Bitcoin Forum
February 24, 2020, 09:32:39 AM *
News: Latest Bitcoin Core release: 0.19.0.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: A way to secure Bitcoin, even if mining becomes unprofitable!  (Read 1232 times)
Dansker
Hero Member
*****
Offline Offline

Activity: 740
Merit: 500


Hello world!


View Profile
June 05, 2011, 02:16:52 PM
 #1

Hello good sirs of the internets.

This post is reluctantly accepting as a premise of it's proposed solution, that the doomsday-sayers are right, and that mining may at some point become unprofitable.

What I suggest is, that a independent organisation is set up, with the sole purpose of mining BTC.

The organisation will be non-profit, and all proceeds that it creates from mining, it will use to keep itself running. In other words, it will be self-sustainable as far as possible.

This also means, that as long as mining is profitable, this organisation will hoard funds, since it will spend less that it will have as an income. These funds will then be used in the event that mining becomes unprofitable, where the organisation will then continue mining at a loss.

It will have to be started from donations ofcourse, and it's probably not very realistic or do now, but rather something that can be done along the way, if BTC starts becoming a serious world wide currency with billions of dollars of value in it.

The point of this post is simply to give an idea of how the problem, that may or may not exist down the road, can be handled.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1582536759
Hero Member
*
Offline Offline

Posts: 1582536759

View Profile Personal Message (Offline)

Ignore
1582536759
Reply with quote  #2

1582536759
Report to moderator
1582536759
Hero Member
*
Offline Offline

Posts: 1582536759

View Profile Personal Message (Offline)

Ignore
1582536759
Reply with quote  #2

1582536759
Report to moderator
1582536759
Hero Member
*
Offline Offline

Posts: 1582536759

View Profile Personal Message (Offline)

Ignore
1582536759
Reply with quote  #2

1582536759
Report to moderator
Dude65535
Full Member
***
Offline Offline

Activity: 126
Merit: 101


View Profile
June 05, 2011, 02:27:01 PM
Merited by odolvlobo (1)
 #2

Mining will never be unprofitable for any significant length of time. It is a self correcting system. The potential problem is whether the level of mining that will be profitable will provide adequate security for the bitcoin network.

Edit: Also if it were necessary to do more mining that was profitable and one entity took on that task then you have centralized transaction processing and there is no point to having bitcoin.

1DCj8ZwGZXQqQhgv6eUEnWgsxo8BTMj3mT
Findeton
Full Member
***
Offline Offline

Activity: 126
Merit: 100


View Profile
June 05, 2011, 02:32:30 PM
 #3

Edit: Also if it were necessary to do more mining that was profitable and one entity took on that task then you have centralized transaction processing and there is no point to having bitcoin.

That's so true!

Bitcoin Weekly, bitcoin analysis and commentary

14DD7MhRXuw3KDuyUuXvAsRcK4KXTT36XA
franky1
Legendary
*
Offline Offline

Activity: 2674
Merit: 1631



View Profile
October 25, 2018, 11:47:17 PM
 #4

mining will never be an issue

1. when its too expensive to mine. people then buy coin instead of waste money on electric.
(this keeps prices relative to mining)

2. even if there was only 1 asic on the network. blocks will still be made.

3. pools dont just switch off instantly. they slowly power down, which then leaves the remaining miners getting a bigger slice of the cake now theres less participants. meaning more profit as its less diluted/shared out

mining is a non issue so dont worry. as long as bitcoin is useful people will mine

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
odolvlobo
Legendary
*
Online Online

Activity: 2772
Merit: 1494



View Profile
October 26, 2018, 12:46:12 AM
 #5

Mining will never be unprofitable for any significant length of time. It is a self correcting system. The potential problem is whether the level of mining that will be profitable will provide adequate security for the bitcoin network.

Edit: Also if it were necessary to do more mining that was profitable and one entity took on that task then you have centralized transaction processing and there is no point to having bitcoin.

More accurately, mining will never be unprofitable for some miners for any significant length of time.

Buy stuff on Amazon at a discount with bitcoins or convert Amazon points to bitcoins: Purse.io
Join an anti-signature campaign: Click ignore on the members of signature campaigns.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!