Topic: Cobra's open letter to the Bitcoin community to change the mining algorithm - page 2. (Read 469 times)

I don't see Blockstream forking bitcoin and claiming that It's satoshi vision just to control bitcoin, I don't see them spamming the bitcoin network just to prove that we need bigger blocks or opposing SegWit even though It has no downsides (except Jihan miners not being paid as they used to be) . That sadly cannot be said about Roger and Jihan.

They hate Jihan and they will do anything to ruin him and the empire he built.  It is typical Blockstream control mentality.

According to the solution prescribed by Cobra, i.e; to use a hybrid PoW + PoS mining algorithm, I believe that PoW might be possible to operate alongside PoS where in PoS miners can vote to validate blocks and maybe simliarly a pool can be created where multiple PoS validators can vote on upcoming proposal kind of like an open Governance (there are popular altcoins out there that already run on PoW + PoS + Open Governance). But a switch to a PoS + PoW scheme at this phase in Bitcoin's lifecycle  is risky and can induce those with a lot of money / stake in Bitcoin to make decisions against the majority and it could tumble down the wrong path.

Also I had a question regarding the current PoW algorithm - What makes it hard to build ASIC's for now with the current PoW algorthm? Won't bigger hardware / ASIC manufacturers still be the only players even with an ease in PoW mining algorithm?

Also, wouldn't it be possible that in the event when one party has a large mining hashpower, a group of mining pools can get together or small - medium individual miners could switch to a single pool to even out the ratio? At the moment Bitmain (BTC.com  + Antpool) compose of 41% hashpower, which is almost close to the 50% ratio. We could plan an event among miners of smaller pools to distribute themselves and move away from the btc.com mining pool and probably move to the more profitable slush pool.

You know we took years to get some scaling solution on the table and this even lead to a small percentage of people splitting

and creating their own coins. {Bitcoin Crash & Bitcoin Gold} ... Some people even gave up and left the scene, because all the

fighting were getting ridiculous. Can you imagine what would happen if a major change like this is submitted? We should

rather focus on perfecting the Lightning Network now.   

PoS is the worst way of distributing new coins in my opinion. it may seem good but in fact it is a rich gets richer for doing practically nothing scheme. basically the same Bitmain will have a lot of bitcoin which then they stake and earn a lot of new coins on their massive amount! they can simply sell all their equipment and farms and buy a tiny server instead and turn the rest of the money into bitcoin which they stake.... back to first step again.
and I consider that 100% unfair and will leave bitcoin behind if that happens some day.

This. The free market is already correcting the problem. As more manufacturers step up to the plate, competition increases, bitmains grip will fade. Look at ebang teaming with samsung for a 10nm machine. What else will happen this year that we can't even guess at? Things are already in motion. The invisible hand is moving slowly to fix things. All we have to do is sit back and watch it unfold.

Totally unrealistic. You can't just show up at this stage of the game and ask to rewrite basic rules. Let alone the billions at stake invested in mining on PoW.

Out of all the problems out there that bitcoin is facing, all the PR other altcoins are stealing away from BTC, this guys worried about changing the POW. What if BITMAIN dominates the other ALGO aswell ? we keep forking ?

I wont be surprised if he suggests we move to POS instead.

this has been discussed before and nobody wants this to happen because the eventuality of it is going to be the same. I believe it was LukeJr who first talked about this (the biggest one that made a lot of noise anyways) and it was before SegWit activation and was saying it to force SegWit activation, possibly to scare miners into adopting it!

long story short, this will never happen for bitcoin. you can create another altcoin like the 20-30 alts that have been created so far but bitcoin will not make this change.

Exactly right look at Etheruem. They laid claim it was asic resistant. Well nothing is asic proof given it’s value increases enough.  Most are just cost prohibited. Don’t be fooled by this bs. Just another alt trying to leach into btc name. If the price increases enough asic is made bottom line end of story. Be done with now and move along.  So tired of the “debates” taking way longer than necessary. Do your homework people.  Once you do that debate isn’t necessary.

BR

i am afraid changing PoW algorithm is not going to change anything in the long term. as long as bitcoin is being mined, it is going to be mined by some equipment. it is called ASICs that are designed to mine the current algorithms. if you change that, there is nothing stopping the same people to change their ASICs to mine the new algorithm.
unless you can physically restrict one person from having more than 1% of hashrate, in the end there will always be someone who is willing to invest more and have more mining equipment and have more hashrate.

in my opinion, the only way to fight that is to get more miners with more hashrate to join the network to reduce their (for example bitmain's) percentage of hashrate.

What I want to know is how this guy who I believe no one know his face or real name ended being the co owner of Bitcointalk and Bitcoin.org If they were both controlled by Satoshi and Sirius then given to Theymos? There are more trustworthy people (e.g Core developers)

URL to the open letter, https://medium.com/@CobraBitcoin/an-open-letter-to-the-bitcoin-community-to-change-the-proof-of-work-algorithm-12a6545c20d0

I want to emphasize that the blog post was made by "the" Cobra, the co-owner of bitcoin.org and bitcointalk.org.

If this "movement" gathers more and more momentum, I believe we might be split as a community once again like how the scaling debate has split us in the past.

It's a big move. Bitcoiners should tread carefully.