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In his defense, Bitmain has way too much power & BTC might get a PoW change with consensus within 18 to 24 months. Given current BTC/crypto implosion it's worth trying to push for it. What has BTC got to lose? If it doesn't work, just reverse it, hard fork or some other solution
How would you have any confidence the PoW change isnt covertly being supported by Bitmain? Bitmain could bring new ASICs to market faster than any. Unless Devs prepare a scaled ASIC pipeline without Bitmains knowledge, and beat them out the gate. Which is a scary precedent.
Good point, I dpn't for sure. Well I just I have a sense Luke Dash Jr. is trustworthy here. He"s veey smart, makes sense, seems to hate Bitmain centralizing BTC mining, etc. Wants PoW change with consensus.
Luke could be entirely pure in his intentions, be brilliant, and still be short sighted in how the industry will adapt to PoW change. Barring a black swan existential threat to all addresses (ie sha256 is broken), there will never be consensus to change PoW.
Changing the system because Bitmain carved itself a large piece of the pie is entirely against the ethos of Bitcoin. Top down incentive pressures are what we seek to avoid.pic.twitter.com/98jpmMi0tf
The PoW change that Luke recommended previously was an SHA2 variant “or” change. Whereas each manufacturer would produce an ASIC re: Halong SHA2 or Canaan SHA2 or GMO SHA2, and malicious miners (presumably Bitmain) wouldn’t have their SHA2 variant included in the PoW algo(s).
Who determines who is a malicious miner? If Bitmain stays honest, does their size of the hashrate potentially qualify them as malicious? Sounds like the devs playing government and introducing anti free market protectionism. The security must remain incentivized.
I’m not sure, that’s why I cc’d Luke for some clarification - AFAIK the idea is still in its infancy. I imagine supporting the previous BCH EDA re: congestion would qualify as malicious. It’s a good question.
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