**PUBLIC ALERT** Change with process of "mining" BTC or it WILL fail.

[Interized]

Back when BTC was truly decentralized -- everyday users mining on any old PC -- this was a great selling point to get people on board with this type of currency. Everyone that had Bitcoin on the network was help keeping this going, but nope -- with the current METHOD used for mining has only one future, and that is eventually ending up with a few huge mining companies.

While the idea that at least several companies around the world would be mining/maintaining the network sounds okay, I still think that is very bad for Bitcoin, but that is exactly where the future for us is headed. You even have the hardware companies deciding they rather mine instead of sell to individuals.  Something needs to be changed to give THE PEOPLE back power, which was the whole point of Bitcoin.. At this point every single day Bitcoin becomes less and less for the people..

-Sqw33sh

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[sublime5447]

I agree 100 percent, bitcoin is shit.
I want to talk about why and how to fix it.

[Interized]

I agree 100 percent, bitcoin is shit.
I want to talk about why and how to fix it.

 

[sublime5447]

No intelligent input I see.   

[Kupsi]

Make a mining heater, and I'll start mining. I spend some kW on heating anyway.

[sublime5447]

Make a mining heater, and I'll start mining. I spend some kW on heating anyway.

You would lose money heating with a miner. Any miner is a heater if you use it to heat with.

[Kupsi]

Make a mining heater, and I'll start mining. I spend some kW on heating anyway.

You would lose money heating with a miner. Any miner is a heater if you use it to heat with.

Why would I lose money? It's like mining with free electricity since I'm using electricity for heating anyway. But I want a silent miner to have in my living room.

[sublime5447]

Make a mining heater, and I'll start mining. I spend some kW on heating anyway.

You would lose money heating with a miner. Any miner is a heater if you use it to heat with.

Why would I lose money? It's like mining with free electricity since I'm using electricity for heating anyway. But I want a silent miner to have in my living room.

Good luck with that. You might off set your heating bill, but because you would be mining mid day you would probably lose money depending on your comfort range.

[TheLittleDuke]

I think the best route is to leverage the hashpower on servers that can merge mine alt coins that solve other problems than just the financial transaction role that BTC mainly plays.

I'm not a fan of junking up the chain with other data.

If we can create a cascade system that could leverage the power across any number of compatible chains we could extract value out of the mining process itself beyond the BTC lottery imho

-dvd

[fran2k]

Proof of Stake? Anyone?

It will be quite impossible to change the PoW. Only if some big problem surges other than the ASIC market itself.

Bitcoin has choosen this PoW. There is space for other coins to explore other distribution systems.

Market will decide.

[petersiddle98]

Proof of Stake? Anyone?

It will be quite impossible to change the PoW. Only if some big problem surges other than the ASIC market itself.

Bitcoin has choosen this PoW. There is space for other coins to explore other distribution systems.

Market will decide.

No thanks, hate POS.. Just need the halving to come quicker...

[cbeast]

If you don't like the way the miners operate, start your own miner. If you find enough people that believe what you say, maybe they will back you.

[sublime5447]

pow or pos makes no difference. Coins cant be mined into existence. That won't work. Coins need to be issued into existence from trusted parties. 

[sublime5447]

If you don't like the way the miners operate, start your own miner. If you find enough people that believe what you say, maybe they will back you.

That is what this is about, abandoning bullshit BTC in favor of something that can work.

[cbeast]

If you don't like the way the miners operate, start your own miner. If you find enough people that believe what you say, maybe they will back you.

That is what this is about, abandoning bullshit BTC in favor of something that can work.

Wow. Start an altcoin. Nobody has tried that yet.

[sublime5447]

If you don't like the way the miners operate, start your own miner. If you find enough people that believe what you say, maybe they will back you.

That is what this is about, abandoning bullshit BTC in favor of something that can work.

Wow. Start an altcoin. Nobody has tried that yet.

No one has started a coin that works on different principles. I am looking for something different.

Two Kinds of Money

1.The Scarcity Model: A single uniform quantity in limited supply made valuable by its own scarcity.
In other words, the value of this type of money depends on the supply of, and demand for, the money commodity itself. Conventional definitions of money define money only in terms of this model, a "medium of exchange". Examples are: cowries, gold and silver, fiat cash and coins, bank credit, and now, in the model's purest and most spectacularly speculative form, Bitcoin.

2. The Abundance Model. A promise of something specific from someone specific made valuable by its redemption in real production. The value of this type of money is defined by the promised redemption in goods and/or services. As such, this type of money is promises of an indefinite number of non-uniform commodities in indefinite supply and, unlike the limited quantity "coin" concept of money, the total quantity of these credits in circulation does not affect their value, because the value of a credit is defined by what its issuer will redeem it for in real goods and/or services. Examples are: business-to-business barter credits, customer rewards, travel points, discount coupons, mutual credit systems.

[cbeast]

If you don't like the way the miners operate, start your own miner. If you find enough people that believe what you say, maybe they will back you.

That is what this is about, abandoning bullshit BTC in favor of something that can work.

Wow. Start an altcoin. Nobody has tried that yet.

No one has started a coin that works on different principles. I am looking for something different.

Two Kinds of Money

1.The Scarcity Model: A single uniform quantity in limited supply made valuable by its own scarcity.
In other words, the value of this type of money depends on the supply of, and demand for, the money commodity itself. Conventional definitions of money define money only in terms of this model, a "medium of exchange". Examples are: cowries, gold and silver, fiat cash and coins, bank credit, and now, in the model's purest and most spectacularly speculative form, Bitcoin.

2. The Abundance Model. A promise of something specific from someone specific made valuable by its redemption in real production. The value of this type of money is defined by the promised redemption in goods and/or services. As such, this type of money is promises of an indefinite number of non-uniform commodities in indefinite supply and, unlike the limited quantity "coin" concept of money, the total quantity of these credits in circulation does not affect their value, because the value of a credit is defined by what its issuer will redeem it for in real goods and/or services. Examples are: business-to-business barter credits, customer rewards, travel points, discount coupons, mutual credit systems.

So what is different that hasn't been done before?

[sublime5447]

If you don't like the way the miners operate, start your own miner. If you find enough people that believe what you say, maybe they will back you.

That is what this is about, abandoning bullshit BTC in favor of something that can work.

Wow. Start an altcoin. Nobody has tried that yet.

No one has started a coin that works on different principles. I am looking for something different.

Two Kinds of Money

1.The Scarcity Model: A single uniform quantity in limited supply made valuable by its own scarcity.
In other words, the value of this type of money depends on the supply of, and demand for, the money commodity itself. Conventional definitions of money define money only in terms of this model, a "medium of exchange". Examples are: cowries, gold and silver, fiat cash and coins, bank credit, and now, in the model's purest and most spectacularly speculative form, Bitcoin.

2. The Abundance Model. A promise of something specific from someone specific made valuable by its redemption in real production. The value of this type of money is defined by the promised redemption in goods and/or services. As such, this type of money is promises of an indefinite number of non-uniform commodities in indefinite supply and, unlike the limited quantity "coin" concept of money, the total quantity of these credits in circulation does not affect their value, because the value of a credit is defined by what its issuer will redeem it for in real goods and/or services. Examples are: business-to-business barter credits, customer rewards, travel points, discount coupons, mutual credit systems.

So what is different that hasn't been done before?

We have not had a currency that was issued into existence for one and we have not had a digital coin with a standard. 

[cbeast]

We have not had a currency that was issued into existence for one and we have not had a digital coin with a standard. 

Who would issue and standardize a digital coin?

[sublime5447]

We have not had a currency that was issued into existence for one and we have not had a digital coin with a standard. 

Who would issue and standardize a digital coin?

Trusted entities. I would be willing to issue currency denominated in a objective standard like a ratio to the rogers commodity basket index and redeemable in objective value like USD or gold or used boat parts,  and I would be willing to secure a node of a blockchain for free.