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Title: Why can't all hash power contributed to mining a coin be one huge pool? And Post by: ak84 on January 15, 2014, 10:01:57 AM Someone (knowledgeable) please answer this question.
Wouldn't it be better to make all the hashing power contributed to mining of a coin one huge pool? Why allow mining pools at all? They only contribute to the risk of a 51% attack. Also, why payout coins to solvers of a block when you can split the coins up amongst those who contributed hashing power? Any miner who hashes a coin can get shares based on his hashing power, no mining pools allowed, no 51% risk. What I mean is, for a new coin, why can't it have this feature built-in? It seems so simple, am I missing something? Title: Re: Why can't all hash power contributed to mining a coin be one huge pool? And Post by: FalconFly on January 15, 2014, 10:04:02 AM That would be one single point of failure and one single target for attacks - fully centralized and extremely vulnerable.
Plus, the amount of people entrusted for caring about that central spot would be pretty small and the risk of any of them grabbing or manipulating the jackpot & run off would be extreme. ergo -> extremely bad idea The more decentralized, the better, stronger and more reliable it becomes, because it needs to survive successful attacks and temporary deficiencies/technical failures of all sorts. After all, it's a very greedy humanity we're witnessing right now, thieves and scammers of opportunity are literally around every corner. Additionally, everything used in the process is typical, off-the shelves hardware which will occasionally malfunction or fail at some time and require periodic maintenance/upgrade downtimes. And when it comes to new coins.... *ugh*.... we already have more clones than anyone would ever need. A truly new one actually improving and erasing all known and projected SHA256/Scrypt weaknesses or risks is nowhere to be seen. Title: Re: Why can't all hash power contributed to mining a coin be one huge pool? And Post by: Interized on January 15, 2014, 10:22:41 AM That would be like having one single bank for the whole world.
No thanks. Title: Re: Why can't all hash power contributed to mining a coin be one huge pool? And Post by: greenlion on January 15, 2014, 11:21:38 AM Someone (knowledgeable) please answer this question. Wouldn't it be better to make all the hashing power contributed to mining of a coin one huge pool? Why allow mining pools at all? They only contribute to the risk of a 51% attack. Also, why payout coins to solvers of a block when you can split the coins up amongst those who contributed hashing power? Any miner who hashes a coin can get shares based on his hashing power, no mining pools allowed, no 51% risk. What I mean is, for a new coin, why can't it have this feature built-in? It seems so simple, am I missing something? This is what P2Pool is. Title: Re: Why can't all hash power contributed to mining a coin be one huge pool? And Post by: crazy_rabbit on January 15, 2014, 02:34:29 PM P2Pool. People should use it more.
Title: Re: Why can't all hash power contributed to mining a coin be one huge pool? And Post by: FandangledGizmo on January 15, 2014, 02:48:30 PM Someone (knowledgeable) please answer this question. Wouldn't it be better to make all the hashing power contributed to mining of a coin one huge pool? Why allow mining pools at all? They only contribute to the risk of a 51% attack. Also, why payout coins to solvers of a block when you can split the coins up amongst those who contributed hashing power? Any miner who hashes a coin can get shares based on his hashing power, no mining pools allowed, no 51% risk. What I mean is, for a new coin, why can't it have this feature built-in? It seems so simple, am I missing something? Yes P2Pool does pretty much what you want. However hashers are slightly more financially incentivized to use the larger pools. Incentivising Hashers to use P2Pool is imo the most important thing Bitcoin should be doing right now. Title: Re: Why can't all hash power contributed to mining a coin be one huge pool? And Post by: Akka on January 15, 2014, 02:52:16 PM Incentivising Hashers to use P2Pool is imo the most important thing Bitcoin should be doing right now. Glad to see, that more and more people seem to get it. Now I only would like to see some groth at P2Pool. Or more development of small pool that mine against P2Pool to make it easier. Interestet, but don't want to setup a Node look here: http://p2pool-nodes.info/ Title: Re: Why can't all hash power contributed to mining a coin be one huge pool? And Post by: Tirapon on January 15, 2014, 03:19:48 PM +1
P2Pool |