As we know, Jihan has too much power on the network, and apparently will soon have up to 80% of hashing rate once the new bitmain installations are deployed:
https://cointimes.tech/2017/03/statenationattack/
This mining facility by Bitmain in China (main supporter of BU) will single handedly have 80% hashing power overnight.
80% of the network controlled by a single entity with a very clear agenda. How can you call this decentralized with a straight face? how did satoshi didn't see this coming?
Anyway, the minority chain will obviously get crushed so I don't see any other way out but to change the PoW and render Jihan's monopoly useless.
We will still have the better devs, the problem is, we will have less hashing power.
At that point it all comes down to what the market will value: The better software with less hashing power under a new PoW algo, or the lesser devs with a ton of hashing power (but all concentrated in the hands of the same entity, which doesn't seem very safe regardless of the big hashing power, it would basically be 100% JihanCoin)
We'll see.
Anyway, my main point was: We change to another PoW algo. This makes sense short term for the reasons described above, but what about long term?
Doesn't a new algo create a new arms race to create the new mining machines that will create the new Jihan Wu's? And it will be in China, since they have the cheapest electricity.
So we have a constant here... the cheap electricity of china, that is the key that will keep generating chinese monopolies on a long enough timeline after a PoW algo change.
What can be done about this? Maybe something can be done to not allow a % higher than X inside the same area?
Can the IP's of the mining farms be blocked after X % is exceeded? maybe adjust depending on the electricity of the location of the miners?
anyway I guess IPs are useless nowadays due VPN and whatnot.
What is clear is we need something to avoid massive monopolies to be formed. Monopolies are never good for obvious reasons. We need something to force mining activities to be more widespread and not everything happening in china.
Less hashing power but more widespread mining operations are safer. Similarly, less nodes spread all over the world are safer than a million nodes inside a Coinbase bunker.
I don't know what the f*ck can be done, but the problem is obvious: china will always have the hedge due the ideal mining circumstances: cheap electricity and cheap production of the machines.
I agree , but now I accept the BTU AND BTC slit , lets see where this goes in future .
Bitcoin transactions have slowed over the past year and their is a lot of back log in transaction which is not good for business
so supporting roger ver idea but still looking the bandwagon of BTU is filled with noobs and clowns
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