btcusr (OP)
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@_vjy
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December 27, 2013, 02:55:55 AM |
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Is it possible to put everyone in a single large mining pool, and share mining reward equally among miners based on hash power and shares.
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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Peter R
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December 27, 2013, 02:57:45 AM |
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Yeah, it's this really big peer-to-peer pool called "bitcoin."  |
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e521
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December 27, 2013, 02:59:42 AM |
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Is it possible to put everyone in a single large mining pool, and share mining reward equally among miners based on hash power and shares.
Yes you can but you should also trust the mining pool owner Why do you want to use a decentralized system in a centralized way? Think about it... |
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Phantomic
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December 27, 2013, 03:05:21 AM |
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Well assuming even if the impossible happened and every pool miner switched to the same pool, we would still have solo miners who wouldn't be apart of the pool.
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btcusr (OP)
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@_vjy
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December 27, 2013, 03:11:12 AM
Last edit: December 27, 2013, 03:24:50 AM by btcusr |
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Why should we trust pool operators? Can distribute this trust among miners?
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Phinnaeus Gage
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Bitcoin: An Idea Worth Spending
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December 27, 2013, 03:12:24 AM |
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Well assuming even if the impossible happened and every pool miner switched to the same pool, we would still have solo miners who wouldn't be apart of the pool.
Excellent point! As long as there's as least 51% of solo miners all is well. |
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empoweoqwj
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December 27, 2013, 03:38:17 AM |
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Is it possible to put everyone in a single large mining pool, and share mining reward equally among miners based on hash power and shares.
No, because not everyone wants to be controlled by a pool - "single mining" |
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BitcoinBarrel
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Fill Your Barrel with Bitcoins!
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December 28, 2013, 02:51:50 AM |
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Yes, it is possible. Is it likely? No, not at all.
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jongameson
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December 30, 2013, 12:12:12 AM |
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it would be boring as f%*$. the only reason people keep up this charade is they *think* they could beat the odds and get that 25 BTC faster.
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empoweoqwj
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December 30, 2013, 03:13:08 AM |
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it would be boring as f%*$. the only reason people keep up this charade is they *think* they could beat the odds and get that 25 BTC faster.
What charade? Running solo? |
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byt411
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January 09, 2014, 03:54:25 PM |
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The whole point of bitcoin is to be a decentralized currency, and now you are suggesting to centralize it?
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Akka
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January 09, 2014, 03:57:36 PM |
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Yes, it's even possible for the network to remain decentralized: https://en.bitcoin.it/wiki/P2Pool(Althoug, basically with P2Pool everyone is solo mining and just shares the rewards) |
All previous versions of currency will no longer be supported as of this update
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mitty
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January 09, 2014, 05:27:52 PM |
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Yes, it's even possible for the network to remain decentralized: https://en.bitcoin.it/wiki/P2Pool(Althoug, basically with P2Pool everyone is solo mining and just shares the rewards) Everyone mining on p2pool would be the same as solo mining at 1/60th of the actual Bitcoin network difficulty which is still really high. I'm assuming the stale share rate would also significantly increase. |
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Akka
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January 09, 2014, 05:32:39 PM |
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Yes, it's even possible for the network to remain decentralized: https://en.bitcoin.it/wiki/P2Pool(Althoug, basically with P2Pool everyone is solo mining and just shares the rewards) Everyone mining on p2pool would be the same as solo mining at 1/60th of the actual Bitcoin network difficulty which is still really high. I'm assuming the stale share rate would also significantly increase. Both can be fixed with implementations like this: https://miner.ecki.net:444/("Real" Pool, that mines against P2Pool, don't know if still active) |
All previous versions of currency will no longer be supported as of this update
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empoweoqwj
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January 10, 2014, 02:29:10 AM |
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Any form of centralized mining is a bad idea as we have found out with ghash getting near 51%
Not sure if p2pool is the answer, but we need something.
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