Topic: Make bitcoin mining great again (Read 247 times)

As mining difficulty increases and mining devices become more expensive it is quite difficult to have profit from mining if you don't have extremely cheap of free (wind, solar) energy.

Next year there will be a new Btc halving, so rewards will be again diminished.

@TimeBits not sure if your comments were to me or to pooya87 as you quoted us both.

but  I do not buy BTC on an exchange, I mine it. As for work, I work each and every day as well. My mining company is a second job that I do in addition to my full time job. But your idea of just freely distributing BTC goes against the point of it as well. It was never intended to be used as a welfare system or charity network and to be handed out for free.

But I do agree that it will not become as mainstream as intended while these big mining farms hold the majority of it. But I also think that once all the coins are mined and all that is left is transactions that more people will be able to have it.

as for asking people - nearly everyone around here and I live in poodunk nowhere knows what Bitcoin is - though most of them dont know how to get it.

Is it possible to make mining better today? I think that we need to rework the whole system completely, only then it will be better

I am not confused about what btc is, considering I have never bought any with fiat, or sold any for any fiat. Which contradicts the entire first sentence of the white paper three times if you use a exchange, which I am sure you have done.

It is peer to peer electronic-cash done with cryptography. The entire point of it, is to become a stand alone medium of a exchange, not a stock.
Yes, Fiat, USD/CAD/YEN/EURO are financial institutions. https://bitcoin.org/bitcoin.pdf the first sentence is 3x oxymoroned, the second you trade bitcoin for fiat on a exchange. You use 2 financial institutions and you are no longer p2p.
 
Anyways this will never happen until the general public holds most of the coins, it will not be the medium of exchange. This will never happen with how distribution is being done nowadays, before anyone could mine, now only the top asic pools can really mine it, even if the general public could mine, most of them don`t have a laptop or a computer, in which case my idea solves this, They just need a address, Which can be issued by a public computer.

Believe or not, the best thing that could happen to btc right now, is for the price to crash hard, and give more general public a chance to get in.   Otherwise they will be using something else, mark my words. Walk down the street tomorrow, and ask random people if they know what bitcoin is, lol you might get 1 out of 1000 here in Toronto, which is a pretty tech savy city us cunucks we have nothing else to do in winter, out of that 1/1000 you might get .000001 that hold any amount of bitcoin.

lol "hard work" being a bitcoin miner, come work on my fruit farm buddy, Learn what real work is. Us farmers are the only people who can delete the debt as we can create something from nothing, that has real world use, keeping people alive, creating more creations that can create at the cost of our own lifespan. Well I guess I should just turn all my fruit farms into bitcoin mining farms, and fuck people and their food supply needs.

lol https://youtu.be/K8kua5B5K3I?t=450 "hard work" playing path of exile. Hard work, makes you blood, sweat and tears spill onto the land bud. Not play fucking video games, while you afk farm currency, well I guess your not afk you are playing games and sleeping at "work", which is a job btw, not work and far from hard work.  

agreed - I love my ASIC's my prior comments are simply to point out that the only way to make it easier for those that cannot afford ASIC's would be to do hard forks on a regular basis making ASIC's less viable and gpu's more viable

I doubt that will ever happen and I hope to keep on mining and eventually get even more ASIC's

i think you are confused about what bitcoin is and what it isn't.
bitcoin is a currency, it is NOT a charity to give away free money to the poor. it is not supposed to create "free" or easy ways of anybody to mine it and earn bitcoin. you have to do "hard work" to earn bitcoin and the more valuable it gets the more work you have to do. and that work is increasing by difficulty and is the computing power you spend with your device. whether that device is a GPU or an ASIC is not going to make a difference. ASIC is not some evil creation it is just like CPU, GPU,... but it is re purposed to do only one special thing in an efficient way.

What if Nvidia and AMD started building rigs and pools using their own GPU, would you guys begin whining ban GPU mining then?

This question also applies to Intel and AMD with their CPU.

Totally wrong direction of the solution.

1. if you go to a system that a individual block is secured by a single users crappy computer for under $100... then someone else will 51% attack with a $200 computer.

2. no matter what algo you think of, people will always find a way to maximise their potential. even PoS sees people pooling funds together so that they are picked more often to hash a block than those with small stake. for instance if it was proof of hard drive, people will just open a warehouse full of hardrives.

3. i understand that many hobbyists got informd they can receive 50btc using just their laptop. but that salespitch is outdated and redundant 9 years ago. its like thinking you can still get rich gold mining by using a pickaxe. sorry those days have gone.
trying to devolve the bitcoin security just so lazy people can get rich for free is not what bitcoin is about. bitcoin is about security of wealth not

in short i would hate to have a financial system thats hash is only secured by the strength of a single CPU's work

Pools don't exist on a protocol level, and Bitcoin's network has no way of determining is a block was mined in a mega powerful pool or someone astronomically lucky just found it on their CPU. There's no way to change it by updating the protocol. So, the only way to remove pools is to physically stop them - good luck with that.

Even if you fork Bitcoin to have CPU mining and make ASIC's impossible (the holy grail of anti-asic movement), people will just buy CPU's in bulk and organize pools. They will be more efficient than regular users, because of cheaper electricity, cheaper CPU prices, better cooling and so on.

I think he was more or less referring to how there are corporations with thousands of miners and then linking them in a pool is working towards centralizing thst which should remain decentralized.

Man, there's no need to discuss this, if you want to mine, then buy ASICs, if you don't have the money to buy ASICS then get a bank loan and buy ASICs, that's simple. I did not understand what you meant by third world people, I confess I did not understand. did you want third world people to mine bitcoin using their GPUs? Third world people if they have cheap electricity can buy ASICs or they can borrow from the bank and buy ASICs and mine bitcoin

this is true - difficulty will drop and the amount people get will equalize out to be approx the same - the difference is that more people could be involved instead of big corporations that have 10's of thousands of ASIC's running.

I only say that forking will eliminate existing ASIC's - without regular forks though, there will just be new ASIC's made.

That being said, I use ASIC's, not a lot but I do have 20 various ASIC's atm - very small mining farm.

I do not think it is that easy. Taking asics out of the equation would only drop the overall difficulty for a while.
But after that, everyone will be mining with the slow equipment and then everyone would run a turtle race.
No one would get more than now because everyone would be limited the same way.

I mean it could be pretty easily applied to bitcoin.

https://www.youtube.com/watch?v=Y7TLFyK_3Pk Here is the ending of your mining of bitcoin. Have fun with that, your great great great grand kids will either be slaves, or be the ones enslaving them.

You know Jeff Bezo`s could buy the entire worlds gold supply just with the interest alone in his account in two years, yah good luck with that shit.

99% of the people going to be living on the streets, because 1 asshole has 6374578962378462783943781 houses, because he has unlimited interest money to keep fucking buying everything. That includes the bitcoin supply and asics.

spoiler: in that simulation not just does 1 team win, 1 person wins in the end, that is the end of the bitcoin "experiment" Gavin.

How, pray tell, would we accomplish that? There are algorithms that are [temporarily] ASIC-resistant, but nothing we know of that could "delete" ASICs. Hard forking from SHA-256 would be highly contentious no doubt, especially if no one believes that the end goal -- no ASICs -- is possible.

As for pools, I think this sentiment from gmaxwell still applies:



4 per year sounds excessive no matter what, given the size and scope of the network. Either way, I don't think it's possible now. Maybe it would have been if a culture of hard forking had been adopted very early on.

BTC has avoided hard-forking for over 10 years now. Let's start doing 4 per year. That sounds like a reasonable suggestion.
I get it, that works for smaller coins with less services and plurality of wallets. But I can imagine the chaos that BTC would stumble into with this.

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Sounds great. Sounds also like something completely different than bitcoin.
Go pursue it, but do it as a new project, don't attempt to force bitcoin into something it isn't.

The beauty of it all is they don`t even need a computer or hash rate to give them equal coins via duration, They just need a address, it could even look like a credit card. Then you don`t even need the hash rate, that can be used on solving diseases.

You can prevent overpowered pools, or giving 1000 votes to 1 guy. That is what we are doing right now, instead of everyone getting 1 vote, some guy because he is rich because of the old bullshit system can buy 10000000000 of votes *asics*.


You want decentralization, this is it. You want a legit money supply, this is it. You want to leave our kind with a future, this is it.

The "system" cannot magically give people equal hashrate because people can own more than one piece of hardware.  First you said there were no pools, but now you realise you have no way of preventing them from forming.

This sounds very much like a fanciful wishlist rather than a well considered plan of action. 

Well people are free to work together so long as they have equal hashing power, then you will need at least 51% of the people themselves to create a "attack" although, it would just be a decision by the majority of the people using the network, unlike now where 1 or a few guys could change the entire system.  

The system is giving it, just like it does now.

Think of it this way, even if we went by populations, China would only have like 30% of the votes, if they all pooled together. *granted the U.N and world leaders should take their heads out of there ass and stop with the clown fiesta fiat show*

btw, China has 81% of the hashing power in their nation at the moment, and it`s a communist government, I much rather them have 30% and that's if all the people in that nation teamed up.

Individuals whom you've just invented a way to prevent from working together?



And who's this doing the "giving" part, exactly?