Pages:
Author

Topic: if you invented a quantum leap in mining technology what would you do? - page 2. (Read 989 times)

legendary
Activity: 3038
Merit: 2162
here's a totally hypothetical test of your crypto ethics.

if you were sitting tinkering in your garage and came up with a way to mine that was instantly 100-1000x more powerful, what would you do?

would you sell it? 51% the shit out of the blockchain to reshape it how you wanted it? hand the design over in a benevolent manner to everyone? drip feed it onto the market to stop insane distortions?



Imo the best solution would be to report it to the devs, because if you have found a way to mine 100-1000 times more faster, than sooner or later someone will find it too and in the end someone will use it with malicious intent. This will result in a huge crash and maybe even fork, so it can only be profitable in a short term. It's possible that the panic will start almost immediately after everyone spot a new powerful miner. In the end, a lot of people will be angry so the person who did it will have a huge target on their back for the rest of their life. So it's better to just mine a few dozens of bitcoins and report it to the devs.
legendary
Activity: 1288
Merit: 1087
I will simply mine as much bitcoin as possible with my new powerful mining rig till other find out how I am doing it. But this can also cause sudden crash in market because everyone will notice that I am doing it out of sudden and they may panic due to possible 51% attack on network by me (unknown miner for others).

that's the core of the question. would you really do that? it would instantly drive everyone into a frenzy of panic.
hero member
Activity: 700
Merit: 500
CryptoTalk.Org - Get Paid for every Post!
I will simply mine as much bitcoin as possible with my new powerful mining rig till other find out how I am doing it. But this can also cause sudden crash in market because everyone will notice that I am doing it out of sudden and they may panic due to possible 51% attack on network by me (unknown miner for others).
sr. member
Activity: 546
Merit: 257
here's a totally hypothetical test of your crypto ethics.

if you were sitting tinkering in your garage and came up with a way to mine that was instantly 100-1000x more powerful, what would you do?

would you sell it? 51% the shit out of the blockchain to reshape it how you wanted it? hand the design over in a benevolent manner to everyone? drip feed it onto the market to stop insane distortions?


100 - 1000 times more powerful than the latest mining hardware? That is a hell of a hardware man, I think with that, you will need a good internet connection and a 10 cooling fans.  It can mine $2000 to $3000 per week, that is really great, but the thing is, if you hand it over at the market, everyone will be trying to mine bitcoin, demand go down, and obviously,  price will do too.
legendary
Activity: 2758
Merit: 6830
I would not do anything that could damage the bitcoin ecosystem and selling would be dangerous if this technology fell into the wrong hands. So I might just use it to mine Bitcoin and other altcoins and get rich with it. And more important: get Segwit activated.

But now the biggest problem would be the confidence that Bitcoin could lose if someone no one knows held most of the mining power from nowhere, having the chance to control the future of the currency. Thus making Bitcoin "less decentralized".
legendary
Activity: 1120
Merit: 1012
Use it to mine bitcoins.
legendary
Activity: 3038
Merit: 6194
Meh.
That's a really interesting question, I've pondered the same question several times actually.

I guess at first I'd use it for myself to gain some coins. I mean who would not?

After that I'm not sure if I'd like to sell it or give it away. I'm leaning towards the 2nd option as this is Crypto after all.

I guess it is a matter of morals and greed that determines what you decide to do. But in all honesty, I'd have no problems with getting 100-1000 BTC for myself before releasing it to the wild.
legendary
Activity: 1288
Merit: 1087
here's a totally hypothetical test of your crypto ethics.

if you were sitting tinkering in your garage and came up with a way to mine that was instantly 100-1000x more powerful, what would you do?

would you sell it? 51% the shit out of the blockchain to reshape it how you wanted it? hand the design over in a benevolent manner to everyone? drip feed it onto the market to stop insane distortions?

Pages:
Jump to: