Yes that how I see it, it would be no different to today and would in fact be more decentralised than what we currently have with basically only 2 countries doing all the mining!
Surely that's the idea of BTC is that it's trustless!
Currently, I don't have to trust the Chinese or Russian miners who validate my transactions, the software keeps them in check. I'm sure if I were given a choice where my tx was validated I wouldn't have those people/countries do it!
At the end of the day, I would likely trust a central bank way more than some sketchy operation in the arse end of China, but it doesn't matter with BTC where or who does the mining. So what's the harm in letting only Central banks do the work needed to secure the network?
It would remain opensource and controlled by the people....
I can't see any downsides to what I have suggested!?
Topic: CBM- Central Bank Mining....a cure? - page 2. (Read 224 times)
If the Bitcoin ideals gets adopted by governments, it may well be a solution to have all autonomus central banks running Bitcoin miners as the base infrastructure for the world's reserve currency. Normal people could just be running Full Nodes and the development should be community driven plus open-source as it has always been. In a perfect scenario, this would not be a bad solution.
Unfortunately, that is not how governments work or have ever worked. Do you think that governments can actually give power to the people and simply do the job entrusted to them by the taxpayers? At the end of the day, governments are made up of people and public servants who enjoy the perks and privileges of their positions.
Hoping that they would serve the role of benign gatekeepers without trying to grab all that power for themselves is like giving Lady Galadriel the ring. The Elven matriarch knew that she wasn't immune from the allure of the ring's power and refused when offered by Frodo.
Pardon the LOTR references, but you are literally talking about offering the ring to Sauron himself.
Unfortunately, that is not how governments work or have ever worked. Do you think that governments can actually give power to the people and simply do the job entrusted to them by the taxpayers? At the end of the day, governments are made up of people and public servants who enjoy the perks and privileges of their positions.
Hoping that they would serve the role of benign gatekeepers without trying to grab all that power for themselves is like giving Lady Galadriel the ring. The Elven matriarch knew that she wasn't immune from the allure of the ring's power and refused when offered by Frodo.
Pardon the LOTR references, but you are literally talking about offering the ring to Sauron himself.
Did you even read the other posts?
How exactly is having over 50% of the mining power in one country in any way "decentralised"?
How is the government mining and validating blocks in away way giving them any control???
How exactly is having over 50% of the mining power in one country in any way "decentralised"?
How is the government mining and validating blocks in away way giving them any control?
??
So how do we decide who gets to mine? Well, there would be no clear solution to that, so my proposition would be that only a central authority such as a county's central bank would be allowed. This would reduce mining operations to only a few hundred, and would greatly reduce the amount of power required.
Personally, I would have no issue with allowing the state to validate the blockchain. They wouldn't have any control over the coin's supply, no one nation would have the ability to collude, that can be seen in how we conduct global politics, we can never agree on the most basic matters! Let alone a 51% attack.
Personally, I would have no issue with allowing the state to validate the blockchain. They wouldn't have any control over the coin's supply, no one nation would have the ability to collude, that can be seen in how we conduct global politics, we can never agree on the most basic matters! Let alone a 51% attack.
Lol! What you are proposing is exactly opposite than the idea of decentralization and bitcoin. Bitcoin is popular because no state or country control this currency system and are completely independent from centralized entities. So I don't see how your proposal can be a solution!
The only solution here is to encourage and facilitate renewable energy usage rather than centralization of the network and giving it away to the central banks!
Bitcoin was invented to avoid centralization.
Which it's massively failing at!
https://framingbitcoin.com/wp-content/uploads/2020/05/Global-Bitcoin-Mining-Map-shows-Hashrate-distribution-by-country-bar-1024x580.jpg
No, it doesn't defeat the purpose at all, they would have no control over the currency, no ability to inflate it or change it in any way, because they are a single actor in the system.
How does a global network of trusted validators somehow make us worse off?
You both need to provide evidence for your statements instead of just spewing maximalist ideals!!!
How is the network being validated by over 200 CBs in some way inferior to having most of the work being done in China or the US....which is currently happening!
How does a global network of trusted validators somehow make us worse off?
You both need to provide evidence for your statements instead of just spewing maximalist ideals!!!
How is the network being validated by over 200 CBs in some way inferior to having most of the work being done in China or the US....which is currently happening!
Bitcoin, a decentralized system to designed to decrease the power of governments and states as a whole. And now you're proposing that only a central authority is allowed to mine? You do realize that it completely defeats the purpose right?
Bitcoin was invented to avoid centralization. This includes banks and governments. If Bitcoin's mining power is concentrated in the hands of the Elites, what happens is we only create a digital version of fiat that is controllable by them and even worse than cash.
PoW works wonderfully with decentralized mining. Don't let your mindset be changed by the fact that Bitcoin consumes power. The enslavement system we are currently living in is using a ton of resources yet those same people complaining about BTC's mining power don't complain about the system and how awful it is.
We're going to go "eco-friendly" soon. That means we will use more electricity than ever before. I don't see the usage of energy as a "waste". Decentralization is not a waste, and this is the price we currently have to pay for it.
PoW works wonderfully with decentralized mining. Don't let your mindset be changed by the fact that Bitcoin consumes power. The enslavement system we are currently living in is using a ton of resources yet those same people complaining about BTC's mining power don't complain about the system and how awful it is.
We're going to go "eco-friendly" soon. That means we will use more electricity than ever before. I don't see the usage of energy as a "waste". Decentralization is not a waste, and this is the price we currently have to pay for it.
I have been thinking and reading a lot about the amount of power the BTC network consumes via PoW, I know it's a highly contested subject with pros and cons both ways. I know a fair amount already comes from renewables but even if it was 100% from renewables why waste so much energy? (not that securing a global database is a true waste)
But as a BTC holder and end-user, there is a part of me that thinks that this path of ever-increasing power and thus difficulty isn't a sustainable/healthy one.
My only solution was to reduce the number of mining operations, this would reduce the difficulty and power used.
So how do we decide who gets to mine? Well, there would be no clear solution to that, so my proposition would be that only a central authority such as a county's central bank would be allowed. This would reduce mining operations to only a few hundred, and would greatly reduce the amount of power required.
Personally, I would have no issue with allowing the state to validate the blockchain. They wouldn't have any control over the coin's supply, no one nation would have the ability to collude, that can be seen in how we conduct global politics, we can never agree on the most basic matters! Let alone a 51% attack.
This would change the system to be somewhat like, dare I say the word, Ripple, with its list of approved validators. Each country would run a mining operation with limited size and capacity to cap global energy use.
The result, a truly global monetary system that no one state is in control of, free from the ravages of inflation and bad actors......?!
But as a BTC holder and end-user, there is a part of me that thinks that this path of ever-increasing power and thus difficulty isn't a sustainable/healthy one.
My only solution was to reduce the number of mining operations, this would reduce the difficulty and power used.
So how do we decide who gets to mine? Well, there would be no clear solution to that, so my proposition would be that only a central authority such as a county's central bank would be allowed. This would reduce mining operations to only a few hundred, and would greatly reduce the amount of power required.
Personally, I would have no issue with allowing the state to validate the blockchain. They wouldn't have any control over the coin's supply, no one nation would have the ability to collude, that can be seen in how we conduct global politics, we can never agree on the most basic matters! Let alone a 51% attack.
This would change the system to be somewhat like, dare I say the word, Ripple, with its list of approved validators. Each country would run a mining operation with limited size and capacity to cap global energy use.
The result, a truly global monetary system that no one state is in control of, free from the ravages of inflation and bad actors......?!
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