No! The solution is SIMPLE. Everyone mines. But each person mines LESS.
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.
Also, i know I've taken flak for it, but we might want to consider ASIC resistance or some other solution.
Right now more money into a beefier ASIC assures you a greater influence on the network. As pertaining to network rules, forks etc.
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.
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.
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.
That's waaaay more difficult/expensive to do with asics than without.
How so?
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.
In what system can someone not buy the power to destroy Bitcoin?
None?
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.
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.
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.
At full power, or the low power solution I'm talking about? Or both, rather.
