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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).
There are many possible PoW changes, with varying pros and cons. As broken as SHA2 is today, I would support (almost?) any of them.
Relevant question, how do we know for sure, asic vendors sell miners as efficient as they use for themselves to mine..?
Don't tolerate ASIC vendors mining, for a start... That's absurd on its own right - companies should not compete against their customers like that.
Don't tolerate them mining? That is absurd, unenforceable without govt intervention, and restricts capacity to incentivize, innovate, & have skin in the game. That isn't free market, that's Dev protectionism reacting impulsively at best, likely a slippery slope to socialism.
Devs have nothing to do with it. It's the free market responding to bad behaviour.
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