I keep hearing that merge mining kicking off in December will be a catalyst for huge growth for Elastos. Perhaps I'm missing something, but there seems to be an element of 'group think' on this, with alot people echoing that this'll catapult us to crypto super stardom, but I'm not really hearing exactly how or why this will be such a massive benefit.
I'm aware that Bitmain allocating 50% of their hash rate will mean that Elastos will have one of the more secure Blockchains out there, but how exactly will this benefit the price of Elastos? I feel that it'll simply be yet another tick on Elastos' ever-growing "pros" list, but not one that'll necessarily mean quick gains into the top 20 position in crypto overnight.
There's also the unknown factor of what exactly Bitmain will do with the huge number of ELA that will be accumulated by them over time. The idea that a single entity will eventually hold a large percentage of ELA should raise some eyebrows.
I'm certainly not FUDing here. I'm all in on ELA and want the best for the project. I'm genuinely just trying to understand why a lot of people see merge mining as the Holy grail that'll be amazing for ELA.
Educate me fellas.