Yeah, you're right about security of the network. If someone did plan ahead and spent money developing an ASIC that just happened to be for the right algorithm, they could essentially control the network when the algorithm switches.
This is why I posted, I knew there would be things I hadn't considered (although admittedly I didn't spend more than 5 minutes thinking about it).
Topic: [Poll] Changing Bitcoin hashing algorithm every 4 years when block reward halves (Read 2236 times)
September 26, 2013, 05:02:43 PM
September 26, 2013, 04:58:43 PM
If you think mining is a game for free coinz then it is an awesome idea.
If you realize the purpose of mining is to secure the network from an attack then it is possibly the worst idea ever.
No wait I take it back the "we should confiscate coins which haven't been used or block tainted transactions" is worse.
If you realize the purpose of mining is to secure the network from an attack then it is possibly the worst idea ever.
No wait I take it back the "we should confiscate coins which haven't been used or block tainted transactions" is worse.
September 26, 2013, 04:57:07 PM
This isn't a serious suggestion, just an idea and I'm curious to see what others think. Obviously if you are heavily invested in current (double sha256) ASICs you're not going to be in favor. I'm not trying to make anyone's blood boil... I have also purchased ASICs so this would be detrimental to my own investment too.
And this is also assuming the algorithm can be changed without causing any significant obstacles (other than raising a bounty for ck to implement it in cgminer
). I realize it would also take a lot of work from the bitcoin/bitcoin-qt core developer(s), so maybe a bounty would be raised by everyone without ASICs to try to even the playing field every so often.
So, for example, the hashing algorithm changes every four years when the block reward halves. It would be unknown which algorithm it was going to use, maybe it would randomly choose from a pool or it would be left to bitcoin core developers who would hopefully keep it secret. But it would essentially send us all back to the stone age of CPU and GPU mining, followed by FPGAs and then ultimately ASICs. Then four years later it would start over again. All those GPUs you have sitting in your closet could be dusted off and have a purpose again... at least for a little while. Difficulty would essentially reset every four years.
It would add another variable into mining, so along with taking a gamble on which pool, coin, asic vendor, etc. to mine, you could also bet on which algorithm would be used next by trying to prepare for it early. Just think of all the additional ASIC companies that could spring up!
Feel free to tell me how impractical or stupid it is... I don't mind. I mentioned it in the trollbox and some people added to it, but the conversation was mixed in with political debate and whether or not fontas is really satan and the end is near. I also realize this could be done with an alt-coin... but I'm not interested in that.
And this is also assuming the algorithm can be changed without causing any significant obstacles (other than raising a bounty for ck to implement it in cgminer
). I realize it would also take a lot of work from the bitcoin/bitcoin-qt core developer(s), so maybe a bounty would be raised by everyone without ASICs to try to even the playing field every so often.So, for example, the hashing algorithm changes every four years when the block reward halves. It would be unknown which algorithm it was going to use, maybe it would randomly choose from a pool or it would be left to bitcoin core developers who would hopefully keep it secret. But it would essentially send us all back to the stone age of CPU and GPU mining, followed by FPGAs and then ultimately ASICs. Then four years later it would start over again. All those GPUs you have sitting in your closet could be dusted off and have a purpose again... at least for a little while. Difficulty would essentially reset every four years.
It would add another variable into mining, so along with taking a gamble on which pool, coin, asic vendor, etc. to mine, you could also bet on which algorithm would be used next by trying to prepare for it early. Just think of all the additional ASIC companies that could spring up!
Feel free to tell me how impractical or stupid it is... I don't mind. I mentioned it in the trollbox and some people added to it, but the conversation was mixed in with political debate and whether or not fontas is really satan and the end is near. I also realize this could be done with an alt-coin... but I'm not interested in that.
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