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RE: #9 – Mining Is Out Of Control And The Use Of Resources To Solve Purposeless Math Problems Is Inherently Wasteful And Difficult To Justify

in #bitcoin7 years ago

@kryptonaut,

I agree.

The Mining Mafia is both the bottleneck and the ruling body in the Bitcoin space. Ironically, it represents a significant form of centralization - the antihesis of the original Bitcoin philosophy.

Satoshi didn't envision advanced GPU's, then ASIC mining, no?

The Mining Mafia has always had Bitcoin by the balls. And their huge carbon footprint is ridiculous.

Why do you think most mining pools are against off-chain transactions (payment channels)? Those schemes disintermediate the miners - e.g., the lightning network and Raiden.

And non-mining cryptocurrencies like, Ripple, Stellar, IOTA, etc. have already demonstrated that mining can be deleted from the picture.

Some of my views about mining were in this:

https://steemit.com/cryptocurrency/@jaichai/devil-s-advocate-response-to-an-excellent-video-post-from-boxmining-bitcoin-gold-demystified

Namaste, my friend.

JaiChai

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Thanks for your thoughts!

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