I am warming up to EIP-1559

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I am warming up to EIP-1559

I don't like the "punish miners" stuff that was written in the EIP. In my view, miners and ASIC companies haven't done anything wrong. So seeing that said irked me. I've also said in the past, and very much still agree with, that miners are on borrowed time. That proof of stake was to be implemented very early on in ethereum, but there have been significantly long delays. This is the reason I purchased eth in 2015, instead of mining, because I didn't believe mining would last long and therefore be a bad investment. (I was a miner of litecoin for 2 years prior to ethereum) Miners have had many years of profits due to the delays and once PoS is released, it's time for them to move on. Hopefully voluntarily and hopefully those miner's who believe in ethereum transition to staking or supporting ethereum in another way. They've had ample time to plan for this.

To expand more on why I don't believe miners have done anything wrong. Number 1, I haven't seen any evidence of miners acting maliciously on the ethereum network. Some miners and ASIC mfgs have had heated arguments, but as far as malicious network activity, I haven't seen it. In my opinion, it's more of the "miners are bad" crowd that have acted maliciously and attacked miners. Which I think that thinking was bred by ASICs actually being a danger to cryptocurrency many years ago. When there was just one ASIC mfg that actually has product to release, and most other ASIC startups being vaporware. And today I don't think ASICs are as much of a concern. Number 2, ASIC mfgs and miners are operating in a capitalist free market. If there is a chance to make profit mining or a demand for ASICs, they capitalize on it. I believe that's fair and a good part of the free market. Capitalism voluntarily fills market demand.

That's why I stick up for miners and businesses in general. Not because I'm a miner or in cahoots with miners, but because I love free market capitalism. That's what I stand up for. And businesses really get a lot of crap from people these days.

Now, as far as my criticism of complex and not well understood fee mechanics. I would like to see more publication of research in how EIP-1559 affects this. Maybe some of this already exists and/or I should spend more time thinking about it myself. I know that I am warming up deflating eth. I am also leaning towards being okay with burning the gas fee or maybe burning part of it to accomplish this. I'm trying to think if there are any negatives to doing this, but not coming up with any at the moment. I'm also still not convinced EIP-1559 will actually lower transaction fees. But I also don't think that is something it needs to do, because there are other things in the future of ethereum that will do so.

But, overall, I am warming up to EIP-1559 and to looking at it through more "accepting eyes". And anticipate myself being fully okay with it by the time it gets released for acceptance. Not to say I have any say in it getting approved or not. Just letting you guys know the state of my thoughts on it, as I've been very much against it previously.

submitted by /u/Anthony-AltcoinXP
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