Change Bitcoin to Asic Resistant

[crypto1987]

I understand your opinion and it really is true, the ASIC technology for mining somehow supports centralization for large companies, I consider this to be something inevitable, because any cryptocurrency project will always face the same thing and that is that the people who more money you have, you can buy a lot of mining equipment or a large volume of tokens, so I do not think a change in technology will change that market pattern.

[Artemis3]

What are your thoughts on this?

You are right and You just pointed out a Major Flaw in Bitcoin.

But all you will get back from the community is nonsense that Bitcoin is most secure due to it's energy waste,
which we both know is incorrect , as a few pool operators could double-spend on a whim, regardless of energy expended.

Good Luck , but don't be surprised when the bitcoin maximalist all deny the reality in front of them.  

What you fail to see is how the market forces will fix this issue on their own. While bitcoin value may keep climbing, bitcoin mining is doomed to become unprofitable, and the largest operations are the first ones to close. Asic efficiency plays an important role to this, more and more hashrate makes it harder for everyone to continue, starting with the countries with the most expensive electricity. But some years down the road, both factors will play against bitcoin mining, especially large operations.

See, soon only 100TH Asic miners will be worth running, perhaps at 7nm or 4nm, those might eat a quarter less electricity than the earlier offerings but that's still a lot of power for ever diminishing returns. What you saw last year, people quitting at 3k bitcoin prices, will repeat again. People will find it impossible to mine at 6k or even 9k price which will return to at some point, and then back to profitability a little more, but every time less and less until its no longer profitable to mine with electricity price above 1¢ the kw/h.

A miner who fails to see this and keeps expanding like crazy instead of diversifying into different income sources or thinking in shrinking operations and going renewable energy (now when they can), are going to get hit hard. I can imagine some Chinese and Russians getting burned by this...

This is going to return to hobby miners, like those who don't mind wasting money running a few miners, or those miners who invested in renewable energy sources now when it was still profitable, instead of burning all their money in more miners or other energy wasting ideas (everytime you expand, you need to spend more and more in infrastructure and climate control).

You see, its like the Austrian school of economics. The best thing you can do, is do nothing. Don't intervene.

[Wind_FURY]

"ASIC Resistance" is generally misconstrued.  People seem to think that you can make a single change one time and then the problem is magically solved forever.  It doesn't work like that.  Once the new algorithm is set, people can begin designing hardware specifically tailored to that algorithm.  The only way to truly make something resistant to ASICs is to continually change it in an unpredictable way.  But it's problematic to make changes to a protocol when the vast majority of participants have to agree with the change in order to enact it.  And people are particularly hesitant to change something that would have a direct impact on Bitcoin's security.

Ultimately, making changes in such a crucially important area, frequently enough to stay one step ahead of ASIC manufacturers, is unlikely at best.

Plus a POW change would require a hard fork. A hard fork that would not only amputate the network of full nodes, but a hard fork that would amputate the network of hashing power.

[Zionatin]

It's too late to change. Imagine all the hardware now that is not going to be able to mine bitcoin. ALtcoins will go up like made if the sha256 algo. It would be interesting though since bitcoin might take an initial tumble due to no miners for a while. So the value of the altcoin won't go up right away. There is simply just too much invested right now in hardware to make this a viable option.

[Ucy]

I totally agree with you. Satoshi himself was anti-mining centralization. He clearly wanted more users to be involved in mining. He even warned against gpu mining.
 I was a little confused by some of his comments on mining though... It is as if he wasn't aware that mining with multiple CPUs/GPUs was bound to happen. He probably wanted it to happen slowly?  Unfortunately it progressed too quickly from gpu mining to ASICs.

Below is his quote on mining with CPU/GPU :
 

“We should have a gentleman’s agreement to postpone the GPU arms race as long as we can for the good of the network. It’s much easier to get new users up to speed if they don’t have to worry about GPU drivers and compatibility. It’s nice how anyone with just a CPU can compete fairly equally right now.”

— Satoshi Nakamoto