Mining difficulty increase is the real problem - page 3.

RealBitcoin

hero member

Activity: 854

Merit: 1009

JAYCE DESIGNS - http://bit.ly/1tmgIwK

Quote from: pawel7777 on November 03, 2015, 04:25:33 AM

Quote from: RealBitcoin on November 03, 2015, 04:06:02 AM

The mining difficulty doesnt affect bitcoin inflation, so there is absolutely no point in having it increase, other than deliberately creating a centralized system, which is foolish

You want fixed cap/supply - you need adjustable difficulty
You want low difficulty forever - you have unlimited supply

And yes, Satoshi was aware of that.

There should be some other way to resolve that dilemma. Again i`m no technical expert, but I find it hard to believe that nobody in the world can come up with such solution.

Yet there are coins like Bytecoin that solve this issue.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: RealBitcoin on November 03, 2015, 04:06:02 AM

The mining difficulty doesnt affect bitcoin inflation, so there is absolutely no point in having it increase, other than deliberately creating a centralized system, which is foolish

Static difficulty would affect inflation/issuance model.

ELI5: Imagine you're the only miner with 1 ghs/ and you're getting 25 BTC per block, then I come in with my 1 gh/s and I'm also getting 25 BTC/block (since difficulty didn't increase) and then thousands of others join in. How would you keep 21mil cap with no difficulty adjustment?

You want fixed cap/supply - you need adjustable difficulty
You want low difficulty forever - you have unlimited supply

And yes, Satoshi was aware of that.

RealBitcoin

hero member

Activity: 854

Merit: 1009

JAYCE DESIGNS - http://bit.ly/1tmgIwK

I see here all wise guys debating the block size increase causing centralization, and then other groups of people deny that. Its a waste of time debate from the point of view of centralization.

Because all of you fail to see that the mining difficulty increase is the thing that is causing centralization.

The bigger the difficulty, the more capital it requires to mine it, the more centralized it becomes, as only big miners can afford equipment and stay competitive in low electricity countries.

The mining difficulty doesnt affect bitcoin inflation, so there is absolutely no point in having it increase, other than deliberately creating a centralized system, which is foolish

The mining difficulty should have never increased, if we would wanted a real decentralized currency. Because now its a debate of a dog catching its tail.

I cannot believe I`m the only one seeing this, and everybody else is bamboozled with the block increase debate...

Bitcoin will become a miner oligarchy, I`m fine with that, but i think this is not satoshi's true vision of bitcoin.

I`m not a technical expert, but i`m sure it's doable, many other altcoins have non-increasing mining difficulty.

Topic: Mining difficulty increase is the real problem - page 3. (Read 2026 times)