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

[brokedummy]

I would mine and dump so that the other miners would stop wasting electricity on inefficient miners. Then try to promote pos coins. We are all probably going to go extinct if we keep wasting electricity like this.

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[baam25]

I would probably keep it a secret until I became very rich

Once I have enough money, I would figure out where else I could invest this technology, it wouldn't just be limited to bitcoin mining.

The exponential gains would be enormous, but after I got rich, I would try to figure out how this technology could help humanity...


After being financially set, I would go about trying to better the world

[Creepings]

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...

Sneaky bastard 
I think I will do the same thing, though not reporting it back to the devs, it is your invention, why will you dispose it to the devs? You invented something that will make you rich, aren't you fascinated with that. If I did found a way like that, I can make my name bigger than any other bitcoin holders in the world, invest it on company, and maybe, also, make my own company

[franky1]

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...

Sneaky bastard 
I think I will do the same thing, though not reporting it back to the devs, it is your invention, why will you dispose it to the devs? You invented something that will make you rich, aren't you fascinated with that. If I did found a way like that, I can make my name bigger than any other bitcoin holders in the world, invest it on company, and maybe, also, make my own company

imagine this though.

imagine you had 14% of the network and could make a 20% efficiency gain of your 14%(bringing you to 16.
you could just secretly keep it to yourself..
OR
ask for 3% profit from every competing pool to let them use your tech.
which by everyone using your tech brings you back down to 14%.. but bcause your taking a cut from everyone it all adds up that your still getting equivelent to 17% income while only 14% hash
which when all things are considered makes the entire network 20% stronger because everyones using it and your getting 3% of the network income..

[HanSchultz]

This is a hypothetical doubt even i am having,we have one major mining hardware company and when they release a new technology they would release at a later time and the early advantage always goes to the manufacturer and here in the bitcoin scene having an early advantage means a big difference on how much money you are going to make and if i figure out a leap i would rather take advantage of it rather than releasing to the public atleast for sometime .

[freedomno1]

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?

Disguise it as a natural part of the network and drip feed it until the technology is uncovered through research and detailed analysis then reveal it and watch the fun ensue Or sell it if it's one of those the secret KGB found it and you need a security leverage in case something happens good old insurance.doc.

[mike1183]

Technically speaking, if you could reach to the invention of something like this, with just announcing it and getting funded for it, the profit will most likely be more than some mining with it, Anyway it's still a long way in the road.

[dinofelis]

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

You're confusing me with Iamnotback.  I tried to convince Iamnotback that Nash couldn't be Satoshi, because Nash was too smart to be Satoshi, he would not have committed so many cryptographic idiocies ; moreover, I'm indeed thinking that bitcoin's demise is the fact that it sticks to gold bug economics (collectibles) and hence will never be Nash ideal money.

then you claimed you knew all about bitcoin but failed understanding of consensus

I understand perfectly well consensus: it is a Nash equilibrium.  Most bitcoiners however, don't understand consensus, because they don't now much about game theory.  They think that consensus is "the central authority proposes, we all accept, and that's it" or something of the kind.  Consensus is a game-theoretical notion in decentralized systems, called a Nash equilibrium.

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

I think that someone who doesn't even understand elementary mining dynamics shouldn't tell others what to do

Bitcoin has a broken design beyond repair.  This is why I would like to make something that works better as it was intended, but it is now way, way way too late for bitcoin to adapt, unless forced to.

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.

[/quote]

No, I think the first thing a crypto SHOULDN'T do if it has the pretension to become a currency, is to offer the possibility to become rich with it by sitting on one's stash.  That's one of the big failures of bitcoin: you can become rich with it.  As such, it is a lost cause for a currency.  With a Nash ideal money, you can't become rich, and that's the beauty of it.  Becoming rich without production of some sort of value is an obvious distortion of optimal allocation of resources, and a good currency is exactly such that it doesn't bring such distortions.  It is *one* of the many failures of bitcoin.

Mind you, I do not think that *everything* in bitcoin is wrong.  The invention of a decentralized consensus system that keeps all actors on an immutable protocol is the outright genius invention of Satoshi.  But he didn't see that himself (or pretended not to see it).