There is also thousends of altcoin ready to take bitcoins place, and new ones launches regulary.
CPU → GPU → FPGA → ASIC → Giant asic farms → Total centralisation → Death
Is the natural life cycle fof PoW currencies, just accept it and invest wisely.
Topic: Simple solution to the problem of centralisation in btc already built in (Read 338 times)
July 03, 2016, 01:25:09 PM
July 03, 2016, 10:54:04 AM
Methinks we haven't really seen the start of the mining industry yet. What I mean is, while our mining technology is cool, the devices we rely on have mostly been made by random startups like asic and bitmain. Government actors haven't came into this; I'm thinking a gov could design a much more efficient or powerful miner, and have enough resources to deploy as much hashrqte as it wants. Governments don't need to sell coin to pay the bills however, and they have little incentive to dump the coin back on the market. Ultimately, large corporation/state actor interest will move the centralization out of China, but it will always be centralized now that mining isn't something you can do on an average, internet connected device. You have to pay to play now 
July 03, 2016, 10:45:12 AM
We all know centralisation trend in btc is a problem (talk about chinese miners and so on).
Here is the deal: when btc mining becomes indsutrialised in large miningoperations it looses it's value. The coin will be dumped into oblivion until these large operations go broke. Price could crater, hashrate and difficulty drop. But be not afraid. As the largest operations will go bankrupt and everyone panics smaller miners will fill the gap and the network will return to a more decentralised state.
So in effect btc will swing between decentral and central.
Once greed makes people invest in football-fields of mining hardware it's time for a reverse to liquidate these operations. It's an automatism. A feature, not a bug
Thoughts on this?
Here is the deal: when btc mining becomes indsutrialised in large miningoperations it looses it's value. The coin will be dumped into oblivion until these large operations go broke. Price could crater, hashrate and difficulty drop. But be not afraid. As the largest operations will go bankrupt and everyone panics smaller miners will fill the gap and the network will return to a more decentralised state.
So in effect btc will swing between decentral and central.
Once greed makes people invest in football-fields of mining hardware it's time for a reverse to liquidate these operations. It's an automatism. A feature, not a bug
Thoughts on this?
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