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replied 2399d
So what is a miner to do? Shut his rig off and watch the blockchain burn and fade into obscurity as Wojack walks into the fiat bank with his McDonalds hat to open an account?
replied 2399d
No! The solution is SIMPLE. Everyone mines. But each person mines LESS.
Sk8eM dUb
replied 2399d
If everyone's PC in the whole world started mining it would only add a tiny percentage to the current hashing power. Read up on ASICS.
replied 2399d
Also, i know I've taken flak for it, but we might want to consider ASIC resistance or some other solution.
replied 2399d
Right now more money into a beefier ASIC assures you a greater influence on the network. As pertaining to network rules, forks etc.
replied 2399d
We honestly need a network that can't suddenly be overthrown by one guy bringing in a server farm doubling the Exahash rate. That's dangerous.
Sk8eM dUb
replied 2399d
You're making a case for ASICS(and Bitcoin in general). Right now you have to spend a butt ton to get even a small percentage of the network.
replied 2399d
But if you are a malicious actor, and have a butt ton of money to spend without skipping a meal or losing your yacht, you can buy the power to vote everyone out. That's unfair.
Sk8eM dUb
replied 2399d
That's waaaay more difficult/expensive to do with asics than without.
replied 2399d
How so?
Sk8eM dUb
replied 2398d
You said yourself, a rich person could just buy up a server farm and attack. This actually happened to Bitcoin Gold which forked to an ASIC resistant PoW algo.
replied 2398d
In what system can someone not buy the power to destroy Bitcoin?
replied 2398d
None?
Sk8eM dUb
replied 2398d
There is none, but it's more expensive with ASICS so it's more secure left as-is. Gotta get adoption moving though, it's a race against the clock.
replied 2399d
That'd be like if Jeff Bezos bought half of Congress and suddenly gained the ability to pass whatever legislation he wanted because he owns the majority voting power.
Sk8eM dUb
replied 2399d
That's exactly why we need ASICS actually. If you want to affect the network you gotta buy them and contribute to the hashing power. ASIC resistance wrecks that incentive structure.
replied 2399d
At full power, or the low power solution I'm talking about? Or both, rather.
replied 2399d
Mines less of what? If the scenario was that there is no more coins to be mined. Please be more detailed.
replied 2399d
Less processing power. So little in fact that one person hardly sacrifices any power to support the network. Bringing the risk down to the reward.
replied 2399d
Sorry, saw the rest of comments now.
replied 2399d
Each miner only allocates mere handful of percent of CPU usage to mining. The costs to mine are now minimal. So too are the profits. But the barrier to entry falls massively.
replied 2399d
With mining pools actually storing the blockchain, passing work down to the miners, crypto mining can become a background process on every device with little to no footprint.
replied 2399d
If anyone wants to provide a better idea, or counter my claim, please do so.