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.
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SHA256 is already broken today, in terms of usage as a PoW algorithm (which is different from usage as a cryptographic hash function).
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This is ridiculous thinking Luke.
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No, it is the truth.
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No Luke, it's completely absurd. The market is bringing in competition, Bitmain's last two attempts at 10 nm chips were borked purportedly while one competitor has 10nm already and another is pushing out 7nm, you are being impulsive and reckless in pushing for this.
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If their new competition is at all competent, they should be more than prepared to survive a PoW change just fine.
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Replying to @LukeDashjr @brian_trollz and
How about all those people who invested in mining equipment? Looking at the huge rise in hashing power, that seems to be a LOT. You'd turn those many million(/billion?) dollar investments into scrap metal. Do you think think they'll just pony up and do it again?
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Replying to @CryptoPietje @brian_trollz and
You're assuming they're doing it for profit (most people can't), and are unprepared for a PoW change themselves (they might be ready).
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Replying to @LukeDashjr @CryptoPietje and
Are you assuming most miners produce blocks at a loss?
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Replying to @FluidFluxation @CryptoPietje and
By number of miners, yes. By hashrate, that's just Bitmain.
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I dont think the hobby/small farm mining world runs mostly in the red like you think. Miners aren't altruistic.
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Replying to @FluidFluxation @CryptoPietje and
Unless you have free electricity, it's not feasible to mine profitably today. And even with free electricity, difficult to break-even on the miner hardware costs.
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