I don't like this side of BTC
The BTC is decentralized, of course, but the generation of BTC is NOT, we all know about a giant company and the owner of this company who have a LOT of power over cryptos, and this is not good, they did a lot of bad practices and the customers continue to buy stuff from him
I really dream about a future where BTC can be mined on CPUs and GPUs again, and this is not so hard as a lot of people think, we have altcoins working against Asics, and BTC can include in the algo easily
Topic: Change Bitcoin to Asic Resistant - page 2. (Read 435 times)
"ASIC Resistance" is generally misconstrued. People seem to think that you can make a single change one time and then the problem is magically solved forever. It doesn't work like that. Once the new algorithm is set, people can begin designing hardware specifically tailored to that algorithm. The only way to truly make something resistant to ASICs is to continually change it in an unpredictable way. But it's problematic to make changes to a protocol when the vast majority of participants have to agree with the change in order to enact it. And people are particularly hesitant to change something that would have a direct impact on Bitcoin's security.
Ultimately, making changes in such a crucially important area, frequently enough to stay one step ahead of ASIC manufacturers, is unlikely at best.
Ultimately, making changes in such a crucially important area, frequently enough to stay one step ahead of ASIC manufacturers, is unlikely at best.
I think it's too late. We've turned bitcoin mining to an industry and we are very much depended on the miner that users can't do anything about bitcoin. Bitcoin has turned into a miner's coin.
I'm not complaining about the miners, they have done a great job bringing bitcoin here. Always worked for the collective good of the community. Yet, too much centralized mining could bring up problems in the future.
I'm not complaining about the miners, they have done a great job bringing bitcoin here. Always worked for the collective good of the community. Yet, too much centralized mining could bring up problems in the future.
Na. Im pretty comfortable with the environmental destruction bitcoin is producing.
Anyways. I thought that was a future planned fork. Maybe not asic resistant but atleast not so power hungry.
Anyways. I thought that was a future planned fork. Maybe not asic resistant but atleast not so power hungry.
What are your opinions on whether bitcoins mining algorithm should change to an asic resistant algorithm?
Based on Bitcoins principle to be a decentralized currency, shouldn't this be adopted?
It's only viable to mine bitcoin with asic hardware and that's kinda centralized with whoever
has more money to invest in these machines.
It's very close to PoS because both you would need alot of cash to participate and that goes
against the the principle of decentralization because on both algorithms, only the rich can
join the network. That creates a door for centralization.
Yes yes I know that not one entity can control it but if the 3 largest pools decide to act against it,
they can.
According to https://www.buybitcoinworldwide.com/mining/pools/, BTC.com, AntPool and ViaBTC
control 52.4%. That's only 3 pools that could control the network.
Obviously if they did this and it was discovered, the price would go way down so it is against their
interest.
But this is crazy, only 3 "companies" could take control of the network, that's against a liquid democracy
and certainly doesn't favor everyone to participate as a node.
I searched for this topic but couldn't find anything related on google nor on the forums.
What are your thoughts on this?
Based on Bitcoins principle to be a decentralized currency, shouldn't this be adopted?
It's only viable to mine bitcoin with asic hardware and that's kinda centralized with whoever
has more money to invest in these machines.
It's very close to PoS because both you would need alot of cash to participate and that goes
against the the principle of decentralization because on both algorithms, only the rich can
join the network. That creates a door for centralization.
Yes yes I know that not one entity can control it but if the 3 largest pools decide to act against it,
they can.
According to https://www.buybitcoinworldwide.com/mining/pools/, BTC.com, AntPool and ViaBTC
control 52.4%. That's only 3 pools that could control the network.
Obviously if they did this and it was discovered, the price would go way down so it is against their
interest.
But this is crazy, only 3 "companies" could take control of the network, that's against a liquid democracy
and certainly doesn't favor everyone to participate as a node.
I searched for this topic but couldn't find anything related on google nor on the forums.
What are your thoughts on this?
Jump to: