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Title: Is Bitcoin mining crooked? Post by: g2com on November 29, 2016, 05:05:58 PM There was an article criticizing Bitcoin mining by calling it "crooked in nature". I forgot the title of the article. But it seems Bitcoin mining is causing lots of troubles, e.g. Selfish mining, centralization. However, without mining would there be a better way to incentivize node to serve the Bitcoin network?
Title: Re: Is Bitcoin mining crooked? Post by: Jhanzo on November 29, 2016, 05:15:19 PM There was an article criticizing Bitcoin mining by calling it "crooked in nature". I forgot the title of the article. But it seems Bitcoin mining is causing lots of troubles, e.g. Selfish mining, centralization. However, without mining would there be a better way to incentivize node to serve the Bitcoin network? Can you link us to the article? Your post isn't very clear. What kinds of troubles? What do you mean by selfish mining? Centralization in what? And full nodes don't get paid to begin with, btw. Edit: Looked and found what selfish mining is (https://www.cryptocompare.com/coins/guides/what-is-bitcoin-selfish-mining/). It looks like it doesn't happen very often since 2013. Title: Re: Is Bitcoin mining crooked? Post by: odolvlobo on November 29, 2016, 06:49:29 PM There was an article criticizing Bitcoin mining by calling it "crooked in nature". I forgot the title of the article. But it seems Bitcoin mining is causing lots of troubles, e.g. Selfish mining, centralization. However, without mining would there be a better way to incentivize node to serve the Bitcoin network? Mining is an integral part of Bitcoin. It provides the security and Bitcoin is not possible without it. Title: Re: Is Bitcoin mining crooked? Post by: Kprawn on November 29, 2016, 07:04:59 PM The mining is not the incentive, the Bitcoin reward is. Take away the reward and nobody will be mining. The other reward is the miners fees,
and if nobody is using the technology and the reward was taken away, people would also stop mining. The only other reason I can think of for people to host nodes, would be for financial gain. If they built their business around Bitcoin, they will have to run nodes to sustain it... So we should get all big merchants to run nodes to help support the decentralized network. ;) Title: Re: Is Bitcoin mining crooked? Post by: tntdgcr on November 29, 2016, 07:18:48 PM The mining is not the incentive, the Bitcoin reward is. Take away the reward and nobody will be mining. The other reward is the miners fees, and if nobody is using the technology and the reward was taken away, people would also stop mining. The only other reason I can think of for people to host nodes, would be for financial gain. If they built their business around Bitcoin, they will have to run nodes to sustain it... So we should get all big merchants to run nodes to help support the decentralized network. ;) keeping in mind, that as the level of network falls , it would only do so to match the demand of the network. Those left behind would get a far larger proportion of the pie, and as those incentives became more lucrative, more miners would rush in to fill this space. this is why , BitCoin mining is now a long position by default. your thought about Merchants is correct , almost any good citizen in the crypto space should wear Full node as a badge of honor. Title: Re: Is Bitcoin mining crooked? Post by: rapazev on November 29, 2016, 07:22:55 PM There was an article criticizing Bitcoin mining by calling it "crooked in nature". sounds like something said by banks... other methods are being used/developed by other cryptos(pos, dpos, lpos, etc etc etc), but PoW(bitcoin mining method) still the best way to secure the network, so i dont see a good reason to said it is "crooked in nature". Maybe in the future we find a better way, but right now still the best. |