RE: Market update Sunday February 18th 2018: Bitcoin corrects from 2018 ATH, and Vitalik spread FUD's
Maybe Vitalik knows that ETH will face a hard time to come. They want to fork to PoS and this will give a lot of trouble. Miners will not agree with the fork, because they will lose their revenue while they are heavily invested in hardware.
Just now Bitmain came out with an Asic ETH miner, this will destroy the profitability of all the current miners. This means that Bitmain will own a majority of the hash rate, so ETH will have to split or cancel there PoS update.
If they split there will be a massive mess with all the ERC-20 coins and if they don't upgrade they will get stucked in a long lasting scaling debate. Bitmain made a lot of trouble in BTC, they blocked (together with others) Segwit for more than a year and cause a lot of FUD.
If you think the scaling story of BTC was bad, it looks like the things to come for ETH are way worse. Today I sold 25% of my ETH for ETC, that is where the money will go when this goes wrong. Smart contracts could also move to RSK because it is sure a split won't happen there, but I am already heavily invested in BTC so will also profit in that case.
Looks like Bitmain gave up on BTC and is making ETH to their new victim. Probably BTC is to decentralized to take control over and they see their chance on ETH.
Ouch..that's some nice info man. Something I have to really think about.
What do you think of these arguments?
I agree on the first points, but don't agree on the last. I think PoW is way more secure and proven on big scale. Changing from PoW to PoS with a big and heavily used network as Ethereum is is also a bit experimental. If ETH was my main investment I wouldn't be happy that they risk my money that way (thats why I sold off some). Even if it is bullish overall, I think it will be a long way full of uncertainty to come there.
Thanks for your thoughts on this!