Bitcoin Forum

Can we reset the Bitcoin mining process to redistribute wealth?

The idea of Bitcoin where anyone could mine and support the network of course died with ASIC technology.

Is this great concept of Bitcoin just dead forever?

Personally I would prefer every single person (or at least 1 out of 10) would own a device that supported this technology we are using to determine one's wealth/control/power/influence.

But not for profit and every person who wanted to be part of the network owned an equal share.

Only in a perfect world right?

Well in the end of Bitcoin if it doesn't change, perhaps the internet Gods (Google, Yahoo & Bing) will unite to create solar powered satellite Bitcoin miners spread all over.

To own Bitcoin just own the most computing power. Well I guess at least the people we will trust our money now should be tech savvy right?

Banks are slow and outdated, I still cry when I see someone write out a check.

no, becaause a random dude, could 51%'ed the network , and good luck try to convince all the miners to shut down their miners, with their big profit that they make each day

and bitcoin was intended to be casual for the majority

No.

That idea was stillborn, if was ever even conceived.

No.

Everyone can own such a device, if they want one. It is not always or even usually profitable, which is why not everyone wants one.

Equal share of what?

The world isn't perfect.

Okay?

You don't need to mine to own bitcoins.

Duh?  ::)

http://imagizer.imageshack.us/a/img633/1496/AlSIGf.gif



In what world you live ? ... Bitcoin is created by the people.
You can not shutdown this now. http://imagizer.imageshack.us/a/img631/4035/xPdQcG.gif

Even if you did a perfect distribution, meaning that you spread 21 Bitcoin to 21 million people and you give 1 bitcoin to each person, there is an enormous chance that in about 25 years time, 80% of all of the bitcoins will end in the hands of 20% people. This is a Pareto principle and this is a human nature.

To return to the beginning of my post, of you give 21 million coins to 21 million people, what about other 7 billion? Would that be fair enough?

Hope I answered your concerns and remember, world is just unfair!

There are no stupid questions, only stupid people.

bitcoin reset would be like governements idea no?

this part is what i wished too. well not exactly but i wished that it could become possible for everybody (like it was before) to mine bitcoin with their personal computer. not for profit but to be able to be a part of this technology.
but we all know that this is not going to happen because of difficulty and all that crap we all know about!
and the idea of resetting ... is just making an altcoin IMO.

No, it would make bitcoin worthless. If you do it once, why not do it again in the future, for the next generation? With that in mind, would you want to accept bitcoin for your services? Would you work to get bitcoin? No you would not, because at any moment it could be decided (lets just assume there is some way to do this) that now is the time to redistribute. *poof* everything you worked for the last years/months/days is gone.

That would not create equality, it would render the currency useless. Thats not socialism, its idiocy.

personally i like that mining requires an investment to get into otherwise everyone would start doing it and the returns from mining from diminish

And stupid answers.  ::)

^ From a guy who clearly is a fan of Google who are not in the business of giving away all of their money to "make things even for everyone" either.  :o

No, it is actually nonsensical to reverse all the process and revert it to 0. Imagine all the used energy that we harnessed for the last 6 years by just mining bitcoin and revert it back so as to distribute wealth? Uneven wealth distribution will stay as it is, and will never be equal even if we wanted it too.

Bitcoin was available to mine to anybody from minute one. If you look into the early history Satoshi was clearly thrilled when anyone paid it the slightest attention. Be thankful that the early players and miners had the vision to help it arrive at this point.

Why stop at Bitcoin?  We should kill all those fuckers who drive Mercedes and take their wives rings off their fingers and sell that shit and pass the money around to poor people.  Anytime someone works hard and amasses some wealth, lets throw him the fuck into jail and take his money!!!  Those who came before us and did smart things, fuck them - lets get their money and 'redistribute it'. 

That is the true spirit of the bitcoin community. 

Holy fuck!

At this point, you can't really reset the Bitcoin network. There's already a lot of investment made in this network. If you want to mine from the beginning you might as well start your own coin.

Do you mean rolling back the chain? ??? That's crazy

Maybe you aren't aware of the endless free stuff/information search engines like Google give you.  ::)

And maybe you aren't aware that nothing is free (everything that appears to be is actually gathering data for either the NSA or private companies).

Did you even read what I said?  ::)

Also you have a choice to use Chrome and any of Google's other products that profile you for advertising.  ???

Duh!!  :o :o :o

Bitcoin has to be earned, not distributed evenly. We have to work hard to promote bitcoin and increase its value.

Then this wouldn't be bitcoin anymore. Bitcoin would lost all trust and value.
Terrible idea :P

This. In addition, most of the very early adopters (except a few high profile ones) have probably sold most of their holdings during any of the run ups helping distribution.

If you were late to the party, just remember, most thought they were late when bitcoin was at 10 usd, and 50 usd, etc. and look where we are now.

Remember Auroracoin, the first country coin? That was an experiment to distribute an equal number of coins to each citizen of Iceland. Most of the population never got any coins, and the dev was accused of dumping huge numbers of coins that should have been shared among the population. None of the country coins that came afterwards were distributed equally among a country's population. If none of the country coins were fairly distributed then redistributing Bitcoins among the worlds population wouldn't work either.

What CIYAM is trying to teach you is: If its free, you are the product.

You are also free to use bitcoin, you just need to buy or earn them.

Mining is exactly this kind of reset: Miners have the ability to charge a fee that constantly collect coins from existing holders into their possession, and anyone can easily buy a miner to do that. But you will find out that the cost to redistribute the bitcoin through mining might be higher than just buying them from market, if you don't have free electricity

yeah, try this ... and then, all miners go to P2Pool to erase this policy.  ;D

Nothing can be redistributed fairly. Just think about countries. Some have more mountains, some have more lakes. Some are tiny, some are huge.
Real world works like this: Some are lucky and wise, get into boat even its risky, and gain a lot.
Some not even hear about it.

It is not profit to mine if your electricity price is over $0.15/kWh.

Mining also has another advantage: The coins you get from mining are clean without earlier transaction history

I would love to be able to CPU mine, but if we resetted to that point, it is very likely that Bitcoin will lose all value. And who knows if it would ever regain it.

This would not be a perfect world because now bitcoin as been publicized. This would be the most ridiculous thing I've ever heard.
That's like putting all the gold back into a goldmine after it's been mined because we wanted to be fair to the people who heard about it late.

Nice idea,but it will stay just like a idea,it  can cause to much problems  and i think even btc demage

If someone resets Bitcoin, than the Bitcoin will no longer be the Bitcoin.

How much you would like it to be 'fair'. bitcoin still has to be scarce to have any value, if everyone has the equal share, the bitcoincap would not be enough to spread the wealth, bitcoinprice would be just a few cents.

It is the big mining rigs that make the value of the coin thrive, make it rise and rise again,

If there is not incentive, no one would mine, maybe just a hand full of people. The 21 project could benefit from it, it makes small appliences mine bitcoin, these are at the moment not powerfull yet, the difficulty has to drop for those machines to be interesting enough to contribute to the blockchain.

You cannot get rid of the need of people to want more and more. We want more social and economic equality, in that we are giving in to our own greed to want more, be it equality, it is a utopian idea we never ever will reach, only scrape upon and then forever yearn to get closer...

There is really no way of reseting the Bitcoin mining process. As there is only a certain amount of Bitcoin in the world,21 000 000, you can't reset the Bitcoin mining process. As soon as all the Bitcoin is mined, I don't really know what is going to happen as people mining would barely earn anything.

That's not a good idea for sure,resetting bitcoin will don't do much and won't help the redistribution of the coins.This will be an experiment for sure.

OP should start CommieCoin. No mining required. Everyday you wake up the number of coins in your wallet resets to a certain amount regardless of how much or how little you've spent/received the previous day. This way wealth is equally redistributed on a daily basis and everyone remains equally rich.

[Hint: You will destroy the value of Bitcoin if you try to redistribute the wealth of its users, even if you think you are picking on just the miners.]

There is no need t reset the bitcoin  block chain.  If you want to realize your ideals, just create a new coin and see if others will support your ideas.

Oh - you mean everyone has been working hard for 7 years to develop their holdings and you didn't do shit?  So now you want to declare an algorithm that forcefully takes money from those people who worked hard for it and give it to people who didn't contribute to the system? 

You are no less than a bank robber.  'redistribute wealth' is just a nice way to say take shit from those who earned it and give it to those who didn't.  Fucking joke.

while we are at it
in america there is $15,400,000,000,000 ($15.4trillion) in personal bank accounts

lets make it so that at midnight of each night, its reset. so that every man, woman and child gets $44,000 each..
no matter if they spend it all. or keep it.
no matter if they receive $4,400,000 from 100 people, by selling goods/services... at midnight.. its reset back to $44,000 each

the end result is that $44k would only have a living cost value of 1 days food or bills.
then people wont want to work because they are guaranteed $44k tomorrow.
so next there would be no bills because there are no workers at the nuclear plant keeping the lights on..
eventually people will resort to trading physical products because there is no electric to power bank databases, internet, ATM's..

so now you know that doing such a thing to a highly dependant FIAT.. would result in returning to the middle ages..
what benefit would it be to do the same to bitcoin..

tell me exactly how people would continue to value bitcoin, if its reset?

That seems like a stupid idea?  We can't reset the network with the amount of problems that would cause.  Basically what I hear from you is, I messed up at the start and didn't mine when I could, now I want to get stupid rich because I could mine a lot of coins for nothing and get free money.

but he wont get rich..
bitcoin would be worthless..

imagine it 15million coins redistributed to 15 million people..

coinbase coldstore balance would disapear.. bitstamp, bitfinex, all exchange balances would disapear.
people would start sueing businesses.. and never trust bitcoin again..

instantly bitcoin would tank to $1.. and then those 15million people with 1btc each would sell the bitcoin in fear of the drop to 1cent..
the possibility of wanting to 'hold' bitcoin would vanish as there would be code to just make it move out off addresses without owners consent.

all because some basement dweller(op) thinks sitting on his hands and not earning bitcoin deems him worthy of getting free bitcoin..

he has no logical understanding of economics or how to even earn bitcoin bitcoin the regular way.
(work as an employee of a bitcoin business/start a business offering products or services)

This may end up to be more of a reality than not....that millions of people will own devices that mine bitcoin, albeit in minute amounts.

21's grand vision is to puts its chip into everything is underway....and before you say not economically feasible... realize nuclear fusion and incredibly cheap power are only a couple of decades away.

I don't think Lockheed Martin is given to hyperbole

https://www.youtube.com/watch?v=UlYClniDFkM

 

Yup...  :)

There is no need to redistribute bitcoins. There is no need to force anyone to give up anything. There are lots of people willing to help you acquire bitcoins. Anyone can get as many bitcoins as they want. Just buy some.

If you want to own more bitcoins than 99.9% of all the people in the world, then go to a faucet and get some dust. If you want to be in the top 10% of all bitcoin owners, go to an exchange and buy 10 bitcoins.

It is that easy.

Anyway, people that advocate a "fair" distribution of bitcoins are confused about the difference between money and wealth.


That's not going to change anything.

No, that wouldn't make sense because bitcoin would be worthless then and there would be no wealth to redistribute.

reset just for you get some wealth?
those who hold lot of bitcoin right now didnt get it for free
they invest a lot of time and effort and money on it and put lot of faith on it
so i think it will never happen

So your comfortable with a very small minority (10%) of bitcoin users having control, access, or ability to use bitcoin mining technology? Good, that's basically what we have today!

Bitcoin is a wonderful application of capitalism...those that work get paid. Those that risk have the opportunity to get paid more (but not the obligation or promise).

The reality is that this is how fast the maturity of an industry can move and change the way things were done in the beginning. There are other ways to get involved that can be very profitable.

By resetting it means that the profit that was before to be removed and distribute the bitcoin to new miners!! It is impossible.

When the Soviet Union collapsed in early 1990s, the state properties were distributed to citizen equally. People were equally rich at that time. But shares of companies changed hands, powerful people got more shares by buying from other people. They are richer.

If we rest the bitcoin, the result is the same.