The Extreme Flaws Of Bitcoin

[jacobmayes94]

You can make ASICs harder to manufacture, i.e scrypt ones are more difficult than SHA256 but still... These are not the only flaws, purists wanting to keep 1MB blocks forever or scale to unlimited size or have a band-aid fix of a one time increase are in my opinion deluded, but that's my own opinion. One of my indian clients is struggling to give me daily payments of my articles due to TX fee size, this is becoming a problem for Bitcoin. No one has considered countries which do not have a lot of money, a 20p TX fee is too much for example. Now we are switching to every few days which I am fine with, if this carries on we may move to Litecoin for a more clear blockchain.


Segwit is the best option for those who wish to run full network nodes even though it takes more power, imagine unlimited having 64MB blocks? This wont even come close to visa or mastercards transaction volume but it would make blocks insanely hard to propagate and store.

ASIC resistance is a myth, you can make a dedicated chip for anything if theres enough desire and someone with the cash decides to do it, design it and have a foundry make it for them. You can make it harder and less cost effective (i.e scrypt and cryptonight) A CPU is simply a chip designed to do Multiple tasks, a GPU is like a CPU which can do many SINGLE tasks of one's choice, one at a time, an ASIC is a chip designed for a SINGLE task, no other task can ever be done or adapted for it, but it can do it better than the other two. For example if Bitcoin crashed and no sha256 coin took its place, all the ASICs become a doorstop. This can be designed for any particular task, some ASICs can be used for video decoding if desired for a single algorithm. Cheap MP3 players would have an ASIC to decode the MP3s. Someone designed an ASIC to crack 64 bit DES keys.

[RealBitcoin]

2) Bitcoin mining is not ASIC resistant

There is no such thing as ASIC resistant. Some algorithms try to do this by being memory intensive but that will fail because GPU farms can still provide sizeable hashing power.

You can make ASICs harder to manufacture, i.e scrypt ones are more difficult than SHA256 but still... These are not the only flaws, purists wanting to keep 1MB blocks forever or scale to unlimited size or have a band-aid fix of a one time increase are in my opinion deluded, but that's my own opinion. One of my indian clients is struggling to give me daily payments of my articles due to TX fee size, this is becoming a problem for Bitcoin. No one has considered countries which do not have a lot of money, a 20p TX fee is too much for example. Now we are switching to every few days which I am fine with, if this carries on we may move to Litecoin for a more clear blockchain.


Segwit is the best option for those who wish to run full network nodes even though it takes more power, imagine unlimited having 64MB blocks? This wont even come close to visa or mastercards transaction volume but it would make blocks insanely hard to propagate and store.

ASIC resistance is a myth, you can make a dedicated chip for anything if theres enough desire and someone with the cash decides to do it, design it and have a foundry make it for them. You can make it harder and less cost effective (i.e scrypt and cryptonight) A CPU is simply a chip designed to do Multiple tasks, a GPU is like a CPU which can do many SINGLE tasks of one's choice, one at a time, an ASIC is a chip designed for a SINGLE task, no other task can ever be done or adapted for it, but it can do it better than the other two. For example if Bitcoin crashed and no sha256 coin took its place, all the ASICs become a doorstop. This can be designed for any particular task, some ASICs can be used for video decoding if desired for a single algorithm. Cheap MP3 players would have an ASIC to decode the MP3s. Someone designed an ASIC to crack 64 bit DES keys.

But slowing down the research is he point not to stop it. If you make ASIC chips very expensive to research and manufacture then the centralization will halt.

[cpfreeplz]

2) Bitcoin mining is not ASIC resistant

There is no such thing as ASIC resistant. Some algorithms try to do this by being memory intensive but that will fail because GPU farms can still provide sizeable hashing power.

You can make ASICs harder to manufacture, i.e scrypt ones are more difficult than SHA256 but still... These are not the only flaws, purists wanting to keep 1MB blocks forever or scale to unlimited size or have a band-aid fix of a one time increase are in my opinion deluded, but that's my own opinion. One of my indian clients is struggling to give me daily payments of my articles due to TX fee size, this is becoming a problem for Bitcoin. No one has considered countries which do not have a lot of money, a 20p TX fee is too much for example. Now we are switching to every few days which I am fine with, if this carries on we may move to Litecoin for a more clear blockchain.


Segwit is the best option for those who wish to run full network nodes even though it takes more power, imagine unlimited having 64MB blocks? This wont even come close to visa or mastercards transaction volume but it would make blocks insanely hard to propagate and store.

ASIC resistance is a myth, you can make a dedicated chip for anything if theres enough desire and someone with the cash decides to do it, design it and have a foundry make it for them. You can make it harder and less cost effective (i.e scrypt and cryptonight) A CPU is simply a chip designed to do Multiple tasks, a GPU is like a CPU which can do many SINGLE tasks of one's choice, one at a time, an ASIC is a chip designed for a SINGLE task, no other task can ever be done or adapted for it, but it can do it better than the other two. For example if Bitcoin crashed and no sha256 coin took its place, all the ASICs become a doorstop. This can be designed for any particular task, some ASICs can be used for video decoding if desired for a single algorithm. Cheap MP3 players would have an ASIC to decode the MP3s. Someone designed an ASIC to crack 64 bit DES keys.

But slowing down the research is he point not to stop it. If you make ASIC chips very expensive to research and manufacture then the centralization will halt.

Someone smater/better than you came up with asics and is rich now. Too bad for you. Anyways how do you suggest we fix the flaws you pointed out? You're free to make an altcoin anytime you want (or are you just bitching but have literally no abilities to change the code at all?). Either way, you fix it since you're obviously smarter than the people trying to do it right now.

[franky1]

making bitcoin do scrypt in the hopes of averting asic farms is futile.

it would take just a few months to make one and we would be in the position we are now in, in 6 months
the reason no one is bothering with scrypt asics is not technical. its economics.

litecoin doesnt have the same utility as bitcoin. no one cares about it much. so no on cares to make a scrypt asic.
the price of litecoin is crap, being able to spend litecoin is crap. so no on is bothered.

but if bitcoin went over to scrypt. people would be bothered and see the benefit of doing it. so it would happen quickly

[BADecker]

I'm not really into the technical side of Bitcoin at all. But am I wrong to think that when a Bitcoin miner mines some bitcoins, that he gets to keep them? If he keeps them, aren't they enough reward when he cashes them in or buys product with them?

Please explain very briefly, to the point, if this thinking of mine is wrong.

[str4wm4n]

Unfortunately this altcoin is dead but it seems completely asic resistant as the mining is kind of like a captcha and is human mineable only.

https://bitcointalk.org/index.php?topic=1445528.0

[BADecker]

Forget the fees for transacting in Bitcoin. Do it by supply and demand.

Let a miner get his fee rewards ONLY in the bitcoins he mines. If this isn't enough for him, what will happen? He will quit mining. Then the difficulty will come down so that he will be encouraged to start mining again.

We don't need any stinkin' fees. They only serve to make the whole Bitcoin thing a more centralized thing.

[RealBitcoin]

Someone smater/better than you came up with asics and is rich now. Too bad for you. Anyways how do you suggest we fix the flaws you pointed out? You're free to make an altcoin anytime you want (or are you just bitching but have literally no abilities to change the code at all?). Either way, you fix it since you're obviously smarter than the people trying to do it right now.

Oh boy why cant people argue logically?

I am not against ASICS or ASIC makers. I am against centralized mining.


I have no problem with the miners nor the chip makers, the problem is that too much power is in the hands of too few.

And that is precisely because the mining in BTC is too easy. I even wrote a paper on this, how to replace mining with CAPTCHA system:

https://bitcointalk.org/index.php?topic=1730728.0