Make Crypto Great Again?

[Abiky]

If there's one thing you would change about crypto to help improve it for the better, what would that be? Ever since Bitcoin was born, crypto has been slowly decaying into the path of centralization. It isn't as good as it was in the early days, than it is right now.

Personally, I would change Bitcoin's PoW mining system to be more equitative. Like punishing big miners and rewarding small miners instead.

What would you do? Your input would be greatly appreciated. Thanks.

[_act_]

Personally, I would change Bitcoin's PoW mining system to be more equitative. Like punishing big miners and rewarding small miners instead.

The PoW which bitcoin is using is very good, not centralized like people think. It is still kind of decentralized, but because there are few miners that are very recognized, some people think that bitcoin mining is centralized, but it is not centralized.

Which one will you change it to? Explain so that we can understand?

It is also good to look at its disadvantages.

[Odohu]

Personally, I would change Bitcoin's PoW mining system to be more equitative. Like punishing big miners and rewarding small miners instead.

You will end up killing Bitcoin. You want to move from a system that is fair and rewards hardwork to a socialist system that breeds laxity? What exactly would be your reason for chosing such a proposal?

To me, the current system is fine,  it helps create natural competition that rewards those with hardwork. Your proposal  may not make crypto great again. What is holding down cryptocurrency especially altcoins is the entry of people without feasible ideas who just want to make money.

[Ahli38]

If there's one thing you would change about crypto to help improve it for the better, what would that be? Ever since Bitcoin was born, crypto has been slowly decaying into the path of centralization. It isn't as good as it was in the early days, than it is right now.

Personally, I would change Bitcoin's PoW mining system to be more equitative. Like punishing big miners and rewarding small miners instead.

What would you do? Your input would be greatly appreciated. Thanks.

Bitcoin alone is enough to make crypto look great. And it’s Bitcoin’s existence that allows other altcoins to benefit from its popularity. So I personally think that nothing else is needed to make crypto great again. And I think Bitcoin has a proof-of-work mechanism that’s fair enough to miners who are interested in mining it. The more money miners spend the more it proves that they believe in Bitcoin. As for miners who aren’t prepared to spend more on Bitcoin mining then I think they’re not willing to make the sacrifice to obtain a high-value asset. Even if you want fair mining as you describe then there needs to be a miner identifier system to limit miners who want to mine on a large scale. But I think that would be difficult considering that a miner could accumulate a large number of small-scale mining tools making it appear to be centralized. Perhaps there is no way to stop the dominance in mining by any means. I used to think that mining using storage devices with serial numbers would be fair to miners. But I don’t think that can be a solution after all.

[jossiel]

If there's one thing you would change about crypto to help improve it for the better, what would that be? Ever since Bitcoin was born, crypto has been slowly decaying into the path of centralization. It isn't as good as it was in the early days, than it is right now.

Personally, I would change Bitcoin's PoW mining system to be more equitative. Like punishing big miners and rewarding small miners instead.

What would you do? Your input would be greatly appreciated. Thanks.

That won't be fair I think if these big miners have invested a lot then they'll get punished for it. I am into rewarding the small miners too but I guess that's where the fairness is being sacrificed with.

If there will be a change for me, I just want to lessen these altcoins so that we get only bitcoin and few of it.

[KingsDen]

If there's one thing you would change about crypto to help improve it for the better, what would that be? Ever since Bitcoin was born, crypto has been slowly decaying into the path of centralization. It isn't as good as it was in the early days, than it is right now.

Bitcoin maintained high level of decentralisation in the early days because not too many people were in the ecosystem and the few that was there were programmers with high tech knowledge.
Adoption has come and more lazy people, more cheats and less private people are in the network that's why decentralization is weakening.

Personally, I would change Bitcoin's PoW mining system to be more equitative. Like punishing big miners and rewarding small miners instead.

How will the network be protected when you punish people with higher mining power and reward those with small mining power. The more power you have as a miner, the more incentive and the more the network is protected.

What would you do? Your input would be greatly appreciated. Thanks.

Things can easily be changed in crypto but not in bitcoin if you don't want forks.

[Slow death]

When you say "Make Crypto Great Again," it sounds like cryptocurrency was great in the past and not today, which why something needs to be done to make it great again. Let's look at past data:

2020:

- In 2020, the market capitalization of all cryptocurrencies was $732 billion.

- In 2020, there were fewer than 6,000 altcoins.

- In 2020, the price of Bitcoin was $29,000.

2026:

- In 2026, the market capitalization of all cryptocurrencies is $2.22 trillion.

- In 2026, there are more than 8,000 altcoins.

- In 2020, the price of Bitcoin is $64,000.

So the numbers clearly show that great times for the cryptocurrency market are now, not in the past.

What would you do?

The Bitcoin system is perfect; I wouldn't change a thing. The only thing I would do is engage in extensive dialogue with governments and legislators in many countries to get them to approve laws favorable to cryptocurrencies, allowing people to use Bitcoin cards without converting to fiat currency and pay for whatever they want in the real world. It would also allow businesses to accept Bitcoin as a direct payment method without any fiat conversion, and people could have Bitcoin bank accounts if they wanted, without conversion. That's all I would do. The market is currently good for me; it just needs more adoption as a payment method.

[Mrbluntzy]

What would you do? Your input would be greatly appreciated. Thanks.

Too many scam projects have robbed investors off their hard earned money, it has made most people to have a change of mind towards adopting Bitcoin or any other coin or token. To make crypto great again is to eliminate all the scam projects, make sure that no projects is able to successfully scam people. Create more awareness about Bitcoin and how to protect against scams.

So many projects have died between 2017 till today and most of them died when investors funds have not been recovered, at least Bitcoin have been standing strong and Bitcoin is even the reason why some persons still believe in investing in other token. Personally, if am buying any altcoin, I have this thought in my mind that, " During Bitcoin halving, the price of the altcoin I'm buying will also pump" That hope is alive becomes of Bitcoin and I think that is also what still motivates a lot of people. If scams can be extinguished in altcoins, then it might do well again.

[Freeveto]

The centralized direction bitcoin is going gradually is not from the bitcoin itself, it is from people who are embracing bitcoin globally, they are looking for easy ways to use bitcoin, some can’t use it through the original p2p it should be used, they have found centralized exchanges easy to use since they don’t need to worry of security of physical p2p, they prefer to send it by exposing their privacy to exchanges; some use DEXs which is good, but many are not using it through p2p which can be for security reasons; but in general, I know bitcoin will remain decentralized and can if its mode of trading or exchange are centralized.

[uneng]

I don't know any changes to be made regards Bitcoin itself.

But regards your idea of punishing big miners, it sounds similar to the proposal of taxing big fortunes. It doesn't work for real, because it can be easily avoided by splitting patrimony among different strawmen.

With big miners, it wouldn't be different. Instead of being a big miner, he would simply split his mining operation into many small ones in order to avoid punishment.

[Odusko]

If there's one thing you would change about crypto to help improve it for the better, what would that be? Ever since Bitcoin was born, crypto has been slowly decaying into the path of centralization. It isn't as good as it was in the early days, than it is right now.

Personally, I would change Bitcoin's PoW mining system to be more equitative. Like punishing big miners and rewarding small miners instead.

What would you do? Your input would be greatly appreciated. Thanks.

You focus on Bitcoin even though you mentioned crypto in your title, well for me what makes cryptocurrency great should be a guidelines to how new project get lunch into the market, since most of the negativity around crypto today all originate from those bad crypto projects that build the image of uncertainty of development and transparency around cryptocurrency, the POW for Bitcoin you mentioned is the only reason why Bitcoin have the trust and control it has, considering how bad ethereuem became when it moved from POW to POs, you can read about it effects and how Centralised it makes the network to become.

[o48o]

-cut-
Personally, I would change Bitcoin's PoW mining system to be more equitative. Like punishing big miners and rewarding small miners instead.
-cut-

How would that work exactly? How would that system be able to separate for one person owning a mining rig from a firm that decides to mine separately with 100k different mining rigs?

You have to be able to find the right block with your gear, so how would one small mining rig be better at finding that then millions of others?

Or are you talking about artificially subsiding miners that somehow are kyc:ed or something in order to make sure they own only a small mining rig?

[AVE5]

If there's one thing you would change about crypto to help improve it for the better, what would that be? Ever since Bitcoin was born, crypto has been slowly decaying into the path of centralization. It isn't as good as it was in the early days, than it is right now.

Is there's any other flaws you're finding from the crypto that makes it and unusual than its potential performance to hold values in the long term as bitcoin?
I believe the slacking behind of the AltCoins was due to the highily volatility and trust me, the integration about the so crypto currencies are all of hyping and due to how manipulative the market could be, the only thing anyone can do to draw those potential interests on AltCoin market was for the project owners and affiliates to invest more money and begin do their usual market hypes.
Also be ready to see the down when potential candidates of investors takes their personal actions.

[Kelward]

The centralized direction bitcoin is going gradually is not from the bitcoin itself, it is from people who are embracing bitcoin globally, they are looking for easy ways to use bitcoin, some can’t use it through the original p2p it should be used, they have found centralized exchanges easy to use since they don’t need to worry of security of physical p2p, they prefer to send it by exposing their privacy to exchanges; some use DEXs which is good, but many are not using it through p2p which can be for security reasons; but in general, I know bitcoin will remain decentralized and can if its mode of trading or exchange are centralized.

I would prefer that Bitcoin remains decentralized in every sense although I know that it is not easy because people would still send it to exchanges and centralized platforms for investments and safekeep, when you do that you have denied yourself of privacy and freedom that should come with holding Bitcoin. The recent development about the Coldcard hack has made some Bitcoin holders to have second thoughts about self custody which gives it's holders privacy, they don't mind throwing their privacy away and holding their coins in the custody of a third party. Bitcoin remains decentralized no matter where you choose to hold it but it is some people that are holding it that prefers centralized platforms.

[Josefjix]

What would you do? Your input would be greatly appreciated. Thanks.

Fast confirmation and transaction fee is my major concern, it's annoying to send a crypto that takes weeks to confirm, that needs to be changed for Christ sake, don't know if miners are sleeping on duty or something, but needs to be touched again.

Sometimes you could see $8000 for a fee to broadcast a $50 transaction that lasted for weeks, that's insane and crazy, like spending 8k grands to accelerate $50 transaction.

Nah, that shitty.

[coin-investor]

Personally, I would change Bitcoin's PoW mining system to be more equitable. Like punishing big miners and rewarding small miners instead.

It's my observation that Satoshi overlooked the possibility of ASIC-based mining; if he thought of this, he might have implemented something to evenly distribute rewards among miners like your idea, but it is what it is.
In the absence of the developer and the concept being open-sourced its likely that there will be manipulation or changes to benefit sectors for profit and their own interests.
With or without Satoshi, Bitcoin still looks great, but not on Satoshi's views and terms.

[Churchillvv]

Bitcoin is decentralized but mining is in the hands of a few big miners and that makes it feel like it’s getting into the ground of centralized system but that idea is being pushed against with a lot of pressure but however as we know bitcoin is always going to be decentralized but the government knowing this will create if not they have created scenarios that will allow for centralization indirectly.

Personally I will change the friendliness of bitcoin with governance and make it completely opposite of what they want it to be or make it completely enemy as the early stage.

[Mayor of ogba]

Crypto project teams were raising money through ICOs to finance their projects, and investors were making good money from their investments but things changed dramatically and investors started losing interest in crypto investment since pump and dump coins are filled in the market, making it difficult for investors to make money from crypto investment. If there's one thing I would change about crypto to help improve it better, I will set up a committee that will be responsible in giving people licence to run a crypto project, and before anyone would create a crypto project, the committee will know your identity so that anyone who creates a pump and dump will face a jail terms, I believe the measure will limit how scam crypto projects are being flooded in the market and I believe it help improve crypto.

[Plutomanian]

Crypto project teams were raising money through ICOs to finance their projects, and investors were making good money from their investments but things changed dramatically and investors started losing interest in crypto investment since pump and dump coins are filled in the market, making it difficult for investors to make money from crypto investment. If there's one thing I would change about crypto to help improve it better, I will set up a committee that will be responsible in giving people licence to run a crypto project, and before anyone would create a crypto project, the committee will know your identity so that anyone who creates a pump and dump will face a jail terms, I believe the measure will limit how scam crypto projects are being flooded in the market and I believe it help improve crypto.

Cryptocurrency can make anyone rich and also ruin the lives of people that didn't take the right step. We know how everything will always play out. Taking full accountability in the market is everything we need to understand when it comes to reducing scams projects because they're literally everywhere in the market and there's absolutely no better findings than discovering them and warning others to stay far from them. Scams is everywhere, so to make the space a safe space for investors, that means investors will be protected and at the same time, while allowing authentic contrivance to thrive.