Co-owner of http://bitcoin.org & http://bitcointalk.org , Cobra, wrote an open letter to the Bitcoin community to change the proof-of-work algorithm.
Link to open letter:
https://medium.com/@CobraBitcoin/an-open-letter-to-the-bitcoin-community-to-change-the-proof-of-work-algorithm-12a6545c20d0
This idea is slowly developing last months and whoever follow Cobra could guess that proposal like this will come for sure.
I really understand Cobra's point and I also think this kind of change is necessary.
If one of most important things about Bitcoin is decentralization, than community and developers need to react to stop BITMAIN dominance. If one company control so much hushpower, Bitcoin potentially can be easy target. With money that they are making from Bitcoin mining and from selling their ASIC miners, their dominance will just grow. Bitcoin should be trustless and if BITMAIN dominance continue to grow than you need to trust BITMAIN and point of Bitcoin being trustless is lost.
This potential threat in my opinion is not from BITMAIN itself, because why would somebody destroy business that makes him 4 billion dollars per year. This threat could be from governments or some other organizations that could potentially force BITMAIN to hurt Bitcoin.
I don't have anything against and I truly respect BITMAIN and Jihan Wu because he had vision and faith in Bitcoin when not so many people supported Bitcoin. He has invested significant amount of money in Bitcoin mining and Bitcoin miners, he made ASICs and this dominance was not given to him, he earned it.
But this is not good for Bitcoin, makes Bitcoin vulnerable and developers and community should find solution to stop this. Changing algorithm is maybe first step in this fight and we will see how will thins develop. I really believe in Bitcoin and I am sure that Bitcoin community and developers together will find best solution to make Bitcoin stronger.
I would like to hear your opinions about this proposal...
I was so shocked by the size of bitmain that I forgot to mention how shocked I was of seeing the name of COBRA 💪💰✨
maybe BTC companies have come a bit to commercial as well ;)
Asic are useful tools for in POW. Asic basically force miners/ lock miners into using the chain. Gpu= miners switching the chain anytime. Asic= not many choices
But bitcoin can't handle a POW change now. If we do this then bitcoin credible/security would go down hill. But i do like cobra's plan. Here what i think should happen.
After LN is 70% mass adopted. The community now can hear/focus on other things such as POW change.
An Asic friendly POW that looks for useful numbers and a POS hybrid. With this in one year, it will be put into bitcoin mainet. It would kill two birds. One bitcoin POW is not completely wasteful and gives enough time for companies to make asics. POW would get 99.8% of the reward block. While POS would get 0.2% of the block reward. Aka the too proof are weighted differently. POS would be full nodes now earning bitcoins block rewards and the fees while earning from LN fees.
POW+POS gives the perfect mix of the two.
Make sense what you are talking. Point is to make Bitcoin stronger, not to start war against BITMAIN.
um...Should i clarity what i mean more? I meant that POW change can't be done now and i gave an modified version of cobra POW change plan.
I confused on
Ask me what so confusing and I'll clarify my statement. :)
I should wrote "have sense" 😁 sorry. I understand what is your idea and I like it👍
No problem :)
Rumor has it that #Samsung is going to making some moves in the world of mining Asics. I'm not surprised at all though! #crypto
Bitcoin is a remarkable achievement in the field of cryptography, and its ability to create something that can not be duplicated (faked) in the digital world is of great importance.
Yeah bitcoin will definetly become stronger.
Nice post👍🏻
nice news. bitmain have very bad trustpilot reviews.
It would be great to see any movement from the community to react on Centralized or Monopoly in Bitcoin. Thanks @cicbar for sharing.
i am more afraid of the exchanges than the mining companies because they own a lot of bitcoins and cryptocurrency.
Agree that this is dangerous and I hope more people will understand that only if you trade on DEX, you control private keys...
yes but is not good to keep all the eggs in the same basket either. but in the end, no risks no money!
I certainly agree with this. Some of these exchanges really scare me! Beware! It's best practice to NOT keep any of your assets in an exchange if you don't have to. Best idea is to take what you can out of the exchange and keep it in a Ledger Nano or something of the sort. #crypto
the whales are a treat for the small investors because they can manipulate the price. good post. 👍
Thanks 😁
Excellent post very good advice from you here I'm happy to read your content
Thanks :-)
As far as I can tell these are only thoughts and no definite plans, since no real solution was provided. Still nice to read that the devs are strongly aware of this problem and intend to solve it.
Thanks for sharing!
When I heard about why btc difficulty going up because of the existence of ASICs i was amazed and kinda angry that these machines drove the difficulty so high that in a short space of them coming out regular mining became significantly-less profitable. It's good for security but any coin that an asic can mine the ROI is gonna quickly plumit. for now i'm sticking to zcash etc. lolz
As newbie, both on Steemit and the crypto/blockchain world I enjoyed reading your post. It is very well written because it's kind of difficult subject, which you managed to explain easily.
Let me try to share my opinion, not sure if I already have enough knowledge from bitcoin. But I would say bitcoin is not fully decentralized anymore. As most people trade it via one of the top 50 exchanges. So I would say the exchanges are the crypto banks. And there are many things that could go wrong there.
5-0.58
More people will start using DEX when they realize that only if you use DEX for trading, you control your private keys.
True, but the advent and increased usage of "DEX's" is changing that. Not to mention a concept called "Cross chain atomic swaps" is changing everything. Look at Baterdex (atomic swaps), Bisq ( decertralised even uses fiat) and Cryto-bridge.
Lol, to be honest I'm totally clueless what you are talking about ☺️.
But since it is weekend I might have some time to read about these subjects you named.
good stuff.
Hi. I liked your post, keep it up. I wish you good luck and have a good day, and of course you can also get a big jackpot :)
Thanks 😁
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this will make btc less trustable.
Thank you for the post, I like bitcoin I want it to grow to 25 000 thousand dollars, and all will immediately become rich. I like your post.
Thanks you
dont you want to own more bitcoins? do you have more than enough now so you are ready to for it go up so high?
We must preserve the decentralization of Bitcoin. Without it, it's worthless. This is addressed in an article on the Block Size debate...Bitcoin vs Bitcoin Cash:
https://steemit.com/bitcoin/@workin2005/bitcoin-btc-vs-bitcoin-cash-bch-the-great-block-size-debate
in my opinion ... cobra fair to criticize bitcoin for caution against BITMAIN because of concerns will be taken over its BITCOINT market by BITMAIN will be very detrimental to miners BITCOINT and the fear will interfere with the government of China ....
nice post
I wish the algo would incorporate GPU mining into the mix, add 1/3 of the work for NVIDIA and 1/3 of the work for AMD cards.
ASIC mining is only fair for the chip manufacturers!
There's a Basketball Hoop at Bitmain.
DO YOU SEE THE SIZE OF THAT LOT❓❗😱😱😱
Huge :-)
Bitmain has made a lot of money. More than Nvidia! We must destroy this monopoly!
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I glad found you my freind ..
Thank for sharing
I like this post my freind ...
This very interest ..
Your post is very good
I am eenjoying using steemit and btc both.
thanks for this analisis
Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)
Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)
When you say decentrlised you're saying that the hash power by an entity is so large that only they can pick and choose the transactions from the lowest to highest fees? and hence they have the power to to choose who's transactions get processed? well that's what competition is for, all we can do is "act with our feet" so to speak and just choose another cryto for transactions, no harm done there. Another cryto will step up to accomodate, there is no doubt about that. Bitcoin will just be a valuable commodity. I understand that wasnt the intended purpose, but thats life, things change, and I say that it's not possibly a bad thing. but happy to read other oppinions
Bitmain? where can I get more info about Bitmain?
Google
When it comes to making bitcoin stronger?! I’M IN!! Let’s get rid of government currency all together..please 🙏🏽
Good post. I´d like to know about this theme.
Bitcoin going to be rise ..nice post
I think this post raises some important concerns. I've never heard of Bitmain before so I'm a little confused.
having no shape but the king of all currencies
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Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)
Good information... bitcoin strong..
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