Bitcoin Issues and some solutions?

[bluefirecorp_]

Scaling.

Centralization of workers (via ASICs)

Trust of discovery nodes

Trust of supernodes

===

I'm starting off with the last, because they seem to be the easiest to solve.

Rather than storing the entire block chain as individual nodes, it really should be distributed and trusted. While the public ledger makes a ton of sense, and maintaining an entire copy of the ledger locally seems like a good idea, trying to make it all fit on one single node will be tricky. Not everyone's a sysadmin, with the ability to make a 10 PB block storage device.

I feel as though a modified torrent could easily solve this issue.
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This is tricky. I don't really don't have a peer to peer resolution service idea... any solutions? Maybe like addresses resolve addresses and genius block is your *discovery* node... that'd be vulnerability to availability. What's your solution?

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ASICs are tricky. Ideally, we don't want a single hardware manufacture to control the rules. There's a few other alogirthms, but ASICs are purpose built for mining... so how to do design a problem that can't be solved better by wiring up chips. I guess hardware miners already lost when they should have forked against ASICs.

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Scaling is the behemoth problem. Honestly, I think if we can trust super nodes more often, this really is a non-issue though, so let's just hit the low hanging fruit?

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[pooya87]

Rather than storing the entire block chain as individual nodes, it really should be distributed and trusted. While the public ledger makes a ton of sense, and maintaining an entire copy of the ledger locally seems like a good idea, trying to make it all fit on one single node will be tricky. Not everyone's a sysadmin, with the ability to make a 10 PB block storage device.

I feel as though a modified torrent could easily solve this issue.

there is no "super node" in bitcoin. and the blockchain size is not that big that you think it is. and the growth rate is at a reasonable pace that we won't be needing such a huge amount of disk space. and as we progress the HDDs become bigger and cheaper.

This is tricky. I don't really don't have a peer to peer resolution service idea... any solutions? Maybe like addresses resolve addresses and genius block is your *discovery* node... that'd be vulnerability to availability. What's your solution?

i don't understand the problem! first you need to explain what "Trust of discovery nodes" is and why you think it is a problem.
it is a decentralized network that you connect to different nodes and receive a list of IP addresses from nodes and then connect to any that you like while keeping a list of IPs yourself.

ASICs are tricky. Ideally, we don't want a single hardware manufacture to control the rules. There's a few other alogirthms, but ASICs are purpose built for mining... so how to do design a problem that can't be solved better by wiring up chips. I guess hardware miners already lost when they should have forked against ASICs.

this is not a problem either. it is more like drama than it is problem. it is an open market, anyone can start a company and start building ASICs and anybody can buy them and build a small or a gigantic farm and take the risks and try to make money.
and there is no such thing as "forking against ASICs". as long as there is "work" to do, there will be an Application-Specific Integrated Circuit created to do the work more efficiently.
other algorithms aren't that good either.

Scaling is the behemoth problem. Honestly, I think if we can trust super nodes more often, this really is a non-issue though, so let's just hit the low hanging fruit?

again there is no "super nodes" in bitcoin and there are already enough talk about scaling that i won't continue it here.

[franky1]

mindset of typical bitcoin minimalist.
thinking this a too much for a block


where as reality is 2 decades further along and this below is the reality of 9 years of block data

[franky1]

as for ASIC objectors..
ASICS are more efficient and more secure system for the blockchain than CPU/GPU based algo
and better than PoS(also requires a device with a cpu)

but lets put th scenario into practice......
oh wait i hear you scream
"OMG... AMD(ATi) own over 50% of processors and GPUs that create blocks"

[TycheChi]

as for ASIC objectors..
ASICS are more efficient and more secure system for the blockchain than CPU/GPU based algo
and better than PoS(also requires a device with a cpu)

but lets put th scenario into practice......
oh wait i hear you scream
"OMG... AMD(ATi) own over 50% of processors and GPUs that create blocks"

For a large network like Bitcoin ASICs have worked well to create a decentralized network.

Bitmain dominance in making the ASICs is still a bit of an issue and Chinese mining pool dominance is a potential issue but overall ASICs do a great job in
protecting the Bitcoin network.

ASICs have been a bit of a curse for small altcoins.  With making it cheap and easy to gain network dominance. But it is questionable whether some of those coins have any real value in the first place. Small coins face the same issue with GPU mining where it is easy to change the algo.

I see the only threat to POW mining with ASICs is from environmentalists regarding the carbon emissions and the use of massive energy resources.

[franky1]

Chinese mining pool dominance is a potential issue

(facepalm)

first lets address the hashrate plugged into wallsockets of facilities in china

here we go again with a racial social drama that is normally only seen by reddit and fox news dramatists

let take antpool.
did you know they have multiple facitilities. multiple managements and work in multipl countries..
OMG SHOCK..

take the block rewards of all the blocks tagged as "antpool". you will see that there is not total random address per reward. nor is it a single address for al rewards. but instead a half dozen known addresses that scoop up the rewards.

each address depicts a different facility in a different location run by different management.
you can tell there are different management as some of the addresses are bech32 and some are legacy addresses. meaning each facility gets independence to choose to support a certain feature.. or not.

ill give you a tip. most facilities are just set up and then leased out. they are not controled by or managed by asians. the asians involvement is usually just to accept rent from whoever does manage the pools. and as said above those in control of what transactions get collated into a block and who pays the electric/rent bill is most of the time not even asian

here is another example take slushpool. which many have deemed as asian.. well thats actually not "china".. because its thailand managed

f2pool is an open pool for miners around the world. so although the main stratum ip is deemed as chinese they also have other stratums. and as i said the users are from around the world.

btcc.. well lets just laugh. they dropped from double digits to now below 1% of network hashrate. no need to waste too much time on them

the real funny part is that for years altcoin GPU farmers have been screaming how asics are evil due to asia... yet guess where ATI(AMD) GPU's come from..

many scream about the pools being asian.. yet iceland georgia, mongolia, ukraine, thailand, america never get mentioned as being the actual facility locations of pools tagged as asian.. because that destroys the narrative of the trump/fox news/reddit mindset kind of people who like to racially point fingers at china

if people could actually stop just copying and pasting badly wrote scripts of out dated propaganda. and actually use their fingers to search out the sources. it would shock them how easily they are led into such social drama

now lets address the racism of "china"

china is one person.. didnt you know?
....
oh wait china is billions of people all with their own brain.

so even if "china"(sarcasm of: one entity) did own the hashpower(which they dont). we can still rip apart that "china" is a single brain

..

so to all those with the typical racial mindsets that sound like they love to read reddit and watch fox news ill say this.

when you look into the sky and see these machines in the sky with a tail of vapour behind them. they are not chemtrail dispersing machines. they are called this thing known as an aeroplane. yea surprising right. people get on aeroplanes and actually leave a country. oh and there are over 200 countries. i know you have the belief there is only usa, mexico, russia and china and they all hate each other and people should avoid leaving america and instead need a wall. but if you get on a aeroplane you can travel AROUND the world. yes the world is also round, which i know surprises you also.

in short. try experiencing the diversity of the world and stop being narrow minded and spoonfed racial finger pointing crap
(p.s im white british.. in case your narrow mind auto-rages to want to declare that i must be chinese to point out racism against china)

and lastly.
blocks would get rejected in 2 seconds if they didnt follow the rules. all a pool can control is what transactions to include or ignore (empty block attack or spam block attack basically)

[Araewien]

For a great deal of time ASICs has been serving as the platform to create the decentralized space. More innovations in this space is welcomed though.

[Niresean]

For mining purpose I think ASICs are better, efficient and cheaper than PC builds. It can be a somewhat threat to small altcoins which some of them are negligible to begin with.

[Taylia]

Since ASICs are built for one purpose only, that being mining, they are just imperial in terms and outclass pcs easily. They are also cheap, hence all poinsts suggest to the best mining tool. Pehaps, you are referring to algorithms which are more complicated these days.

[Wicomas]

ASICs has only one purpose only, mining. If there are other technologies that can do better we should welcome them cordially.

[stayeduptolate]

Scaling.

Centralization of workers (via ASICs)

Trust of discovery nodes

Trust of supernodes

===

I'm starting off with the last, because they seem to be the easiest to solve.

Rather than storing the entire block chain as individual nodes, it really should be distributed and trusted. While the public ledger makes a ton of sense, and maintaining an entire copy of the ledger locally seems like a good idea, trying to make it all fit on one single node will be tricky. Not everyone's a sysadmin, with the ability to make a 10 PB block storage device.

I feel as though a modified torrent could easily solve this issue.
---
This is tricky. I don't really don't have a peer to peer resolution service idea... any solutions? Maybe like addresses resolve addresses and genius block is your *discovery* node... that'd be vulnerability to availability. What's your solution?

--

ASICs are tricky. Ideally, we don't want a single hardware manufacture to control the rules. There's a few other alogirthms, but ASICs are purpose built for mining... so how to do design a problem that can't be solved better by wiring up chips. I guess hardware miners already lost when they should have forked against ASICs.

--

Scaling is the behemoth problem. Honestly, I think if we can trust super nodes more often, this really is a non-issue though, so let's just hit the low hanging fruit?

The only issue with bitcoin is its decentralised nature as we all know that there is no such proper authentic regulating body over the bitcoin who could keep eye over all its activities and thus leading to its illegal use, many countries does not want to legalise bitcoin in their nation as they don’t want to bring any kind of illegal activities in their nation so the only solution to this issue is to legalise bitcoin all over the world then every nation government can keep eye over all bitcoin activities.