Allowing ASICs to exist was the first big mistake.
Monero team gained a huge trust bonus when they cut out the ASICs.
I don't know how many ETH users are mainers, but for sure every ETH miner is
a potential ETH user and HODLer/trader.
people
please
understand once that daggerhashimoto ASIC does not exist
if you are assuming that the bitmains product, the ANTMINER E3, is an ASIC machine you are wrong
there is no asic borad inside, is made combining similar GPU boards like INNO3D-P106-090
Cause, this machine does not give you more than 190 Mh/s, so likely a regular DIY rig
ASICS normally gives you more than 10 times more hashing power on the same algo compared to the GPU hashing speed
ETH & its DAG file and all daggerhashimoto coins, until now, are completely ASIC resistant
This was the first version and it was released at $800. And it is created by a single company. And even though I agree with you of dagger's natural resistance, 90% of the miners believe it is Bitmain who is stealing their income and ETH team doesn't care. Nobody explained how many % are the Bitmain miners.
And allowing an ASIC on the network, even created out of old GPUs, creates a precedent. This precedent shows that when there is external influence on the hashrate (by external i mean Bitmain), the ETH team does nothing.
To people that translates to: "ETH team doesn't really care what is happening" => less trust = loong dip.
I hope people don't think this way...cuz that's retarded. The algo isn't broken like sha256: no hw implementation is drastically better than GPU's. Why in the world would the community push for doing "something"?
That scenario might account for some drops is price, but it's by far not the main reason.