Bitcoin Forum
December 07, 2016, 08:41:01 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: A way to secure Bitcoin, even if mining becomes unprofitable!  (Read 1016 times)
Dansker
Hero Member
*****
Offline Offline

Activity: 740


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.

1481143261
Hero Member
*
Offline Offline

Posts: 1481143261

View Profile Personal Message (Offline)

Ignore
1481143261
Reply with quote  #2

1481143261
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Dude65535
Full Member
***
Offline Offline

Activity: 126


View Profile
June 05, 2011, 02:27:01 PM
 #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


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
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!