April Fools Day fast approaches 😱🤔 what will be??
Ethereum is very healthy as we see the implementation for EIP-1559 finalised for July via conference call on the weekend past, this upgrade will transition out of the high gas fees to a system of eth fees being burnt in the network- literally burning eth- thus causing it to become a semi/ or entirely deflationary asset, from an economics standpoint this comes with words of caution as deflationary assets can become a horded and protected asset thus stifling the economy, however in the crypto economy this is fantastic- Bitcoin is considered deflationary as a point of reference. This is fantastic news for the future value of ethereum.
However, with that said, the mining community is furious as they will no longer receive their average rewards of 3 ETH per block they transact, there is varying sentiment in the community, with the more extreme and disgruntled attempting to organise a systematic strike of sorts for April 1 in response to the developers decision.
While this group represents a select few in the community, it represents the loudest, as we have seen in crypto buy the rumour sell the news, in this case we have the inverse situation. And might be able to expect some fantastic buying opportunities with ethereum as April approaches.
My personal inkling is the miners will make a lot of noise, but fail miserably to consolidate any where close to the required hashing power to evidence to the eth developers and team alike that they pose any threat. It is also highly illogical to do so as it represents semi-centralisation and it is entirely inimical to the network they support.
In summary, I believe it is very small minority of the mining community, making a lot of noise, and the transition should occur without issue.
The future is bright for ethereum.