[2014-11-06] Video: Bitcoin: Expect chaos and drama

[LiteCoinGuy]

Bitcoin: Expect chaos and drama

http://video.cnbc.com/gallery/?video=3000328089&play=1

Chief Scientist at Bitcoin Foundation, Gavin Andresen, says there's still "value" in the bitcoin.




"still"    mainstream media...  

[hua_hui]

It is a really optimistic views of bitcoin. Even Gavin Andresen acknowledged the fluctuation and chaos at mean time. Such type of good news is exposed to the mainstream media and will raise the awareness of public masses.

[LiteCoinGuy]

Gavin Andresen Rejects Bitcoin Centralisation Concerns at Web Summit

The Bitcoin Foundation's chief scientist Gavin Andresen has given his opinions on a variety of issues at this year's Web Summit – an annual event held in Dublin, Ireland, that attracted more than 20,000 attendees this year.

http://www.coindesk.com/gavin-andresen-rejects-bitcoin-centralisation-concerns-web-summit/

[medUSA]

http://www.coindesk.com/gavin-andresen-rejects-bitcoin-centralisation-concerns-web-summit/

Nice read, thanks!

Centralisation of mining is going to go in waves. Now you see economies of scale for companies that create huge mining farms where electricity is inexpensive. Once those [ASIC] chips become commodities and inexpensive, you'll see it decentralise again.

I was thinking about this statement. When ASIC chips become inexpensive, more users can own a miner, true... but the hashing power of these older generation chips are no comparison to the newest ones used by centralised farms. So, the the bitcoin network would only be slightly "less-centralised", far from "decentralised".

[young3dvard]

http://www.coindesk.com/gavin-andresen-rejects-bitcoin-centralisation-concerns-web-summit/

Nice read, thanks!

Centralisation of mining is going to go in waves. Now you see economies of scale for companies that create huge mining farms where electricity is inexpensive. Once those [ASIC] chips become commodities and inexpensive, you'll see it decentralise again.

I was thinking about this statement. When ASIC chips become inexpensive, more users can own a miner, true... but the hashing power of these older generation chips are no comparison to the newest ones used by centralised farms. So, the the bitcoin network would only be slightly "less-centralised", far from "decentralised".

Big farms cannot compete with those small miners having some free electricity - (fixed payment regardless of electricity usage or just need to generate heat in winter anyway). So I guess big farms dont need to be profitable in future if they dont sell the heat generated by mining

[medUSA]

Big farms cannot compete with those small miners having some free electricity - (fixed payment regardless of electricity usage or just need to generate heat in winter anyway). So I guess big farms dont need to be profitable in future if they dont sell the heat generated by mining

Interesting thought... May be when asic chips are cheap enough, heater, kettle, hair dryer manufactures can embed asic chips in their products as the heat source. That will be the day bitcoin network is decentralised.

[Lethn]

Oh dear, I thought Gavin wasn't particularly good in this interview, it's like he's turning into a politician, must be the advice of his Bitcoin foundation lawyers and bureaucrats, when you speak to the other Bitcoin guys they always answer questions honestly. Also network effect? That sounds like something they thought up before taking the interview as well! All bloody cryptocurrencies have a network effect, they're a symptom of being traded not an actual feature, in fact, that's how all money starts in the first place.

If a 'network effect' is the only thing he can think of I'm getting worried about the future of Bitcoin now.