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Title: Did S. Nakamoto ever imaged that mining will be made on GPUs, ASICs and pools? Post by: rremus91 on December 18, 2017, 07:06:07 PM At first mining was a piece of cake. You could mine on your own personal PC and making thousands of Bitcoins. Today it's impossible.
He knew that he must adjust the difficulty for mining (I believe to increase the price of the bitcoin). But have he ever imagined that mining will be ever possbile on GPUs or ASIC miners? What about mining farms? Is this man a genius? Title: Re: Did S. Nakamoto ever imaged that mining will be made on GPUs, ASICs and pools? Post by: stompix on December 18, 2017, 08:27:53 PM At first mining was a piece of cake. You could mine on your own personal PC and making thousands of Bitcoins. Today it's impossible. He knew that he must adjust the difficulty for mining (I believe to increase the price of the bitcoin). But have he ever imagined that mining will be ever possbile on GPUs or ASIC miners? What about mining farms? Is this man a genius? Search what he has already posted around the forum. https://www.mail-archive.com/cryptography@metzdowd.com/msg09964.html https://bitcointalk.org/index.php?topic=287.msg7687#msg7687 He did anticipate the concept of farming or at least wasn't that surprised by it: https://bitcointalk.org/index.php?topic=1976.msg25119#msg25119 He was still around the forum when slush launched Title: Re: Did S. Nakamoto ever imaged that mining will be made on GPUs, ASICs and pools? Post by: BelieveInBitcoin on December 18, 2017, 09:59:36 PM I think the point is that he had no way of knowing how mining would improve, he just put in the difficulty adjustment because he knew it would improve.
Title: Re: Did S. Nakamoto ever imaged that mining will be made on GPUs, ASICs and pools? Post by: squatz1 on December 18, 2017, 10:11:58 PM I think the point is that he had no way of knowing how mining would improve, he just put in the difficulty adjustment because he knew it would improve. Well of course Satoshi is a smart man, he knew what was going to happen with Bitcoin on the scale of the amount of money which was pumped into it so big corporations could make money. I don't have a link to when he said it, but he knew Bitcoin mining was going to turn into a huge data farm situation (huge warehouses dedicated to this) He knew it wasn't going to always be independent miners doing the bidding of the network, so yes he did know. Title: Re: Did S. Nakamoto ever imaged that mining will be made on GPUs, ASICs and pools? Post by: hatshepsut93 on December 18, 2017, 10:15:21 PM I personally find this quote very very strange:
Another way they can become more practical is if I implement client-only mode and the number of network nodes consolidates into a smaller number of professional server farms. Client-server model is the direct opposite of peer-to-peer model, and when the network of full nodes is turned into "a small number of farms" the system becomes not much different from any other centralized payment system. SPV clients don't validate blocks, they only check if their own transactions belong to a certain block, which means that there are some potential attacks and frauds that might be commited by big server farms of fullnodes+miners against SPV users. But even if this will be solved via some smart cryptography, it would still be a huge security issue - the government would simply take down or regulate those big server farms, turning Bitcoin into Visa 2.0. And SPV clients are absolutely helpless because they are not peers - they can't fork the network if the rules were broken or changed because they don't have the blockchain file, which would be measured in petabytes by that point. Bitcoin today is worth over $18k because people know that it can't be killed - even if China will go after miners, the nodes will fork to a new algo. The only way to kill Bitcoin is to track down every single hard drive with blockchain on it and destroy it. |