EIP-1559: Ethereum blockchain or the benefits of ETH miners?

[MrSpasybo]

Ethereum developers recently proposed a network change called EIP-1559 — a proposal meant to combat the network's rising transaction fees.
This change would also decrease the amount of rewards going to the network's miners, leading some to protest the move. A vocal group of participants have since begun to advocate for a demonstrative network takeover, which could threaten the security of the network.

“The goal of this document is to describe a mechanism by which a merge can happen quickly, with little modification to either the ethpow or beacon clients,” said Buterin. This move would essentially transition the network to Ethereum 2.0 faster than expected.

“Like clockwork, the Ethereum community has quickly organized potential solutions to this possible 51% attack, with Vitalik leading the charge”.

Article: Buterin helping to strategize against Ethereum 51% attack possibility

It can be said that EIP-1559 is becoming the focus of much debate in the Ethereum community. Many people rejoice because it will help reduce transaction costs and also reduce the supply of ETH in the market, helping holders & traders to receive more benefits. But there are also those who are dissatisfied because their profits will be decreased - ETH miners.

We need to understand that Miners are people with great economic potential, they own mining farms and have each link together. Currently, they want to hold a strike to revolt on April 1, by switching to the pool against EIP-1559. I don't call it the 51% attack, it's the 51% strike. And I believe they have the ability to do that.

I understand their pain, but their plan can cause the entire Ethereum blockchain to suffer and the price of ETH to be affected.

Vitalik Buterin spoke up. He says there is enough strategy to counter the upcoming 51% strike if it happens. I'm not sure how he will do it, but I believe he & the Ethereum community will protect the Ethereum blockchain.
At the same time, Vitalik Buterin also announced that the #DevelopmentTeam  is speeding up the completion of ETH2.0, as such, POW will soon be replaced by POS and the entire ETH niners will not only lose 50% of profits as because of EIP-1559, which is going to lose 100% of profits because of POS.

Which side are you on the battle for interests? Do you think that ETH miners have made enough profits in the past time when transaction fees are too high and should share the pain with the community? Do you think that Vitalik Buterin has taken the power of ETH miners lightly? And do you support the EIP-1559?

[Ferki]

The basic idea of ​​the EIP 1559 goes back to Vitalik Buterin, co-founder and inventor of Ethereum. In August 2018, he formulated a proposal that relates to the fairer calculation of transaction fees on the blockchain, which is more in line with the actual effort.

In the future, users will be able to offer an excess payment, the tip, in addition to the base fee, in order to prioritize processing on the chain. Only these tips are given to the miners.

This means that they should by no means achieve their previous sales. In February alone, transaction fees alone were around 723 million US dollars.

On the side of the users and the Ethereum application developers, i.e. the side that has to pay the transaction fees, EIP 1559 enjoys the greatest support. The world's largest crypto administrator Grayscale Investments sees the proposal as an essential further development of the Ethereum network. Mainly because of the concept of burning the transaction fees and the associated shortage of the ether inventory, Grayscale predicts a strong upward trend for the ether price.
Miners will probably get used to the new regulation in the end. A replacement for lost transactions is already available anyway.With the so-called "Miner Extracted Value" (MEV), miners can use their influence in the compilation of blocks in order to place more profitable trades further up in the processing sequence.
Ethereum mining pools will probably increasingly use MEV software in the future to develop this unused source of income.

Of course I support EIP 1559.
Make blockchain faster and cheaper 

[MrSpasybo]

@Ferki Thanks for additional info about EIP-1559
Yeah, EIP-1559 will help reduce transaction costs, reduce the burden on the entire Ethereum community, thereby limiting dissatisfaction from the community, preventing many people from being forced to switch to other ecosystems such as BSC or TRON.
At the same time, it also helps ETH price increase when supply decreases, selling pressure decreases, all holders and miners will benefit in long term. I also think that miners are smart enough to overcome greed for transaction fees.

[Ferki]

Let us agree that the Ethereum network should be faster and cheaper for users. Exactly that will be the case from July when the EIP-1559 is implemented. Miners are not left alone, they are rewarded with the tip.

But mining will be more difficult from July onwards. Integration of EIP 3238 during the London upgrade in July intends to make ETH mining more difficult step by step. The integration of both proposals in the hard fork ensures to a certain extent that ETH forking would only be feasible with increased technical effort.
The losers in integration are the miners, but the inclusion fee and MEV still offer lucrative compensation.

And investors can only win. Faster and cheaper, we already know that.
What is new is a basic fee that is paid for a transaction and then burned. In the long term, this burning will probably lead to Ethereum developing into a deflationary asset if the transaction volume continues to increase.
Less ETH can make the price skyrocket again.
That can only end well, I am optimistic.

[whyrqa]

I believe that the team is doing the right thing, because they care about the prospects of the platform, as well as about every investor and user of the cryptocurrency that Ethereum uses, and not about the short-term earnings of miners. The fact that some mining pools are trying to resist the transition to PoS, but I believe that they will soon come to terms with this. Moreover, I really like the status of Ethereum as a deflationary asset.

[KryptoBull]

I hope this EIP1559 will be quickly approved to send some tokens to the exchange, waiting for profit-taking transactions in the next price increase, but this is not enough to send anything now. As for the Chinese miners who like to protest, let them protest, see who is afraid of who, if there is a hard fork, the community will side with the Ether #DevelopmentTeam  instead of the miners managing the machines.

[MrSpasybo]

Update: It seems the Ether community can rest assured that EIP-3368 will relieve the tension between the Ether #DevelopmentTeam  and ETH Miners
The 51% strike on April 1 may not be necessary anymore.

The new proposal, EIP-3368, advocates that block rewards immediately be increased to 3 Ether (ETH) and then reduced to 1 Ether over the two years following EIP-1559’s implementation to ease the impact on miners of Ethereum’s transition to proof-of-stake.

Article: New EIP hopes to quell tensions between Ethereum’s miners and developers

[Senin]

Update: It seems the Ether community can rest assured that EIP-3368 will relieve the tension between the Ether #DevelopmentTeam  and ETH Miners
The 51% strike on April 1 may not be necessary anymore.

The new proposal, EIP-3368, advocates that block rewards immediately be increased to 3 Ether (ETH) and then reduced to 1 Ether over the two years following EIP-1559’s implementation to ease the impact on miners of Ethereum’s transition to proof-of-stake.

Article: New EIP hopes to quell tensions between Ethereum’s miners and developers

I see that the ethereum #DevelopmentTeam  led by Buterin is still actively working to eliminate the difficulties that have arisen with the high level of transaction costs in the network, which is good news. And the general acceleration in the implementation of Ethereum 2.0 improvements is also welcome, since two years even for the most significant update is a very long time, while other cryptocurrencies are developing very quickly.
The opinions of miners need to be taken into account and try to find compromise solutions with them, however, there are much more other participants in this market and their interests should be higher than the interest of miners in obtaining super profits.

[Master107]

Pretty sure Vitalik Buterin and the Ethereum community will not let Eth down in any case. Huge money and huge momentum will be messed once misunderstanding invaded the network. Consideration matters now.

Update: It seems the Ether community can rest assured that EIP-3368 will relieve the tension between the Ether #DevelopmentTeam  and ETH Miners
The 51% strike on April 1 may not be necessary anymore.

The new proposal, EIP-3368, advocates that block rewards immediately be increased to 3 Ether (ETH) and then reduced to 1 Ether over the two years following EIP-1559’s implementation to ease the impact on miners of Ethereum’s transition to proof-of-stake.

Article: New EIP hopes to quell tensions between Ethereum’s miners and developers

As I expected, there's new solution to subside the tension.