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Offline santaclause102

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Outside analysis of POW
« on: November 18, 2014, 05:38:47 PM »

Offline gamey

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Re: Outside analysis of POW
« Reply #1 on: November 18, 2014, 06:09:14 PM »

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. 
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Offline santaclause102

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Re: Outside analysis of POW
« Reply #2 on: November 18, 2014, 07:49:03 PM »

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 eagleeye

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Re: Outside analysis of POW
« Reply #3 on: November 19, 2014, 10:04:55 AM »
Great post delulo.

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Offline cube

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Re: Outside analysis of POW
« Reply #4 on: November 19, 2014, 12:12:10 PM »

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.
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Offline CLains

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Re: Outside analysis of POW
« Reply #5 on: November 19, 2014, 12:35:25 PM »
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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

 

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