First of all, thanks for comparing me to a little shrimp
the psychology, economy of mining suggest otherwise.
Does that make it right?
big whales have issues trying to buy bitcoins through exchanges due to daily limits and amlkyc, thus big investors found new routes.
So what that they have issues? Do we need those big whales ?
many shrimp naively believe that large miners will mine coins and cash out to pay electric using the proceeds of the coins. the truth is that the bigger the mining company the better it is for bitcoin.
I have been mining for many years and never exchanged BTC for fiat to pay for electricity. So your assumption is wrong, at least for me and probably for a lot more small miners. I have used btc to pay for goods many times. It is out of my control what the merchant did with my payment tho.
Why is a bigger mining company better for bitcoin ? Care to explain?
little shrimp think big miners are cashing out, simply because the little shrimp cash out and they think thats how the mining game is played.
And how do you know this for a fact ? Got any reference ?
by attempting to force new protocols that make 100,000 people solo mine is also flawed as the whole argument of only 1 person gets the whole share of 25btc, means that 99,999 other people have to wait for 10 minutes for the next block for their chance. and if you do the maths, no one will wait 2 years just for 1 chance of 25bitcoins.
Where did I say we would all solo mine ? Ever heard of p2pool, which would be a great way to achieve this, perhaps with some modifications ?
so what would happen is that people would circumvent the code somehow to reform pools and collaborate/share the wins so that they are not waiting upto 2 years for 25bitcoins but waiting 10 minutes for smaller amounts, but regularly. (returning to the pools of today, thus changing eventually changes nothing)
That's why I said I don't have all the answers, my OP was just to start the discussion.
and we of course come back to the large whale investors who wont want to wait months-years for ROI thus they also will find ways to circumvent the OP's proposed changes to be able to invest in 1 large pool rather than making random 100,000 small microloans.
Do we needs pools if we're all on p2pool ?
mining is not suppose to be the get rich for free method for little shrimp. that was the naive sales pitch people told each other to get their friends into bitcoin without actually explaining bitcoins real benefits
Your constant usage of the words
little shrimp is annoying. One insult is already more than enough.
the OP's mindset is the mindset that little shrimp have, that only want to pay $500 in the hopes of getting $75,000 ROI within 2 years. which is their selfish and lazy mindset, that does not help the community.
think about it. large whales cant buy in through exchanges and shrimp are only putting in $500 and then taking out $75k.. psychologically, socially, economically and practically it wont help the community in the long run as these shrimp winning their lottery will cash out their $75k and tank the price.
Please use a better calculator. At the current exchange rate, 0.036BTC a day is roughly us$4500 a year.
in short, smart people invest thousands to make small but continual profits. where not so smart people want to invest small amounts and hope for large returns.
Continual profits is impossible within the current rat race. If you stop investing, you will be out of profit soon because of the almost constant raise in difficulty. You need to keep on investing to return more or less the same, how odd is that to do?
if little shrimp want to make a profit. mine litecoins until you have enough to then become a big player in the bitcoin mining arena, treat litecoin as the entry point for cryptocurrency for the little shrimp to learn and understand the economy. and then if they want to step up their game, move into bitcoin mining.
All virtual currencies that I know have the same problem, being a rat race where people invest to get more returns, which doesn't work because the other miner is also investing more to get more. If we limit the returns, there is no need to invest more, because you will not get higher returns. Also the electricity usage will not explode like it does now. MegaWatts are wasted to do an enormous amount of calculations that once in a million return a satoshi.
I rather play a lottery that has 10,000 prices of us$100, than a lottery that has 1 price of us$1,000,000. That is, if a ticket cost us$1.
