Author Topic: Outside analysis of POW  (Read 1793 times)

0 Members and 1 Guest are viewing this topic.

Offline CLains

  • Hero Member
  • *****
  • Posts: 2606
    • View Profile
  • BitShares: clains
Quote
Fundemental Contradiction of the Bitcoin System

The system requires competitive mining to maintain its integrity

BUT the Bitcoin mining industry has the structure of a natural monopoly

These are incompatible

Therefore Bitcoin is unsustainable

Therefore Bitcoin must collapse

Offline cube

  • Hero Member
  • *****
  • Posts: 1404
  • Bit by bit, we will get there!
    • View Profile
  • BitShares: bitcube

This is roughly my impression.  It is sad but true.  He gets a bit lost talking about the stone people but I think hes fairly correct on everything else. 

While btc looks centralized it can be split up quite quickly if people are properly motivated.  It isn't like the centralization in btc has a huge overhead in being broken up.

Yea. The miners can easily switch to other pools, if and when they wanted to.
ID: bitcube
bitcube is a dedicated witness and committe member. Please vote for bitcube.

Offline eagleeye

  • Hero Member
  • *****
  • Posts: 931
    • View Profile
Great post delulo.

 +5%

Offline santaclause102

  • Hero Member
  • *****
  • Posts: 2486
    • View Profile

This is roughly my impression.  It is sad but true.  He gets a bit lost talking about the stone people but I think hes fairly correct on everything else. 

While btc looks centralized it can be split up quite quickly if people are properly motivated.  It isn't like the centralization in btc has a huge overhead in being broken up.
Quote
gets a bit lost talking about the stone people
haha  +5%

It can only be broken up by moving away from sha256 mining and at best from pow at all...

Offline gamey

  • Hero Member
  • *****
  • Posts: 2253
    • View Profile

This is roughly my impression.  It is sad but true.  He gets a bit lost talking about the stone people but I think hes fairly correct on everything else. 

While btc looks centralized it can be split up quite quickly if people are properly motivated.  It isn't like the centralization in btc has a huge overhead in being broken up. 
I speak for myself and only myself.