It was the cause, our 'inaction', as you call it, created Bitmain. Just think about it. Once a cracker manages to break a code, we should improve it to seal the breach and discourage more attacks. Now it is getting exponentially worse and we should have conscience to regret and courage to admit our faults here, instead of covering our mess with pointless and weak excuses.
What created Bitmain is that numerous earlier hardware suppliers failed dismally. They were either marred by criminal activity, like BFL, HashFast and GAW, or filed for bankruptcy like KnC. The collapse of those entities left the goal wide open for someone to score an easy victory. All Bitmain had to do was simply not fuck up to win by default. But okay, whatever, keep blaming sane people for not wanting to hardfork every time someone makes an ASIC.
Absolutely not. It is not that uncommon to have fraud or failed businesses, bitcoin was not meant to be a territory conquered by a winner or a conqueror. I'm not a communist (not any more
) but you speak too capitalistic, bitcoin does not belong to such a discourse, it is about fair distribution of power in monetary system.
You are implying that Jihan Wu has won the competition
by his virtue, it is not 19th century dude, people should use their virtue for more creative jobs other than 'conquering' a decentralized ecosystem and ruining it!
An algorithm, that is supposed to be ASIC resistant, can be broken because of its flaws and nothing else. We have to fix the flaws instead of becoming deeply disappointed and giving up.
You say "fix the flaws" like it's easy. A reasonable argument is that it will take a similar amount of time and resources to create this supposedly flawless ASIC-resistant algo as it will to break it. Who's giving up the time and resources to make this happen? You? I've yet to see anything resembling a rally cry from the rest of the community to say they're with you on this. Tell me you've got as much money as Bitmain have to throw at the problem and I
might consider taking you seriously. Where's this super-algo coming from?
Are you kidding? Devising an algo to be practically ASIC proof is that hard?! It is not!
I am a programmer, on my own, and I have already designed a memory hard version of Ethash, infeasible to ASIC or any specialized hardware attack which I will publish when I find it an appropriate action.
Satoshi nakamoto was an ordinary programmer, too, he designed a whole technology, on his own.
Interesting! When it comes to you guys and your magical 'competition' which is going to occure, you forget about induction and become so optimistic, how is it justifiable?
Instead, I didn't inducted from the fact that there is no competition, I tried to show it won't happen, not because it has not happened yet but because it isn't feasible, Bitmain won't allow such thing to happen ever, the hype about 'other' chinese companies who try to compete is just ridiculous, it is just a trick orchestrated by Bitmain to hide its own monopoly in a field that is supposed to be 'decentralized', what a mess!
How, exactly, are Bitmain going to disallow other manufacturers to compete? Competition is infinitely more likely than an ASIC-proof algo that only exists in your fevered imagination. If those other companies I mentioned earlier hadn't been either corrupt or lacking in business skills, they might well be selling ASICs right now.
Have you heard about dumping? Bitmain simply dumps and continues dumping for a long period, believe me they can go for years, selling their products half the price of hypothetical competitors.
But honestly, go use BTG if you care that much. Just note that the decidedly underwhelming popularity of BTG should give you some idea of how little anyone is prepared to take any action over this.
other than BTG.
But I appreciate BTG guys' work and I've mined for a while and bought some BTG, they came in good fate and played fair but did their job without enough preparation and support, it was just an experiment, imo, we will use it to do our job better.
