brucesewell (OP)
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Activity: 57
Merit: 0
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July 01, 2013, 04:30:53 AM |
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Eventually someone will bring up this topic, so why not just start here... If AsicMiner will add 800-1000TH to mining, then the individual's small machines will be useless. https://bitcointalk.org/index.php?topic=247168.msg2622243#msg2622243When this happens, will anyone think it is justifiable to block mining power from China? Will this cause too much collateral damage since there are so many individual miners in China as well? If it is justifiable, then how to do it technically or what is the process to seek consensus? |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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seleme
Legendary
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Activity: 2772
Merit: 1028
Duelbits.com
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July 01, 2013, 04:34:59 AM |
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Why would anyone block miners from China, are you crazy?
Nobody should block AsicMiner itself, let alone whole country.
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PeZ
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July 01, 2013, 04:42:51 AM |
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If Gavin Andresen modifies the code to make it impossible for Asics, that would stop the excessive growth of difficulty. Until he does that, people will have a hard time taking Bitcoin seriously.
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CIYAM
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Activity: 1890
Merit: 1075
Ian Knowles - CIYAM Lead Developer
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July 01, 2013, 04:45:26 AM |
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Until he does that, people will have a hard time taking Bitcoin seriously.
Hmm... IMO that should read IF he did that then people would have a hard time taking Bitcoin seriously. If the core dev at a whim decided to just "change the rules" and turn millions of dollars of hardware investment into electronic trash then Bitcoin would indeed be considered a bad joke. |
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ProfMac
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Activity: 1246
Merit: 1001
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July 01, 2013, 04:46:29 AM |
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This is the strangest thread I have read so far in bitcointalk.
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I try to be respectful and informed.
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seleme
Legendary
Offline
Activity: 2772
Merit: 1028
Duelbits.com
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July 01, 2013, 04:47:24 AM |
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Until he does that, people will have a hard time taking Bitcoin seriously.
Hmm... IMO that should read IF he did that then people would have a hard time taking Bitcoin seriously. If the core dev at a whim decided to just "change the rules" and turn millions of dollars of hardware investment into electronic trash then Bitcoin would indeed be considered a bad joke. This I can't stand asics and specially most of it's manufacturers but someone would probably pay for Gavin's execution if he'd do it  |
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kuriboh
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July 01, 2013, 04:50:46 AM |
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Anyway GPU Mining is DEAD, with actual diff and price of 91 USD it's not profitable to GPU mining anymore
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trigeek
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July 01, 2013, 04:52:10 AM |
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If Gavin Andresen modifies the code to make it impossible for Asics, that would stop the excessive growth of difficulty. Until he does that, people will have a hard time taking Bitcoin seriously.
The stuff I read on here sometimes. You do realize that the higher the network hash rate is, the more stable bitcoin is? One of the largest risks to any blockchain-based cryptocurrency is the danger of a 51% attack. The higher the overall network hash rate is, the less likely it is for a 51% attack to succeed. So no, invalidating asics won't make people "take bitcoin seriously." |
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PeZ
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July 01, 2013, 04:56:11 AM |
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Until he does that, people will have a hard time taking Bitcoin seriously.
Hmm... IMO that should read IF he did that then people would have a hard time taking Bitcoin seriously. If the core dev at a whim decided to just "change the rules" and turn millions of dollars of hardware investment into electronic trash then Bitcoin would indeed be considered a bad joke. In order for Bitcoin to increase in value, the general public will have to take it seriously. When they find out what's happening to mining, they will stay away. Million dollars of hardware can easily turn into electronic trash if bitcoin drops back down to $30. |
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empoweoqwj
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July 01, 2013, 04:57:33 AM |
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There are some real idiots on this board, and do I catch a whiff of Chinese-directed racism in the air?
Let's ban all American miners instead. Oh sorry I forget, it wouldn't be worth the effort.
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Bicknellski
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July 01, 2013, 04:57:53 AM |
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Eventually someone will bring up this topic, so why not just start here... If AsicMiner will add 800-1000TH to mining, then the individual's small machines will be useless. https://bitcointalk.org/index.php?topic=247168.msg2622243#msg2622243When this happens, will anyone think it is justifiable to block mining power from China? Will this cause too much collateral damage since there are so many individual miners in China as well? If it is justifiable, then how to do it technically or what is the process to seek consensus? Psst... start working together with others and pool your resources. COOPERATIVES. Why fear Asicminer... any group of miners could "corner" a fair chunk of the market in the coming months. Blocking "China" won't help given that Asicminer is diversifying their mining to other locations. Don't kid yourself if you haven't spread out globally you can be shut down easily. I doubt that blocking anyone is what we want or need to spread BTC worldwide. |
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ProfMac
Legendary
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Activity: 1246
Merit: 1001
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July 01, 2013, 04:58:39 AM |
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Until he does that, people will have a hard time taking Bitcoin seriously.
Hmm... IMO that should read IF he did that then people would have a hard time taking Bitcoin seriously. If the core dev at a whim decided to just "change the rules" and turn millions of dollars of hardware investment into electronic trash then Bitcoin would indeed be considered a bad joke. In order for Bitcoin to increase in value, the general public will have to take it seriously. When they find out what's happening to mining, they will stay away. Million dollars of hardware can easily turn into electronic trash if bitcoin drops back down to $30. They might stay away from mining. I don't see a reason why they would stay away from bitcoin as a virtual currency to buy coffee or computers. |
I try to be respectful and informed.
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empoweoqwj
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July 01, 2013, 04:59:40 AM |
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Until he does that, people will have a hard time taking Bitcoin seriously.
Hmm... IMO that should read IF he did that then people would have a hard time taking Bitcoin seriously. If the core dev at a whim decided to just "change the rules" and turn millions of dollars of hardware investment into electronic trash then Bitcoin would indeed be considered a bad joke. In order for Bitcoin to increase in value, the general public will have to take it seriously. When they find out what's happening to mining, they will stay away. Million dollars of hardware can easily turn into electronic trash if bitcoin drops back down to $30. You have no idea what is happening to mining, you are as clueless as the general public. ASICMINER will never get near 51%, they have stated that. Why do anything to risk trust in the network they are profiting from every week? Idiot thinking, plain and simple |
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DeathAndTaxes
Donator
Legendary
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Activity: 1218
Merit: 1079
Gerald Davis
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July 01, 2013, 05:00:15 AM |
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Anyway GPU Mining is DEAD, with actual diff and price of 91 USD it's not profitable to GPU mining anymore
Ok then stop mining. Simple solution. Bitcoin needs miners to protect the network. It doesn't necessarily need you (or me, or any individual miner) to mine with your specific inferior hardware. Mining isn't a "free money for nothing" game. It has a purpose. That sole purpose is to protect the network. Higher difficulty means more protection for the network. Coins only have value because people believe the transactions are irreversible. Lower difficulty enough so that someone can easily attack the network and it doesn't matter how many coins you have because they will be worthless (x BTC * 0 = 0). |
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PeZ
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July 01, 2013, 05:01:43 AM |
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They might stay away from mining. I don't see a reason why they would stay away from bitcoin as a virtual currency to buy coffee or computers.
If that's the case, Bitcoin will continue to be marginalized. |
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erk
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July 01, 2013, 05:07:06 AM |
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Bitcoin is decentralized, you are not going to block a thing try as you may.
Why would you want to? It's the most foolish piece of selfish nonsense I have read all day.
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kuriboh
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July 01, 2013, 05:09:23 AM |
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Anyway GPU Mining is DEAD, with actual diff and price of 91 USD it's not profitable to GPU mining anymore
Ok then stop mining. Simple solution. Bitcoin needs miners to protect the network. It doesn't necessarily need you (or me, or any individual miner) to mine with your specific inferior hardware. Mining isn't a "free money for nothing" game. It has a purpose. That sole purpose is to protect the network. Higher difficulty means more protection for the network. Coins only have value because people believe the transactions are irreversible. Lower difficulty enough so that someone can easily attack the network and it doesn't matter how many coins you have because they will be worthless (x BTC * 0 = 0). Yeah! thats why is illogic "Ban" chinese people. You can't forbid anyone to mine because of the nature of bitcoin. you can or cannot mine for profit, but that people who does (like ASICMINER) shouldn't be ban to mine. Maybe I, or you, don't have powerful hardware. That's why we search other investments. In ASIC ways or Shares of some type. Anyone can use bitcoins and you can't exclude anyone. |
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Eric Muyser
Full Member
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Activity: 224
Merit: 100
You can't kill math.
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July 01, 2013, 05:10:29 AM |
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This is the strangest thread I have read so far in bitcointalk.
Agree. Stupid is a more appropriate word however. |
@EricMuyser | EricMuyser.com | OTC - "Defeat is a state of mind; no one is ever defeated until defeat has been accepted as a reality" - Bruce Lee
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ThickAsThieves
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July 01, 2013, 05:11:00 AM |
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Ya'll got trolled.
...or this forum is diving into new depths of idiocy.
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PeZ
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July 01, 2013, 05:11:06 AM |
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Higher difficulty means more protection for the network. As the diffculty increases, less individuals get involved in Bitcoin mining and it turns into a corporate venture. In theory this should protect the network, but it turns Bitcoin into a centralized operation. When these groups amass a significant amount of Bitcoin, they can control the exchange side of things. In the end, we get the same problems we are having with fiat currency. |
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