Topic: Jack Dorsey wants to decentralize Bitcoin mining with new investment - page 2. (Read 187 times)
November 29, 2023, 06:57:26 PM
Useless. Bitcoin mining is decentralized as it is, I don't see any need for it to be "more decentralized" cause the current setup's already working so well for the miners. and I know the miners would agree with me on this one as well. I'm all for innovation and all that stuff but in this case there's nothing to be innovated, and it just feels like Jack's trying to reinvent the wheel when it's already turned for decades without any issues. The introduction of a new mining system into the mixture will just make stuff even more complicated not only for the miners, but for everyone, as the crypto industry's highly dependent on these people for their transactions to go through. So yeah, this is a common Jack Dorsey L for me.
November 29, 2023, 06:54:15 PM
it doesnt cost anything to be a pool manager. all the computational work is just a validation node plus a script that sends a head to asic workers.. its the asic workers that do the main churn and those asics belong to different people in different locations.. so the cost of being a mining pool manager is nothing..
however just starting a pool that does what other pools do is not impressive advert to make people want to use it. so they need to fluffy cloud utopian dream of getting rich incite greed to make asic miner owners to jump over to his pool.. again no big expense on advertising..
its just a fluff piece of advertising trying to get people to jump to his pool. thats it.
practically though users with an asic will end up with dust amounts they cant spend and due to having many utxo's they would have to join together but each having a byte cost that eats into the dust amounts of each utxo. thus when moving their rewards after receiving them in dorseys scheme. the workers are losing XX% of value
the reason asic owners use a pool as a custodian is to wait X blocksolves of earnings to accumulate, for min earnings total worthy of withdrawing
either dorsey knows this and doesnt care about the impact on his future customers.. or he doesnt know this aspect of bitcoin mining economics and doesnt deserve to be a mining pool owner.
im pretty sure dorsey just asked Luke_Jr for any SCHEME that makes a pool look different to sound like its doing something special in the hopes people move to it purely for being different, hoping they dont do the math of their earnings vs spending bytes
however just starting a pool that does what other pools do is not impressive advert to make people want to use it. so they need to fluffy cloud utopian dream of getting rich incite greed to make asic miner owners to jump over to his pool.. again no big expense on advertising..
its just a fluff piece of advertising trying to get people to jump to his pool. thats it.
practically though users with an asic will end up with dust amounts they cant spend and due to having many utxo's they would have to join together but each having a byte cost that eats into the dust amounts of each utxo. thus when moving their rewards after receiving them in dorseys scheme. the workers are losing XX% of value
the reason asic owners use a pool as a custodian is to wait X blocksolves of earnings to accumulate, for min earnings total worthy of withdrawing
either dorsey knows this and doesnt care about the impact on his future customers.. or he doesnt know this aspect of bitcoin mining economics and doesnt deserve to be a mining pool owner.
im pretty sure dorsey just asked Luke_Jr for any SCHEME that makes a pool look different to sound like its doing something special in the hopes people move to it purely for being different, hoping they dont do the math of their earnings vs spending bytes
November 29, 2023, 04:54:44 PM
Let us make it not long.
It is about the mining pool to be called Ocean that Jack Dorsey has raised funding for to.
After a mining pool mine a block, the mining pool have the reward before paying miners that join their pool. But with Ocean, the sharing of reward is going to be decentralized in a way not the pool that will first have the coins, but the reward will be shared in a decentralized way.
https://cointelegraph.com/news/jack-dorsey-raise-decentralize
But is this necessary? I am thinking it is a good idea, but what about you people. Is it a good ideas?
It is about the mining pool to be called Ocean that Jack Dorsey has raised funding for to.
After a mining pool mine a block, the mining pool have the reward before paying miners that join their pool. But with Ocean, the sharing of reward is going to be decentralized in a way not the pool that will first have the coins, but the reward will be shared in a decentralized way.
https://cointelegraph.com/news/jack-dorsey-raise-decentralize
But is this necessary? I am thinking it is a good idea, but what about you people. Is it a good ideas?
Stupid excuse to start a funding project. I'm sure someone else could build this without needing a penny.
The truth about Jack Dorsey is that he has come from the web2 world thinking that he will be web3 genius, but everything he has created resembles web2 in some way, and nothing innovative or special when you look at it from a web3 perspective. He clung on to Bitcoin as it was easiest to comprehend, but he is struggling to innovate. Now he has settled for this somewhat pointless objective to garner investments for something that a group of talented individuals here or elsewhere could probably build themselves if they put their minds to it.
This might serve well for large mining operations in the US or elsewhere, but it does not need investment to be created nor does it need to be a commercialized product. I doubt Dorsey will make it open source, but it very well should be - or even built into the protocol itself.
November 29, 2023, 04:38:24 PM
Let us make it not long.
It is about the mining pool to be called Ocean that Jack Dorsey has raised funding for to.
After a mining pool mine a block, the mining pool have the reward before paying miners that join their pool. But with Ocean, the sharing of reward is going to be decentralized in a way not the pool that will first have the coins, but the reward will be shared in a decentralized way.
https://cointelegraph.com/news/jack-dorsey-raise-decentralize
But is this necessary? I am thinking it is a good idea, but what about you people. Is it a good ideas?
Honestly, I still don't understand how the distribution of rewards will work well and how investors will get rewards fairly, it still makes me confused. I will continue to follow Jack Dorsey's plans further.It is about the mining pool to be called Ocean that Jack Dorsey has raised funding for to.
After a mining pool mine a block, the mining pool have the reward before paying miners that join their pool. But with Ocean, the sharing of reward is going to be decentralized in a way not the pool that will first have the coins, but the reward will be shared in a decentralized way.
https://cointelegraph.com/news/jack-dorsey-raise-decentralize
But is this necessary? I am thinking it is a good idea, but what about you people. Is it a good ideas?
I will definitely put my money into this project because I believe in Jack Dorsey's reputation, he really pays great attention to the development of Bitcoin and its backers.
November 29, 2023, 02:04:33 PM
This is not necessary to me, we know Jack Dorsey, we know about his reputation and business, he's coming to claim that he's going to offer something he himself is not capable of, what is the decentralization that can comes in with anything that has to do with someone like Jack Dorsey, maybe we shouldn't be too far fetched in being decieved by those that always try to show they are helping whereas the profits is to their own pocket.
This is going to be huge but I do not think that it is only Jack that's spear heading this. And it is too early to conclude on it. I think in my estimation that it is necessary and from what I have read, there are many potentials and upside to it. One of the reasons I like it is that it is disruptive. But is this going to in any ensure that we do not see high transaction fees again? In addition, what will happen to the already existing mining pool. Will it be abandoned by the miners? Further explanations would go a long way to help me understand better. November 29, 2023, 12:09:21 PM
issues:
a. coinbase reward tx would have thousands of outputs for each of the asic 'workers' per pools block
b worker (recipients) will get small dust amount UTXO which to then later spend incurs fees that can take a huge cut per utxo
imagine it you are part of a pool. it is 40exa (10% network) meaning 14 blocks a day
this 40exa is 200,000 asics of 200Thash
of say a reward+fee of 6.5btc. that one asic gets 0.00003250 x14 times a day
if a tx fee rate was just 15sat/byte with a tx lean size of 226byte the fee is 3390
.. and that is your utxo fully spent as fee's
we all know fees are way above 15sat/byte right now and average tx is more then 226bytes..
so its not cost effective or byte efficient to payout to asic workers in every block
a. coinbase reward tx would have thousands of outputs for each of the asic 'workers' per pools block
b worker (recipients) will get small dust amount UTXO which to then later spend incurs fees that can take a huge cut per utxo
imagine it you are part of a pool. it is 40exa (10% network) meaning 14 blocks a day
this 40exa is 200,000 asics of 200Thash
of say a reward+fee of 6.5btc. that one asic gets 0.00003250 x14 times a day
if a tx fee rate was just 15sat/byte with a tx lean size of 226byte the fee is 3390
.. and that is your utxo fully spent as fee's
we all know fees are way above 15sat/byte right now and average tx is more then 226bytes..
so its not cost effective or byte efficient to payout to asic workers in every block
November 29, 2023, 09:39:11 AM
This is sensational reporting; using headlines to make a story more catchy to build traffic.
Ocean (the mining pool in question) is not doing anything to directly influence the Bitcoin mining process, what it's doing us at their business level to change how payments are distributed to the individual miners who join their pool. Decentralizing that process, if done correctly, will boost trust and attract miners to join their pool.
Ocean (the mining pool in question) is not doing anything to directly influence the Bitcoin mining process, what it's doing us at their business level to change how payments are distributed to the individual miners who join their pool. Decentralizing that process, if done correctly, will boost trust and attract miners to join their pool.
November 29, 2023, 09:33:41 AM
Let us make it not long.
It is about the mining pool to be called Ocean that Jack Dorsey has raised funding for to.
After a mining pool mine a block, the mining pool have the reward before paying miners that join their pool. But with Ocean, the sharing of reward is going to be decentralized in a way not the pool that will first have the coins, but the reward will be shared in a decentralized way.
https://cointelegraph.com/news/jack-dorsey-raise-decentralize
But is this necessary? I am thinking it is a good idea, but what about you people. Is it a good ideas?
It is about the mining pool to be called Ocean that Jack Dorsey has raised funding for to.
After a mining pool mine a block, the mining pool have the reward before paying miners that join their pool. But with Ocean, the sharing of reward is going to be decentralized in a way not the pool that will first have the coins, but the reward will be shared in a decentralized way.
https://cointelegraph.com/news/jack-dorsey-raise-decentralize
But is this necessary? I am thinking it is a good idea, but what about you people. Is it a good ideas?
This is not necessary to me, we know Jack Dorsey, we know about his reputation and business, he's coming to claim that he's going to offer something he himself is not capable of, what is the decentralization that can comes in with anything that has to do with someone like Jack Dorsey, maybe we shouldn't be too far fetched in being decieved by those that always try to show they are helping whereas the profits is to their own pocket.
November 29, 2023, 09:24:23 AM
Let us make it not long.
It is about the mining pool to be called Ocean that Jack Dorsey has raised funding for to.
After a mining pool mine a block, the mining pool have the reward before paying miners that join their pool. But with Ocean, the sharing of reward is going to be decentralized in a way not the pool that will first have the coins, but the reward will be shared in a decentralized way.
https://cointelegraph.com/news/jack-dorsey-raise-decentralize
But is this necessary? I am thinking it is a good idea, but what about you people. Is it a good ideas?
It is about the mining pool to be called Ocean that Jack Dorsey has raised funding for to.
After a mining pool mine a block, the mining pool have the reward before paying miners that join their pool. But with Ocean, the sharing of reward is going to be decentralized in a way not the pool that will first have the coins, but the reward will be shared in a decentralized way.
https://cointelegraph.com/news/jack-dorsey-raise-decentralize
But is this necessary? I am thinking it is a good idea, but what about you people. Is it a good ideas?
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