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Question: In light of the fact that block-solving difficulty is adversely affected by new users (generating nodes)...
I've had some guilty thoughts about all this BTC press, earnouts will drop for me. - 2 (5.6%)
Never had a guilty thought, I'm still very excited about new users, that helps BTC value. - 27 (75%)
Mixed opinions on the matter - 7 (19.4%)
Total Voters: 33

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Author Topic: Bitcoin Miners: a Conflict of Interest?  (Read 1870 times)
spenvo
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March 08, 2011, 10:58:45 PM
 #1

I'm curious. I think it's a fair question, there are plenty of miners in BTC community at this point, and press will inevitably bring more miners into the system.  How does everybody feel about it?  [edit, did say: "mostly miners" edit 2: did say something to the effect of that the question might be unfair/heretical. i still don't think it is.]

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khal
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March 08, 2011, 11:07:34 PM
 #2

I may add :
- If only i discovered bitcoin sooner... :p
BitLex
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March 08, 2011, 11:12:36 PM
 #3

the BTC community is mostly miners at this point,
says who? and how does he (that says) know?

Quote
and press will inevitably bring more miners into the system.
the more, the better.
the network gets stronger with more processing-power and it will be harder to attack.

jgarzik
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March 08, 2011, 11:12:55 PM
 #4

I know that even asking this question may seem like heresy, but I'm curious. I think it's a fair question, the BTC community is mostly miners at this point, and press will inevitably bring more miners into the system.  How does everybody feel about it?

Who says the BTC community is mostly miners?


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spenvo
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March 08, 2011, 11:14:36 PM
 #5

Will edit based on feedback.

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March 08, 2011, 11:19:02 PM
 #6

I'm new to the whole thing, but I would think that higher demand with a limited supply is ultimately a goal of Bitcoin users, especially the early adopters. While you may not be generating coins as quickly, the coins you do have are worth much more. It also gets us to the point where we can redeem them for a wider range of products and services.
we6jbo
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March 08, 2011, 11:49:44 PM
 #7

Mining is inevitable and rather than fear it we should embrace mining. One way that I think this could be done is by bringing the privilege of mining to the casual computer user who will make an investment to Bitcoin.
ryepdx
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March 11, 2011, 11:44:11 PM
 #8

I'm curious. I think it's a fair question, there are plenty of miners in BTC community at this point, and press will inevitably bring more miners into the system.  How does everybody feel about it?

I'm fine with it. Builds a stronger network for us. There's a 21 million bitcoin limit on the whole economy, so no matter how quickly the coins enter, they're all going to enter at some point. More miners, I would assume, would indicate more users. More users means a stronger economy.
gigabytecoin
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March 12, 2011, 12:15:45 PM
 #9

Every miner most likely tells a few friends about their new endeavors. I know I did.
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