Bitcoin Cash ... a lesser Dash?
I recently watched Roger Ver in this video, talking about BCH vs BTC.
Then I wondered. Dash already has everything that Roger wants to see in BTC. In fact Dash has more than that.
So why introduce a lesser Dash?
That was the question I posted on his video. Then someone answered this:
Dash is not decentralised system. Dash network use PoS principle, it uses centralised hubs, and it also has distinct group of people that call the shots and make decisions. Dash is certainly useful, but it does not have what Bitcoin Cash does, which is true P2P decentralised system.
I had to think about that for a while. Dash is not decentralized?
I think it is. It does have a distinct group of people calling the shots, that is true. But that group of people consists of well over 4000 people worldwide. They are mostly early adopters and anyone with enough funds can become a member of that group.
I think that is quite a bit more decentralized than the ECB, FED and what have you.
And talking about decentralization, there is a group of people who believe BTC isn't really decentralized anymore with these large mining farms calling the shots. (the bitcoin gold group)
The point is, decentralization is a matter of degree and perspective.
Then there is this question; who would be more interested in the success of a coin, miners or people who are heavily invested in that coin?
Miners can, and probably will switch to a different coin as soon as mining one coin becomes less profitable. So In my opinion they are less bound to a particular coin.
But if you have 1000 Dash invested, you will want whatever is best for that coin's success.
Look at all the debate going on around BTC, and the resulting forks.... I don't think that this works out very well. Every BTC offspring will inherit a part of the original BTC success until this gets so thin that other coins can take over.
Now compare that to how swiftly Dash can implement changes.
Based on just this, I think that if only one coin of all those in existence today will survive until 2025 it is going to be Dash, not BTC and not BCH. Simply because Dash can and will make all necessary changes.
What are your thoughts?
My friends and I have a believe that the game is all about attracting miners. If the network is not worth mining, then both miners then the invested coin holders leave. BCC took a dynamic difficulty adjustment approach that BTC may not be able to keep up with?
Yes..... but what is the point of having many miners?
Users are more useful to a currency. POW costs energy, POS does not and is an incentive to invest.
Remember that 'mining' (as in POW) has only one goal which is to randomly select someone to provide the next block.
The problem is, the race to mine Bitcoin created a market for over-supply in miners. So whether leads like Ver know it or not, they are susceptible to supporting the 'establishment' of cryptocurrency.
Users are useful to a currency because more users means more stability and speed. Specifically, more value stored and more value traded. (for the network as a whole)
More miners means more transactions can be secured more quickly at a more competitive cost. (to be competitive against other networks)
Proof-of-Work (POW) creates "truth" by hashing with real energy (electricity) for subversion resistance from money printing. Using printed money to buy hashing power supports the speed of "truth" and the strength of truth.
Proof-of-stake (POS) can be bought with printed money without necessitating supporting the strength and speed of the creation of "truth".
Here the original papers on the value of Proof of Work, cited as references in the Bitcoin white paper:
*http://www.hashcash.org/papers/hashcash.pdf
Good post Mage !!! good job!
During this time there is no use, to me, in calling favorites. There are going to be some epiphanies and inventions that completely revolutionize crypto-currencies. Comparing blockchain now to blockchain in two years will seem like two completely different things.
So, right now, invest in crypto-currencies that you like, that you can utilize and that you think has some staying power.
I agree, and mostly with that last sentence. ;)