labs didn't run the numbers ahead of time and predict this situation. Or maybe they did and they just don't care. Crypto miners have become spoiled by ROI measured in months, so when something comes along that looks like a real business the miners cry foul.
Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#7Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#8I'll say it louder for the people in the back. Decentralization is inefficient. Chinese miners won't be allowed.
Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#9This is hard for me to follow, but this is what I was able to gather: Filecoin developers have set expensive hardware requirements to be a Filecoin miner, as well as expensive staking requirements. The mining is also highly centralized with insiders. Third party miners are disappointed because they can't mine despite costly investments. Is this summary correct? My take on possible consequences: no one likes excessive…
Centralization of Filecoin is an issue, but not the point of these tweets. The tweets focus on rekt Filecoin miners, they have spent more than $200M on hardware, but seems impossible to get back that with FIL mining, and since most miners are from China, no west media report this thing yet.
My question is, why did the miners not anticipate this- aren't the rules more or less agreed to in advance? Or were the rules changed out from under them?
Or is this something nobody anticipated would be an issue?
Re: “Within 24h of launch a majority of miners are already on strike” Consequences?
#10This is hard for me to follow, but this is what I was able to gather: Filecoin developers have set expensive hardware requirements to be a Filecoin miner, as well as expensive staking requirements. The mining is also highly centralized with insiders. Third party miners are disappointed because they can't mine despite costly investments. Is this summary correct? My take on possible consequences: no one likes excessive…
Centralization of Filecoin is an issue, but not the point of these tweets. The tweets focus on rekt Filecoin miners, they have spent more than $200M on hardware, but seems impossible to get back that with FIL mining, and since most miners are from China, no west media report this thing yet.
Well, they can always sell their hardware as it's generic server equipment right? They can also sell their FIL holdings.