Bitcoins Proof of Work Alghorithm To Be Changed ?

in bitcoin •  8 months ago

More strange ideas to change BTC has come today.

Since Bitmain/Antpool have most mining power there came idea to change algo


To watch them you can go here: http://btcpowupdate.org/
Website claims: Important Disclaimer:This initiative has NOT been endorsed or funded by Bitcoin Core, Bitcoin Project, or Blockstream, Inc

Worth to mention that officially this change is not connected to SegWit vs Bitcoin Unlimited and BU outvoting SegWit with their hashing power.

Creators claim this is just to have mining fair again. Devs at this point want to be anonymous. We can only guess from which camp they come from or who they can be.

BitFury Said They WIll Sue Devs Responsible For Possible Change

Currently BU is winning in last mined blocks over SegWit

Price didnt react yet, BTC is going up


Other coins are in green too, which means some people move to them for their security.

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This only provides evidence for Vlad Zamfir's hypothesis.

"Blockchain architecture is mechanism design for oligopolistic markets."

And it appears to be an oligopolistic market.

References

  1. https://medium.com/@Vlad_Zamfir/the-history-of-casper-chapter-4-3855638b5f0e
  2. https://medium.com/@Vlad_Zamfir/the-case-for-smaller-block-rewards-fb0eab38e15c#.md8ko1rdz
  3. https://twitter.com/VladZamfir/status/843552270784614402
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VladZamfir Vlad Zamfir tweeted @ 19 Mar 2017 - 19:58 UTC

This. This is exactly what I'm afraid of. https://t.co/z2OfP9MT3m

Disclaimer: I am just a bot trying to be helpful.

We sure hope it works out with Bitcoin but its looking more and more like the flippening is happening into Ether. Investors are sick and tried of blocksize debate. Meanwhile, the Ethereum Foundation addresses the problems long before they become one. The fork last summer or ETC was painful then but in the longterm it allowed the network to rapidly move forward meeting goals published in Ethereum white paper before its crowd sale in 2014.

Who has come up with the idea for changing the algorithm, where's the link to the place you screenshotted?

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Thanks, good points - added.

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Oh, luke-jr is involved, I'm guessing he'll try to slip in his insane tonal-Bitcoin denominations as default too :P

https://bitcointalk.org/index.php?topic=1833391

Hello,

Thank you for your post it was very interesting. Also im following you.

Amazing, good job
Perfect post.
Congratulations
@kingscrown

thanks, good article with important items

Could you tell me where you got the last image of data, with the point changes and small imaged of the graph formats?

This is a crazy idea, changing POW would make core far more of an 'alt' than bitcoin utopia's hardfork proposes & is a ridiculous kneejerk reaction to losing control of Bitcoin.

Thanks for info but I agree, changes to Bitcoin have to be done responsibly unless people want it destroyed

Guess we just have to wait and see. Suspense is killing me.

The drama continues... Other crypto-projects should take notice and learn from this mess.

It might solve some problems, and I'd love to see BTC being mined with GPUs/CPUs again at home, but I'm not sure it can be done when so many powerful players are involved in this game. The community won't agree to it.