First off, I want to note that ASIC miners are NOT the problem for our current price and supply. I know that block times are 2 minutes and the reward is set? meaning the new amount of coins created daily would be the same if we had only 1 GPU mining the network or 10,000 ASICs running.
Ok, so, I have been thinking and noticing the vast amount of new ETN coins that come into existence every day and many of these coins are being sold on the markets, this is causing us an oversupply issue which is also causing reduced confidence and this is causing a feedback loop.
I believe this is because the block reward is too high, I think the reward needs to be reduced, from anywhere from 30% - 50% reduction. I’m an ASIC miner running at 305kh/s, yes I mine to HODL but do feel the payouts ate far too high to be sustainable and also to be absorbed by the market. If we are to see growth and attain the true value ETN deserves to be at then we need a drastic reduction in the block reward.