if you invented a quantum leap in mining technology what would you do?

[European Central Bank]

here's a totally hypothetical test of your crypto ethics.

if you were sitting tinkering in your garage and came up with a way to mine that was instantly 100-1000x more powerful, what would you do?

would you sell it? 51% the shit out of the blockchain to reshape it how you wanted it? hand the design over in a benevolent manner to everyone? drip feed it onto the market to stop insane distortions?

[Hhampuz]

That's a really interesting question, I've pondered the same question several times actually.

I guess at first I'd use it for myself to gain some coins. I mean who would not?

After that I'm not sure if I'd like to sell it or give it away. I'm leaning towards the 2nd option as this is Crypto after all.

I guess it is a matter of morals and greed that determines what you decide to do. But in all honesty, I'd have no problems with getting 100-1000 BTC for myself before releasing it to the wild.

[Holliday]

Use it to mine bitcoins.

[TryNinja]

I would not do anything that could damage the bitcoin ecosystem and selling would be dangerous if this technology fell into the wrong hands. So I might just use it to mine Bitcoin and other altcoins and get rich with it. And more important: get Segwit activated.

But now the biggest problem would be the confidence that Bitcoin could lose if someone no one knows held most of the mining power from nowhere, having the chance to control the future of the currency. Thus making Bitcoin "less decentralized".

[Creepings]

here's a totally hypothetical test of your crypto ethics.

if you were sitting tinkering in your garage and came up with a way to mine that was instantly 100-1000x more powerful, what would you do?

would you sell it? 51% the shit out of the blockchain to reshape it how you wanted it? hand the design over in a benevolent manner to everyone? drip feed it onto the market to stop insane distortions?

100 - 1000 times more powerful than the latest mining hardware? That is a hell of a hardware man, I think with that, you will need a good internet connection and a 10 cooling fans.  It can mine $2000 to $3000 per week, that is really great, but the thing is, if you hand it over at the market, everyone will be trying to mine bitcoin, demand go down, and obviously,  price will do too.

[SONG GEET]

I will simply mine as much bitcoin as possible with my new powerful mining rig till other find out how I am doing it. But this can also cause sudden crash in market because everyone will notice that I am doing it out of sudden and they may panic due to possible 51% attack on network by me (unknown miner for others).

[European Central Bank]

I will simply mine as much bitcoin as possible with my new powerful mining rig till other find out how I am doing it. But this can also cause sudden crash in market because everyone will notice that I am doing it out of sudden and they may panic due to possible 51% attack on network by me (unknown miner for others).

that's the core of the question. would you really do that? it would instantly drive everyone into a frenzy of panic.

[hatshepsut93]

here's a totally hypothetical test of your crypto ethics.

if you were sitting tinkering in your garage and came up with a way to mine that was instantly 100-1000x more powerful, what would you do?

would you sell it? 51% the shit out of the blockchain to reshape it how you wanted it? hand the design over in a benevolent manner to everyone? drip feed it onto the market to stop insane distortions?

Imo the best solution would be to report it to the devs, because if you have found a way to mine 100-1000 times more faster, than sooner or later someone will find it too and in the end someone will use it with malicious intent. This will result in a huge crash and maybe even fork, so it can only be profitable in a short term. It's possible that the panic will start almost immediately after everyone spot a new powerful miner. In the end, a lot of people will be angry so the person who did it will have a huge target on their back for the rest of their life. So it's better to just mine a few dozens of bitcoins and report it to the devs.

[alani123]

I think that this goes beyond a mining technology. A quantum leap in bitcoin's mining algorithm would probably mean that there is potential to hold the network hostage with only a fraction of the funds that'd be previously needed. In such a hypothetical scenario, a single party would be able to handle bitcoin's network.

[Mike Mayor]

Well if that happened to us it will pretty much mean we are rich. I would keep quite a out it and mine like a demon with the new technology and just get rich. I'm sure most of us would do that. Hey maybe it will solve mining fees !! Those fees are getting crazy high man.

I will simply mine as much bitcoin as possible with my new powerful mining rig till other find out how I am doing it. But this can also cause sudden crash in market because everyone will notice that I am doing it out of sudden and they may panic due to possible 51% attack on network by me (unknown miner for others).

that's the core of the question. would you really do that? it would instantly drive everyone into a frenzy of panic.

Nah I would just stop as soon as I have mined a while lot.

[Kprawn]

I would make mining profitability very difficult for other miners, because they are killing Bitcoin with their greedy behaviour. I will also target

these spammers and eliminate the influence they are having by sweeping up their attempts to sabotage Bitcoin. The difficulty will go up, but I

will normalize the current situation with Jihan and his friends as long as I can. A 51% attack is stupid, it will just kill trust and then destroy the

experiment.... leaving me with worthless coins. 

[European Central Bank]

I would make mining profitability very difficult for other miners, because they are killing Bitcoin with their greedy behaviour. I will also target

these spammers and eliminate the influence they are having by sweeping up their attempts to sabotage Bitcoin. The difficulty will go up, but I

will normalize the current situation with Jihan and his friends as long as I can. A 51% attack is stupid, it will just kill trust and then destroy the

experiment.... leaving me with worthless coins. 

but if you're flashing that much power simply the possibility of that attack would be enough to get most people screaming. how would you avoid it?

[franky1]

if there was a more efficient way to do things, ofcourse you would use it.

its not as much about personal gains. its also about adding more strength to the network.

all this asicboost crap about some say to temporarily nuke it with segwit, is just opening up the possibility of outsiders using it to compete with less hardware.

its always better for bitcoiners to use it on the mainnet. than to not use it and let some outsider make an alternative chain that overtakes the main chain and then gets introduced as the main chain later.

..

its much like the GPU days. should we have not allowed ATI gpu's to mine because open CL was better than geforce's Kuda
its much like the CPU days. should we have not allowed dual/quad core to mine. because they were better than single core

in my eyes if there is a more efficient way to do things. then everyone should be allowed to do it. to protect the network.
trying to rule it out with cludgy code is not protecting the network. its slowing down the growth of strength of the network due to 'politics'

[unamis76]

The answer is obvious, I'd get a way to build these machines massively and sell them. Hashrate increase throughout the network would be my main priority, sending machines to all corners of the world if possible. Handing over the design would be a to-do eventually, or maybe even immediately.

[dinofelis]

here's a totally hypothetical test of your crypto ethics.

if you were sitting tinkering in your garage and came up with a way to mine that was instantly 100-1000x more powerful, what would you do?

would you sell it? 51% the shit out of the blockchain to reshape it how you wanted it? hand the design over in a benevolent manner to everyone? drip feed it onto the market to stop insane distortions?

This.  Without the slightest hesitation.

[singularityisnear]

Act discreetly, of course. I believe that in the past there was a bug that allowed some guy to create hundreds of thousands of Bitcoins, but once devs saw this, miners forked the chain and the problem was solved.

[franky1]

51% the shit out of the blockchain to reshape it how you wanted it?

This.  Without the slightest hesitation.

first you claimed nashian religion of bitcoin with nash as satoshi
then you claimed you knew all about bitcoin but failed understanding of consensus

now you want to split bitcoin...
you are obviously not interested in bitcoin and just want to disrupt it.
so please either spend 6 months learning bitcoin. or go play with your fiat and stop making bad judgements of bitcoin

looking at Dinos other posts..

I don't see why a chain split is to be avoided ; I would say, on the contrary: the more it splits, the more different versions can compete in the market, and the better the outcome will be.   

its obvious he doesnt know about the network and only wants to split the network many many times to multiply coins so he can get rich before running back to fiat.
guys like this care nothing about bitcoins longevity.

[ven_bug_trap]

As others have mostly said, use it to mine a few hundred coins and probably report it to the devs. I'm not averse to the idea of getting rich, but I also don't want to destroy Bitcoin and the faith people have in it; perhaps I should just mine a bunch of shitcoins...

[Dite1989]

Contact the developers and figure out a benevolent way together how we could prepare the network to accept the new technology... after I've mined a few hundred Bitcoins myself to document the process how the method works and prove it's being legit.

[Hydrogen]

I would mine & side with bitcoin core to offset the bitcoin unlimited attempt to achieve a mining monopoly.

If I sold the technology, buyers would sign a contract guaranteeing they mine only for bitcoin core.

There's a chance I would keep it as patented proprietary technology unavailable to the general public.

Intellectual property isn't as valuable as it used to be & there are many cases of copyrighted & patented technology theft.