Title: Mining BTC is centralized. Post by: pinkflower on November 24, 2018, 01:32:09 AM Why is everyone avoiding this problem? Everyone should be concerned about this.
Its our time to explore more decentralized and greener mining alternatives. Title: Re: Mining BTC is centralized. Post by: Pursuer on November 24, 2018, 06:27:28 AM
Its our time to explore more decentralized and greener mining alternatives. and we are all ears for real suggestions not imagination. and we need to see actual proof of the suggestion working not some hype about some altcoin that uses a different method without any tests to prove its superiority. Title: Re: Mining BTC is centralized. Post by: snipie on November 24, 2018, 06:35:04 AM Asics miners made mining centralised. Some cryptocurrencies adopted asics resistant algorithm but as far as I know they aren't that famous.
The problem for bitcoin is that asics are expensive and for more profits you have to own several ones which require a huge investment which isn't possible for everyone. Title: Re: Mining BTC is centralized. Post by: Pursuer on November 24, 2018, 06:57:49 AM Some cryptocurrencies adopted asics resistant algorithm there is no such thing as ASIC-resistant. that term is like a buzzword that some altcoins started back in the days only to advertise themselves as a coin that can always be mined with GPUs. but the fact is they changed the algorithm so that bitcoin ASICs can not be used for them. in other words the correct term is BTC-ASIC-resistant. but nothing is stopping a company from creating a new ASIC that can mine them. Title: Re: Mining BTC is centralized. Post by: qqqua on November 24, 2018, 07:17:13 AM Some cryptocurrencies adopted asics resistant algorithm there is no such thing as ASIC-resistant. that term is like a buzzword that some altcoins started back in the days only to advertise themselves as a coin that can always be mined with GPUs. but the fact is they changed the algorithm so that bitcoin ASICs can not be used for them. in other words the correct term is BTC-ASIC-resistant. but nothing is stopping a company from creating a new ASIC that can mine them. Title: Re: Mining BTC is centralized. Post by: snipie on November 27, 2018, 06:24:25 AM you have very little knowledge about modern pow algos Expand a little bit your idea so everyone gets more knowledge. Some cryptocurrencies adopted asics resistant algorithm but the fact is they changed the algorithm so that bitcoin ASICs can not be used for them. in other words the correct term is BTC-ASIC-resistant. but nothing is stopping a company from creating a new ASIC that can mine them. Title: Re: Mining BTC is centralized. Post by: Upgrade00 on November 27, 2018, 07:44:19 AM Decentralization is a very vague subject and when you consider the concentration of mining rigs and bitcoin supply in very few hands, it debates the true decentralization of bitcoin.
No algorithm can be completely fool proof and perfect, but POW goes a long we in diversifying control to the entire ecosystem. Title: Re: Mining BTC is centralized. Post by: franky1 on November 27, 2018, 07:50:44 AM computers are centralised
there is only: intel AMD ahhhh kill all computers (^note sarcasm^) mining is not centralised because although some reddit/twitter PR campaign screams "china51%".. thats fake news even 'antpool' which suggest to have 12.8% at time of post. is actually: half a dozen stratums in half a dozen countries with half a dozen different coin reward addresses some of these separate entities tagged as "antpool" do different things, such as: some do empty block mining some do rewards to bech32(bc1q segwit) addresses and add segwit transactions from mempool some just handle legacy. all revealing that "antpool" is diverse in power/decisions/location things like slushpool is tagged under the "china51%" yet they are managed in thailand and world wide stratum for asics anywhere F2pool is world wide gateway for asics anywhere btc.com has stratums and farms in many locations so.. dont take reddit/twitter screams too seriously unless you background check/find the source stats. in short DYOR(do your own research) Title: Re: Mining BTC is centralized. Post by: Pursuer on November 27, 2018, 08:25:41 AM Some cryptocurrencies adopted asics resistant algorithm but the fact is they changed the algorithm so that bitcoin ASICs can not be used for them. in other words the correct term is BTC-ASIC-resistant. but nothing is stopping a company from creating a new ASIC that can mine them. ASIC is not even about mining. it is basically an electronic circuit that is designed for a specific use. a bitcoin miner is a type of ASIC which is short for Application-Specific Integrated Circuit. but ASICs have other usages too. in crypto space so far since bitcoin has been the most solid Proof of Work cryptocurrency that is worth mining the focus of ASICs have bee on mining bitcoin's PoW. but there are other ASICs too. for example the scrypt mining ASIC that is used for mining litecoin (called Antminer L3) and recently Ethereum ASIC miner (Antminer E3) Title: Re: Mining BTC is centralized. Post by: sinkfish on November 27, 2018, 10:04:32 AM Why is everyone avoiding this problem? Everyone should be concerned about this.
Its our time to explore more decentralized and greener mining alternatives. centralize is not coincident. not everyone can afford expensive ASIC mining rig. to reduce cost of operation, some company provide pool mining. its natural for the lawful state to issue permits to company. Any company is making profit of any service is require to report their operation, else it would be illegal. Title: Re: Mining BTC is centralized. Post by: bitfocus on November 27, 2018, 11:35:37 AM you really need to study the facts and stop believing everything you found on the web, especially such conspiracy theories that presents only fallacies,, no logic.
Title: Re: Mining BTC is centralized. Post by: BrewMaster on November 27, 2018, 04:22:13 PM centralize is not coincident. not everyone can afford expensive ASIC mining rig. to reduce cost of operation, some company provide pool mining. that is not called centralized at all to be coincidence or not. it is done by choice and under different circumstances so it is not centralization. centralization of mining would be if someone (the centralized authority) could prevent you from mining bitcoin which is not true so it is decentralized. Title: Re: Mining BTC is centralized. Post by: ice18 on November 27, 2018, 04:26:32 PM Not the actual btc mining is centralised but the business establishment if you have a huge mining farm cost a million dollar of course you have comply the proper paper inorder to operate just like a normal business procedure.
Title: Re: Mining BTC is centralized. Post by: Troy-Crypto on November 27, 2018, 04:43:38 PM Why is everyone avoiding this problem? Everyone should be concerned about this. Its our time to explore more decentralized and greener mining alternatives. I would be more than happy to hear about the green options that you are talking about. I am not that involved in the crypto industry, but if BTC that was the first is centralised, what more should be looking for? The system of the others, outcomes is alternative of the BTC system, so where should we look for that greener option? What is the green option in crypto industry anyway? Title: Re: Mining BTC is centralized. Post by: franky1 on November 27, 2018, 06:37:22 PM [color="green"]greener mining alternatives.[/color][/b] at a recent hashrate of 36exa, thats: 36,000,000 terrahash 36,000,000,000,000 megahash if we stuck with PC (cpu) mining that would be trillions of PC's needed. imagine a PC with a 500w Power supply each but with asics thats only 1.28million ASICS using near-off 3 PC power supplies so the equivelent of just ~4mill PC's worth of power 4mill vs trillions... which is greener? i know some foolish people think signing blocks using PoS is greener. but they have no cost/risk in signing. it doesnt cost a penny to sign a block. meaning there is no cost for people to pool up 'stake' and syndicate themselves into controlling block creation which is a SECURITY RISK by having a cost to mine prevents outsiders from attack and also makes bitcoin have a viable bottomline value because it actually costs funds to mine it. thus those mining it will not sell at a loss and wont sell it down to a penny altcoins using PoS have no underlying cost of production and the price is pure speculation Title: Re: Mining BTC is centralized. Post by: snipie on November 27, 2018, 07:14:36 PM snip Thanks Pursuer and other members for those useful information :)Some people said press sub board is not useful anymore, i found the opposite so far. Title: Re: Mining BTC is centralized. Post by: squatter on November 27, 2018, 08:45:07 PM i know some foolish people think signing blocks using PoS is greener. but they have no cost/risk in signing. it doesnt cost a penny to sign a block. meaning there is no cost for people to pool up 'stake' and syndicate themselves into controlling block creation which is a SECURITY RISK by having a cost to mine prevents outsiders from attack and also makes bitcoin have a viable bottomline value because it actually costs funds to mine it. thus those mining it will not sell at a loss and wont sell it down to a penny altcoins using PoS have no underlying cost of production and the price is pure speculation Pure proof-of-stake is obviously problematic because it costs large stakers nothing to attack the network. What do you think about hybrid POW/POS protocols, where traditional mining is used as a check to ensure honest staking? I haven't actually researched it too deeply, but a couple miners have mentioned it to me in a positive light. Title: Re: Mining BTC is centralized. Post by: Gamblet on November 27, 2018, 11:34:18 PM I don’t think that Bitcoin mining is very centralized. Even major miners have a large share of the network, but not one miner has a critical advantage. I think it’s natural that small miners find it difficult to compete with major miners. This is called rivalry.
Title: Re: Mining BTC is centralized. Post by: pinkflower on December 03, 2018, 04:28:52 AM [color="green"]greener mining alternatives.[/color][/b] at a recent hashrate of 36exa, thats: 36,000,000 terrahash 36,000,000,000,000 megahash if we stuck with PC (cpu) mining that would be trillions of PC's needed. imagine a PC with a 500w Power supply each but with asics thats only 1.28million ASICS using near-off 3 PC power supplies so the equivelent of just ~4mill PC's worth of power 4mill vs trillions... which is greener? i know some foolish people think signing blocks using PoS is greener. but they have no cost/risk in signing. it doesnt cost a penny to sign a block. meaning there is no cost for people to pool up 'stake' and syndicate themselves into controlling block creation which is a SECURITY RISK by having a cost to mine prevents outsiders from attack and also makes bitcoin have a viable bottomline value because it actually costs funds to mine it. thus those mining it will not sell at a loss and wont sell it down to a penny altcoins using PoS have no underlying cost of production and the price is pure speculation We can agree in Proof of Stake as a bad idea. The greener alternative technology available to us is Proof of Capacity and Proof of Space and Time. Having that said, electricity isnt the only physical property we have available to secure the digital with the physical. The world has a huge capacity of unused disk space that can be accured to secure a cryptocurrency. Title: Re: Mining BTC is centralized. Post by: glenntalbot on December 03, 2018, 06:21:28 AM I Agree 100% These are some of the reasons for believing that bitcoin it is centralized not only the mining per se :'(
Title: Re: Mining BTC is centralized. Post by: Kakmakr on December 03, 2018, 07:00:56 AM I guess you missed the latest news about GPU manufacturers that are designing specialized Graphic cards that are targeted at Bitcoin/Crypto currency mining. ::)
Most people only have a problem with this, because China was smart enough to dominate the ASIC manufacturing scene <racist much?> If the people in Silicon Valley wanted to be smart, they could have jumped onto the Bitcoin bandwagon a long time ago, but they were more worried about the political implications, than the technological advancement and innovation that Bitcoin brought to the world. :P Title: Re: Mining BTC is centralized. Post by: levvv on December 04, 2018, 01:40:14 AM Why is everyone avoiding this problem? Everyone should be concerned about this.
Its our time to explore more decentralized and greener mining alternatives. I think btc is the coin which has the most liquidity in the market, that's why companies making bitcoin ASIC miner to mining it. When some company make btc ASIC miner, the others can buy from them and start mining, not only the ASIC company and that means it is not centralized. Except they make it and not selling publicly. But even if that occurred, we will know by the sudden abnormal increasing hashrate on mining btc. Title: Re: Mining BTC is centralized. Post by: pinkflower on December 06, 2018, 04:36:51 AM I guess you missed the latest news about GPU manufacturers that are designing specialized Graphic cards that are targeted at Bitcoin/Crypto currency mining. ::) Most people only have a problem with this, because China was smart enough to dominate the ASIC manufacturing scene <racist much?> If the people in Silicon Valley wanted to be smart, they could have jumped onto the Bitcoin bandwagon a long time ago, but they were more worried about the political implications, than the technological advancement and innovation that Bitcoin brought to the world. :P That doesnt solve the energy inefficiency problem of Proof of Work. The GPU manufacturers are adding more problems to inefficient energy usage and waste instead of searching for answers. Having that said, this blog by nixops, who's an early BTC adopter, is a good piece. He has also talked about the insecurities of PoW. Energy Efficiency and Security (https://medium.com/swlh/energy-efficiency-and-security-b2b7222988df) Bitcoin
Dangers of Proof of Work
Proof of Capacity
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