📅 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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Sancho Panza [ARCHIVE] /
npub148…vlgku
2023-06-07 17:59:53
in reply to nevent1q…a6sk
Author Public Key
npub1489wmpkjrv7vvdtv9z0d9t4jcgvm78tts5j4ex9fxh2nksmhausqnvlgkuPublished at
2023-06-07 17:59:53Event JSON
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"content": "📅 Original date posted:2017-04-11\n📝 Original message:\u003e 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.\n\n\u003e 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?\n\nApologies for interjecting a thought on this topic.\nMy 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.\n\nBy that time, buying commodity mining equipment (ASIC-based) from major manufacturers should be no problem, esp. not for existing Bitcoin holders.\n\nI see no sign that current major miners are principally opposed to such a natural process of decentralization of Bitcoin mining.\n\nSancho\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20170411/e3decc02/attachment.html\u003e",
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