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Author Topic: Bitcoin POW flaw.  (Read 325 times)
XbladeX (OP)
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October 26, 2017, 10:59:22 PM
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Look at this picture and convince me that bitcoin POW is not flawed ?
I was trying send some BTC and bamm. I am waiting and waiting.
Then 1st idea was that have to be BCH EDA for sure and here we go.
This POW difficulty system is broken. Bitcoin loose 50% of security because someone  will mine shitcoin in speed of light Smiley .
It is like bribing miners. This will cause again to spike fees like creazy.
EDA is not perfect for BCH - last time whan I wanted dump BCH on exchange it took over 15h to move coin into Bitfinex.
(1hour per block or more because miners decided to turn on EDA )

Conclusion is POW i garbage at end for providing stability of current system.
EDA is pice of shit too it blocks network from time to time.

What we can do about it besides switch to alternatives ?

PS: https://fork.lol/blocks/time - data source



Request / 26th September / 2022 APP-06-22-4587
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aar
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October 26, 2017, 11:03:56 PM
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you're saying people choosing what to mine is bad? or that the network doesnt update difficulty quick enough? (how often does difficulty update?), or that difficultly updates are akin to pool hoppers on a network level?
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October 26, 2017, 11:08:59 PM
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Not sure that I would call it a flaw - its more a feature that needs to be upgraded
XbladeX (OP)
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October 26, 2017, 11:36:21 PM
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you're saying people choosing what to mine is bad?

No choice is good but someone choice should not breake system.
At current stage we see that BIT coin is not stable in POW phase.
There  should be better difficulty adjustment system.
Most system have 0 problems with time.
POS / POI / DAG / Obelisk - with POW you can only move with your miners away and broke system.
Miners doesn't care about bitcoin users/ecosystem at all.

that the network doesnt update difficulty quick enough? (how often does difficulty update?)
Man It was long ago that shoitcoins had to build diff adjustments mechanisms.
Sad part is that all be be broken and gambled more or less.

In reality market should punish BCH for x8 inflation rate but pirce is holding (LOL)... so market doesn't care about new BCH coins.
This is sign for us that something is broken. Some side have to much power big $$$ players who keep BCH price HIGH or miners.
At end there is conclusion something works not how it should be.

*** or that difficultly updates are akin to pool hoppers on a network level?

For me pool hooping here and there should be no issue event for network stability in long run other system that will have not that burden will win.
In POS/DAG/Obelisk people have no choice but support "mining" coin and keep network stable.

I remember form old times that pooled mining Cheesy how it forked many shitcoins we see how it will end with BTC.
Most common used tech was thise 3:

https://www.cryptocompare.com/coins/guides/what-is-a-kimoto-gravity-well-dark-gravity-wave-or-digishield/

now read that :

Quote
As for Bitcoin, the ability for multipools to play a difference in the difficulty readjustment is rather limited due to the size of its network hashing power – which if we say is at 60 Peta hash – would require an investment of nearly $3million dollars to increase by just 10%. Bitcoin is very much safe from difficulty readjustments being taken advantage of by multipool miners.

no longer true

Request / 26th September / 2022 APP-06-22-4587
aar
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October 26, 2017, 11:39:14 PM
 #5

...

For me pool hooping here and there should be no issue event for network stability in long run other system that will have not that burden will win.
In POS/DAG/Obelisk people have no choice but support "mining" coin and keep network stable.
..

I still think that your critisism has parallels to pool hopping but at ccy level, to optimise fee collection.

Edit: and no blocks for over an hour now :/
XbladeX (OP)
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October 27, 2017, 12:04:33 AM
 #6

****
*** to optimise fee collection.

I have paid 4.3$ fee 110sat/Byte and that was not enough to push tx forward for over 2h and I am still waiting.
So we need 1000$ fees ? to motivate miners.

Pool mining is problem for shitcoins in bitcoin if we see it that mean something, before BTC was to big to be challenged but now you have
Bitman who push BCH forward - single entity that play whole network. They hope on BTC / BCH they turn off miners when they want.
This is not even pooled mining but one entity who has grown to big and rekting network sadly its bringing BTC to shitcoin flor.
BTC have no longer biggest security on planet. With good bear market will be fun to see BCH mining more and more coins like 10 000 per hour.
EDA makes BCH always profitable. (but they need print more and more too keep it alive)

Request / 26th September / 2022 APP-06-22-4587
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November 06, 2017, 09:02:46 AM
 #7

I agree with you, a faster EDA is what we need for PoW cryptos. Sad to see that hardfork contain only few improvement. There is a lot of change i'll be able to accept with bitcoin network.

https://cryptopuzzle.com : NFT token on Ethereum Blockchain. Now on beta test on Ropsten Ethereum Network !
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November 06, 2017, 02:06:40 PM
 #8

I also think the bitcoin pow mechanism is flawed, pow has no pos security, pos is computationally secure, the network is more secure, pos is more fair, and for pow the bulk of bitcoin is in the hands of the rich.
 Roll Eyes

Jonashe
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November 07, 2017, 01:18:51 PM
 #9

I also think the bitcoin pow mechanism is flawed, pow has no pos security, pos is computationally secure, the network is more secure, pos is more fair, and for pow the bulk of bitcoin is in the hands of the rich.
 Roll Eyes

Mmh more secure... I don't think so. I'll wait what ETH will do next year and if the PoS system is viable for a big thing like it. A lot of attack will be nice to test network security.

https://cryptopuzzle.com : NFT token on Ethereum Blockchain. Now on beta test on Ropsten Ethereum Network !
ir.yance
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November 07, 2017, 02:28:36 PM
 #10

Look at this picture and convince me that bitcoin POW is not flawed ?
I was trying send some BTC and bamm. I am waiting and waiting.
Then 1st idea was that have to be BCH EDA for sure and here we go.
This POW difficulty system is broken. Bitcoin loose 50% of security because someone  will mine shitcoin in speed of light Smiley .
It is like bribing miners. This will cause again to spike fees like creazy.
EDA is not perfect for BCH - last time whan I wanted dump BCH on exchange it took over 15h to move coin into Bitfinex.
(1hour per block or more because miners decided to turn on EDA )

Conclusion is POW i garbage at end for providing stability of current system.
EDA is pice of shit too it blocks network from time to time.

What we can do about it besides switch to alternatives ?

PS: https://fork.lol/blocks/time - data source




I do not think so. I will wait for what the ETH will do in 2018 and if the Post system is worthy of such a big thing. Many attacks will be fun to test network security and also we have to be careful about networking
Variogam
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November 07, 2017, 03:14:27 PM
 #11

Conclusion is POW i garbage at end for providing stability of current system.

You talking like Bitcoin block size do not create instability to confirmation times in the last year or so. My conclusion on Bitcoin since the block size cannot be increased is: because people mostly use Bitcoin as speculative investment only, they wont notice Bitcoin is not very usefull coin anymore.
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