Sancho Panza [ARCHIVE] on Nostr: 📅 Original date posted:2017-04-11 📝 Original message:> I completely agree that ...
📅 Original date posted:2017-04-11
📝 Original message:> I completely agree that it will be in the long term interest of bitcoin to migrate, gradually, toward a commoditized POW away from the current mass centralization. There is a big problem here though: Hundreds of millions of dollars have been spent on the current algorithm, and will be a huge loss if this is not done slowly enough, and the miners who control the chain currently would likely never allow this change to happen.
> Do you have any ideas regarding how to mitigate the damage of such a change for the invested parties? Or even how we can make the change agreeable for them?
Apologies for interjecting a thought on this topic.
My belief is that Bitcoin could grow freely, and become worth enough so that mining becomes profitable even for those of us in countries without free / subsidized electricity.
By that time, buying commodity mining equipment (ASIC-based) from major manufacturers should be no problem, esp. not for existing Bitcoin holders.
I see no sign that current major miners are principally opposed to such a natural process of decentralization of Bitcoin mining.
Sancho
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📝 Original message:> I completely agree that it will be in the long term interest of bitcoin to migrate, gradually, toward a commoditized POW away from the current mass centralization. There is a big problem here though: Hundreds of millions of dollars have been spent on the current algorithm, and will be a huge loss if this is not done slowly enough, and the miners who control the chain currently would likely never allow this change to happen.
> Do you have any ideas regarding how to mitigate the damage of such a change for the invested parties? Or even how we can make the change agreeable for them?
Apologies for interjecting a thought on this topic.
My belief is that Bitcoin could grow freely, and become worth enough so that mining becomes profitable even for those of us in countries without free / subsidized electricity.
By that time, buying commodity mining equipment (ASIC-based) from major manufacturers should be no problem, esp. not for existing Bitcoin holders.
I see no sign that current major miners are principally opposed to such a natural process of decentralization of Bitcoin mining.
Sancho
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