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Topic: Is Bitcoin mining crooked? (Read 394 times)

full member
Activity: 210
Merit: 100
November 29, 2016, 03:22:55 PM
#6
There was an article criticizing Bitcoin mining by calling it "crooked in nature".

sounds like something said by banks...
other methods are being used/developed by other cryptos(pos, dpos, lpos, etc etc etc), but PoW(bitcoin mining method) still the best way to secure the network, so i dont see a good reason to said it is "crooked in nature".

Maybe in the future we find a better way, but right now still the best.
full member
Activity: 219
Merit: 100
Bitcoin Mining Hosting
November 29, 2016, 03:18:48 PM
#5
The mining is not the incentive, the Bitcoin reward is. Take away the reward and nobody will be mining. The other reward is the miners fees,

and if nobody is using the technology and the reward was taken away, people would also stop mining. The only other reason I can think of for

people to host nodes, would be for financial gain. If they built their business around Bitcoin, they will have to run nodes to sustain it... So we

should get all big merchants to run nodes to help support the decentralized network.   Wink



keeping in mind, that as the level of network falls , it would only do so to match the demand of the network. Those left behind would get a far larger proportion of the pie, and as those incentives became more lucrative, more miners would rush in to fill this space. this is why , BitCoin mining is now a long position by default.
 
your thought about Merchants is correct , almost any good citizen in the crypto space should wear Full node as a badge of honor.
legendary
Activity: 1904
Merit: 1073
November 29, 2016, 03:04:59 PM
#4
The mining is not the incentive, the Bitcoin reward is. Take away the reward and nobody will be mining. The other reward is the miners fees,

and if nobody is using the technology and the reward was taken away, people would also stop mining. The only other reason I can think of for

people to host nodes, would be for financial gain. If they built their business around Bitcoin, they will have to run nodes to sustain it... So we

should get all big merchants to run nodes to help support the decentralized network.   Wink

legendary
Activity: 4354
Merit: 3260
November 29, 2016, 02:49:29 PM
#3
There was an article criticizing Bitcoin mining by calling it "crooked in nature". I forgot the title of the article. But it seems Bitcoin mining is causing lots of troubles, e.g. Selfish mining, centralization. However, without mining would there be a better way to incentivize node to serve the Bitcoin network?

Mining is an integral part of Bitcoin. It provides the security and Bitcoin is not possible without it.
hero member
Activity: 798
Merit: 506
Thank satoshi
November 29, 2016, 01:15:19 PM
#2
There was an article criticizing Bitcoin mining by calling it "crooked in nature". I forgot the title of the article. But it seems Bitcoin mining is causing lots of troubles, e.g. Selfish mining, centralization. However, without mining would there be a better way to incentivize node to serve the Bitcoin network?

Can you link us to the article?  Your post isn't very clear.  What kinds of troubles?  What do you mean by selfish mining?  Centralization in what?
And full nodes don't get paid to begin with, btw.

Edit:
Looked and found what selfish mining is.  It looks like it doesn't happen very often since 2013.
sr. member
Activity: 364
Merit: 255
November 29, 2016, 01:05:58 PM
#1
There was an article criticizing Bitcoin mining by calling it "crooked in nature". I forgot the title of the article. But it seems Bitcoin mining is causing lots of troubles, e.g. Selfish mining, centralization. However, without mining would there be a better way to incentivize node to serve the Bitcoin network?
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