Bitcoin (BTC) possible algorithm change...

in #bitcoin3 years ago

images.jpg

Co-owner of http://bitcoin.org & http://bitcointalk.org , Cobra, wrote an open letter to the Bitcoin community to change the proof-of-work algorithm.

0_OuM-YNSm1XfGxJCU.jpg

Link to open letter:
https://medium.com/@CobraBitcoin/an-open-letter-to-the-bitcoin-community-to-change-the-proof-of-work-algorithm-12a6545c20d0

This idea is slowly developing last months and whoever follow Cobra could guess that proposal like this will come for sure.

I really understand Cobra's point and I also think this kind of change is necessary.

If one of most important things about Bitcoin is decentralization, than community and developers need to react to stop BITMAIN dominance. If one company control so much hushpower, Bitcoin potentially can be easy target. With money that they are making from Bitcoin mining and from selling their ASIC miners, their dominance will just grow. Bitcoin should be trustless and if BITMAIN dominance continue to grow than you need to trust BITMAIN and point of Bitcoin being trustless is lost.

This potential threat in my opinion is not from BITMAIN itself, because why would somebody destroy business that makes him 4 billion dollars per year. This threat could be from governments or some other organizations that could potentially force BITMAIN to hurt Bitcoin.

download.jpg

I don't have anything against and I truly respect BITMAIN and Jihan Wu because he had vision and faith in Bitcoin when not so many people supported Bitcoin. He has invested significant amount of money in Bitcoin mining and Bitcoin miners, he made ASICs and this dominance was not given to him, he earned it.

But this is not good for Bitcoin, makes Bitcoin vulnerable and developers and community should find solution to stop this. Changing algorithm is maybe first step in this fight and we will see how will thins develop. I really believe in Bitcoin and I am sure that Bitcoin community and developers together will find best solution to make Bitcoin stronger.

I would like to hear your opinions about this proposal...

Sort:  

I was so shocked by the size of bitmain that I forgot to mention how shocked I was of seeing the name of COBRA 💪💰✨

maybe BTC companies have come a bit to commercial as well ;)

Asic are useful tools for in POW. Asic basically force miners/ lock miners into using the chain. Gpu= miners switching the chain anytime. Asic= not many choices
But bitcoin can't handle a POW change now. If we do this then bitcoin credible/security would go down hill. But i do like cobra's plan. Here what i think should happen.
After LN is 70% mass adopted. The community now can hear/focus on other things such as POW change.
An Asic friendly POW that looks for useful numbers and a POS hybrid. With this in one year, it will be put into bitcoin mainet. It would kill two birds. One bitcoin POW is not completely wasteful and gives enough time for companies to make asics. POW would get 99.8% of the reward block. While POS would get 0.2% of the block reward. Aka the too proof are weighted differently. POS would be full nodes now earning bitcoins block rewards and the fees while earning from LN fees.
POW+POS gives the perfect mix of the two.

Make sense what you are talking. Point is to make Bitcoin stronger, not to start war against BITMAIN.

um...Should i clarity what i mean more? I meant that POW change can't be done now and i gave an modified version of cobra POW change plan.
I confused on

Make sense what you are talking.

Ask me what so confusing and I'll clarify my statement. :)

I should wrote "have sense" 😁 sorry. I understand what is your idea and I like it👍

No problem :)

Rumor has it that #Samsung is going to making some moves in the world of mining Asics. I'm not surprised at all though! #crypto

Bitcoin is a remarkable achievement in the field of cryptography, and its ability to create something that can not be duplicated (faked) in the digital world is of great importance.

Yeah bitcoin will definetly become stronger.

Nice post👍🏻

nice news. bitmain have very bad trustpilot reviews.

It would be great to see any movement from the community to react on Centralized or Monopoly in Bitcoin. Thanks @cicbar for sharing.

i am more afraid of the exchanges than the mining companies because they own a lot of bitcoins and cryptocurrency.

Agree that this is dangerous and I hope more people will understand that only if you trade on DEX, you control private keys...

yes but is not good to keep all the eggs in the same basket either. but in the end, no risks no money!

I certainly agree with this. Some of these exchanges really scare me! Beware! It's best practice to NOT keep any of your assets in an exchange if you don't have to. Best idea is to take what you can out of the exchange and keep it in a Ledger Nano or something of the sort. #crypto

the whales are a treat for the small investors because they can manipulate the price. good post. 👍

Thanks 😁

Excellent post very good advice from you here I'm happy to read your content

Thanks :-)

As far as I can tell these are only thoughts and no definite plans, since no real solution was provided. Still nice to read that the devs are strongly aware of this problem and intend to solve it.

Thanks for sharing!

When I heard about why btc difficulty going up because of the existence of ASICs i was amazed and kinda angry that these machines drove the difficulty so high that in a short space of them coming out regular mining became significantly-less profitable. It's good for security but any coin that an asic can mine the ROI is gonna quickly plumit. for now i'm sticking to zcash etc. lolz

As newbie, both on Steemit and the crypto/blockchain world I enjoyed reading your post. It is very well written because it's kind of difficult subject, which you managed to explain easily.

Let me try to share my opinion, not sure if I already have enough knowledge from bitcoin. But I would say bitcoin is not fully decentralized anymore. As most people trade it via one of the top 50 exchanges. So I would say the exchanges are the crypto banks. And there are many things that could go wrong there.
5-0.58

More people will start using DEX when they realize that only if you use DEX for trading, you control your private keys.

True, but the advent and increased usage of "DEX's" is changing that. Not to mention a concept called "Cross chain atomic swaps" is changing everything. Look at Baterdex (atomic swaps), Bisq ( decertralised even uses fiat) and Cryto-bridge.

Lol, to be honest I'm totally clueless what you are talking about ☺️.
But since it is weekend I might have some time to read about these subjects you named.

Hi. I liked your post, keep it up. I wish you good luck and have a good day, and of course you can also get a big jackpot :)

Thanks 😁

@masterbot has been called by @cicbar to give you 33.65% upvote!
Check this post for information about delegation. Make me strong!

this will make btc less trustable.

Thank you for the post, I like bitcoin I want it to grow to 25 000 thousand dollars, and all will immediately become rich. I like your post.

Thanks you

dont you want to own more bitcoins? do you have more than enough now so you are ready to for it go up so high?

We must preserve the decentralization of Bitcoin. Without it, it's worthless. This is addressed in an article on the Block Size debate...Bitcoin vs Bitcoin Cash:
https://steemit.com/bitcoin/@workin2005/bitcoin-btc-vs-bitcoin-cash-bch-the-great-block-size-debate

in my opinion ... cobra fair to criticize bitcoin for caution against BITMAIN because of concerns will be taken over its BITCOINT market by BITMAIN will be very detrimental to miners BITCOINT and the fear will interfere with the government of China ....

nice post

I wish the algo would incorporate GPU mining into the mix, add 1/3 of the work for NVIDIA and 1/3 of the work for AMD cards.

ASIC mining is only fair for the chip manufacturers!

There's a Basketball Hoop at Bitmain.

DO YOU SEE THE SIZE OF THAT LOT❓❗😱😱😱

Huge :-)

Bitmain has made a lot of money. More than Nvidia! We must destroy this monopoly!

This post very good for user steemit ..
I glad found you my freind ..
Thank for sharing

I like this post my freind ...
This very interest ..
Your post is very good

I am eenjoying using steemit and btc both.

thanks for this analisis

Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)

Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)

When you say decentrlised you're saying that the hash power by an entity is so large that only they can pick and choose the transactions from the lowest to highest fees? and hence they have the power to to choose who's transactions get processed? well that's what competition is for, all we can do is "act with our feet" so to speak and just choose another cryto for transactions, no harm done there. Another cryto will step up to accomodate, there is no doubt about that. Bitcoin will just be a valuable commodity. I understand that wasnt the intended purpose, but thats life, things change, and I say that it's not possibly a bad thing. but happy to read other oppinions

Bitmain? where can I get more info about Bitmain?

When it comes to making bitcoin stronger?! I’M IN!! Let’s get rid of government currency all together..please 🙏🏽

Good post. I´d like to know about this theme.

Bitcoin going to be rise ..nice post

I think this post raises some important concerns. I've never heard of Bitmain before so I'm a little confused.

having no shape but the king of all currencies

You just planted 0.89 tree(s)!


Thanks to @cicbar

We have planted already 5497.06 trees
out of 1,000,000


Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 20590.34
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
treeplantermessage_ok.png

Vaybe.. Devam etmelisin

Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)

Good information... bitcoin strong..

Hey @cicbar , pos bagus!
Saya menikmati konten anda Terus bekerja dengan baik! Selalu menyenangkan melihat konten bagus di Steemit! :)
https://steemit.com/utopian-io/@boyhaqi97/hello-everyone-join-to-utopian-io

You leave a trace here sharing delight

need to be constant to succeed

You got a 68.87% upvote from @ipromote courtesy of @cicbar!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.

If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.

mejor gracias hoy para compartir

Dude I am jealous of you

Güzel paylaşım, takip ettim

Hmm I like you buddy

the level of authorship

Bence harika olmuş

This post has received a 69.22% upvote from @lovejuice thanks to @cicbar. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.

mi amor hermano

thanks for sharing

wow nice your bitcoin money post..i like this..

Gülmemiz gerek.

You got a 49.56% upvote from @brupvoter courtesy of @cicbar!

Sen bu işi çözdün.

You leave a trace here sharing delight

First smile in work.

böyle devamm

Ciddi olamazsıın

I agree with you

You got a 5.07% upvote from @buildawhale courtesy of @cicbar!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.

If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.

You got a 48.85% upvote from @bid4joy courtesy of @cicbar!

You got a 30.11% upvote from @allaz courtesy of @cicbar!

This post has received a 20.46 % upvote from @boomerang.

very good information, I really liked your post hope you achieve success

You got a 44.96% upvote from @sunrawhale courtesy of @cicbar!

This service has been created with the help of @yabapmatt so please show your support by voting for him for witness!

Bence harika olmuş

thanks for sharing

Making sense. And truely it will

Transfer 0.500 SBD or 0.750 steem to @mrbean1 and put the link of your post in the public memo I GIVE you 15 UPVOT and resteem by @mrbean1

click here to read more  about me
 

this post resteemed by group of @mrbean1
Thank you for using my service!!@cicbar

click here to read more  about me
 

You got a 21.26% upvote from @upmyvote courtesy of @cicbar!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.

If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.

Yes funny moment

You should proceed

Gerçekten hoşuma gitti

You should proceed

You got a 51.47% upvote from @inciter courtesy of @cicbar!

You got a 62.50% upvote from @mitsuko courtesy of @cicbar!

This is really great

woav it's amazing

Cevap verirmisin?

Bitcoin is a token that provides evidence of authority and access to make changes in the ledger, and thereby absorbs and reflects the value of the services provided by the ledger itself.

thanks for your information about the bitcoin. I really like your post and bright colorful photos.

You got a 75.00% upvote as a Recovery Shot from @isotonic, currently working as a funding tool, courtesy of @cicbar!

  • Image from pngtree.com

@isotonic is the Bid Bot of the @runningproject community.
Earnings obtained by this bot, after paying to the delegators, are fully used to increase the SP of the @runningproject from which all affiliated members are benefited.
Check @runningproject posts in order to know further about.

This post has received gratitude of 13.14% from @appreciator courtesy of @cicbar!

You got a 7.34% upvote from @postpromoter courtesy of @cicbar!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

Sen bu işi çözdün.

Release the Kraken! You got a 59.17% upvote from @seakraken courtesy of @cicbar!

You got a 45.45% upvote from @dailyupvotes courtesy of @cicbar!

Sometimes i am very excited happy

Omg Amazing blog and post

Congratulations, your post received 21.05% up vote form @spydo courtesy of @cicbar! I hope, my gratitude will help you getting more visibility.
You can also earn by making delegation. Click here to delegate to @spydo and earn 95% daily reward payout! Follow this link to know more about delegation benefits.

mejor gracias hoy para compartir

Sen bu işi çözdün.

Migliore condivisione oggi

Hi steemians any buddy wants to buy domain name steemitbeta .com cnct costumer care 03214123882

Coin Marketplace

STEEM 0.16
TRX 0.03
JST 0.026
BTC 12818.13
ETH 395.90
USDT 1.00
SBD 0.99