taipo
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Kia ora!
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June 29, 2014, 04:14:58 AM |
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Not really. Today's ASIC is only going to do useful mining for about 6 months. If there's a protocol change, ASIC manufacturers will use that time to make design and new ASIC bitcoin mining tools and then enjoy the bump in sales when everyone has to change over.
It wouldn't be easy to find a workable replacement for that 2 iteration hashcash SHA256 thing with another more memory expensive proof of work function, but its possible. The point there I suppose is, it would never be implemented with Bitcoin unless there was no choice to change the function, for example if some security hole was discovered. If that happened then the core dev team could deploy something like Bitcoin X-11 as a fix, then go into hiding forever....  |
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In order to achieve higher forum ranks, you need both activity points and merit points.
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organofcorti
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Merit: 1007
Poor impulse control.
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June 29, 2014, 04:44:45 AM |
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Not really. Today's ASIC is only going to do useful mining for about 6 months. If there's a protocol change, ASIC manufacturers will use that time to make design and new ASIC bitcoin mining tools and then enjoy the bump in sales when everyone has to change over.
It wouldn't be easy to find a workable replacement for that 2 iteration hashcash SHA256 thing with another more memory expensive proof of work function, but its possible. The point there I suppose is, it would never be implemented with Bitcoin unless there was no choice to change the function, for example if some security hole was discovered. If that happened then the core dev team could deploy something like Bitcoin X-11 as a fix, then go into hiding forever.... If you just mean a new proof of work, then it won't make any difference to big mining pools, and in the long run wont make any difference to ASIC manufacturers. I thought you were referring to changes to reduce the possibility of selfish mining or 51% attacks or block withholding attacks - the changes that are *really* important. |
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taipo
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Activity: 238
Merit: 100
Kia ora!
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June 29, 2014, 06:28:54 AM |
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Obviously any hard fork for security reasons would have to not only incorporate a change of hashing function, but also use proof of stake, and address pool mining. Bitcoin would only really have one shot at this because of how big it has become.
The new function would mean all the ASIC miners would go offline depending on the security issue itself; if it were specific to Bitcoin only, then miners could shift to another SHA256 coin to keep their miners running, but effectively this would send bitcoin mining back to GPUs for a period of time and redistribute the hashing over hundreds of thousands of miners versus what will eventually be 100 or so major cloud mining companies.
Meanwhile in all that upheaval, a concerted effort between the Bitcoin dev team and p2p pool could see p2p pool established as the primary pool mining method.
What is happening now is not good for Bitcoin in the long run.
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bitpop
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Merit: 1060
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June 29, 2014, 07:10:54 AM |
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nottm28
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June 29, 2014, 10:18:01 AM |
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Wow 10 blocks on the run - that could be a record. I get the feeling bitpop, your efforts to 'pursuade' the community to steer away from ghash are falling largely on deaf (stupid) ears. Ghash need to do something to reduce their pool size. I suspect greed is too much of a motivating factor alas... |
donations not accepted
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bitpop
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Merit: 1060
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June 29, 2014, 07:26:32 PM |
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Wow 10 blocks on the run - that could be a record. I get the feeling bitpop, your efforts to 'pursuade' the community to steer away from ghash are falling largely on deaf (stupid) ears. Ghash need to do something to reduce their pool size. I suspect greed is too much of a motivating factor alas... Yeah btc is supposed to have incentives but not greed They really are stupid because they think more frequent payouts earn more |
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organofcorti
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Activity: 2058
Merit: 1007
Poor impulse control.
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June 29, 2014, 10:32:18 PM |
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Wow 10 blocks on the run - that could be a record. I get the feeling bitpop, your efforts to 'pursuade' the community to steer away from ghash are falling largely on deaf (stupid) ears. Ghash need to do something to reduce their pool size. I suspect greed is too much of a motivating factor alas... Yeah btc is supposed to have incentives but not greed They really are stupid because they think more frequent payouts earn more Bitpop, maybe if you posted something like "GHash.IO is a scam" rather than abusing the users you might get a better response? (not that *I* would ever write anything like that) |
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eleuthria
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Activity: 1750
Merit: 1007
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June 29, 2014, 10:56:08 PM |
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Wow 10 blocks on the run - that could be a record. I get the feeling bitpop, your efforts to 'pursuade' the community to steer away from ghash are falling largely on deaf (stupid) ears. Ghash need to do something to reduce their pool size. I suspect greed is too much of a motivating factor alas... Just for the sake of fairness, I'll remind you that BTC Guild managed an 11-block streak with only ~25% of the network earlier this year. With that said, carry-on with the ghash.io bashing. |
RIP BTC Guild, April 2011 - June 2015
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IYFTech
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June 29, 2014, 11:01:46 PM |
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Bitpop, maybe if you posted something like "GHash.IO is a scam" rather than abusing the users you might get a better response? (not that *I* would ever write anything like that)
You mean like this? SCAM!! |
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bitpop
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Merit: 1060
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June 29, 2014, 11:48:09 PM |
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Beware ghash is a scam!
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ernie-
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June 29, 2014, 11:49:23 PM |
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With the diff increase that's just happened (16.8bill), the 0.26 per GHS monthly maintenance fee on Cex.io represents about 48% of your mining income.
Are they not going to try and get this down with more power efficient hardware? People will start to leave and buy mining hardware again.
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bitpop
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Merit: 1060
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June 29, 2014, 11:53:44 PM |
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Ghash is a FRAUD SCAM BEWARE
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Majixagi
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Merit: 10
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June 30, 2014, 12:04:21 AM |
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With the diff increase that's just happened (16.8bill), the 0.26 per GHS monthly maintenance fee on Cex.io represents about 48% of your mining income.
Are they not going to try and get this down with more power efficient hardware? People will start to leave and buy mining hardware again.
People are too stupid to leave. |
has not sold out
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ernie-
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June 30, 2014, 01:33:51 AM |
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With the diff increase that's just happened (16.8bill), the 0.26 per GHS monthly maintenance fee on Cex.io represents about 48% of your mining income.
Are they not going to try and get this down with more power efficient hardware? People will start to leave and buy mining hardware again.
People are too stupid to leave. You are probably right. I would imagine that a lot of people are incapable of setting up their own mining farm, so any revenue is better than none. |
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SecureErase
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Activity: 83
Merit: 10
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June 30, 2014, 05:29:18 AM |
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Ghash is a FRAUD SCAM BEWARE
Please justify your assertion with some facts. It may test you though as 1) You will have to use more than 1 sentence. 2) Your assertion is false so you will fail to back up with 'facts' and 3) You won't be able to use the words die or scam. Looking forward to your qualified answer. |
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bitpop
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Activity: 2912
Merit: 1060
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June 30, 2014, 05:30:36 AM |
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Ghash is a FRAUD SCAM BEWARE
Please justify your assertion with some facts. It may test you though as 1) You will have to use more than 1 sentence. 2) Your assertion is false so you will fail to back up with 'facts' and 3) You won't be able to use the words die or scam. Looking forward to your qualified answer. I will not honor rule 3 Death to scammers |
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SecureErase
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Activity: 83
Merit: 10
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June 30, 2014, 01:18:41 PM |
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Ghash is a FRAUD SCAM BEWARE
Please justify your assertion with some facts. It may test you though as 1) You will have to use more than 1 sentence. 2) Your assertion is false so you will fail to back up with 'facts' and 3) You won't be able to use the words die or scam. Looking forward to your qualified answer. I will not honor rule 3 Death to scammers Excellent then you have confirmed the only facts in your posts are that you use the words scam and die in single sentences and that you concede your scam accusation is both false and malicious. Thanks for clearing that up. |
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IYFTech
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June 30, 2014, 03:54:30 PM |
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Death to scammers
And ghash shills...... |
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abracadabra
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June 30, 2014, 04:02:34 PM |
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Wow 10 blocks on the run - that could be a record. I get the feeling bitpop, your efforts to 'pursuade' the community to steer away from ghash are falling largely on deaf (stupid) ears. Ghash need to do something to reduce their pool size. I suspect greed is too much of a motivating factor alas... Just for the sake of fairness, I'll remind you that BTC Guild managed an 11-block streak with only ~25% of the network earlier this year. With that said, carry-on with the ghash.io bashing. ZOMG!!!!!!1111one Die all btc guild users!!!!!1111one  |
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Majixagi
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Activity: 98
Merit: 10
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June 30, 2014, 07:02:29 PM |
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One thing that would be pretty easy for everyone to do is to "ignore" people with cex.io links in their signature. I've done it to a number of people and it is surprising how much more readable the forum is without them. It seems that if people fail thinking in one area, their posts are probably not worth reading in other areas as well.
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has not sold out
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