thesofafox on Nostr: (Longer Post) I suspect this will not be well-received but I feel the need to make ...
(Longer Post)
I suspect this will not be well-received but I feel the need to make it.
Bitcoin is not as decentralized as you would like to think it is. The technology is not horrible itself, and the lightning network makes Bitcoin much more viable for some of BTC's issues, but here are my thoughts:
Even a top-end GPU can only get an estimated $0.50 per day mining Bitcoin according to NiceHash. There are similar statistics for even a new AMD EPYC Server CPU at ~$0.52 per day. This means that consumers putting hundreds, if not thousands, into a computer and mining with it couldn't see any real profit. This also leaves the majority of the network power in the hands of those with large amounts of resources to buy top-end ASICs for mining operations, usually being governments or large companies.
Bitcoin has its benefits for some, but I see too much nonsense being spilled on Nostr about it. It's meant to be decentralized, but due to average consumers being unable to viably support the network and gain from it, big entities control the vast majority of the network. This post ignores other issues I have with it, but decentralization is what I mainly see preached that is not really accurate.
#nostr #plebchain #bitcoin #crypto #cryptocurrency
I suspect this will not be well-received but I feel the need to make it.
Bitcoin is not as decentralized as you would like to think it is. The technology is not horrible itself, and the lightning network makes Bitcoin much more viable for some of BTC's issues, but here are my thoughts:
Even a top-end GPU can only get an estimated $0.50 per day mining Bitcoin according to NiceHash. There are similar statistics for even a new AMD EPYC Server CPU at ~$0.52 per day. This means that consumers putting hundreds, if not thousands, into a computer and mining with it couldn't see any real profit. This also leaves the majority of the network power in the hands of those with large amounts of resources to buy top-end ASICs for mining operations, usually being governments or large companies.
Bitcoin has its benefits for some, but I see too much nonsense being spilled on Nostr about it. It's meant to be decentralized, but due to average consumers being unable to viably support the network and gain from it, big entities control the vast majority of the network. This post ignores other issues I have with it, but decentralization is what I mainly see preached that is not really accurate.
#nostr #plebchain #bitcoin #crypto #cryptocurrency